Planning How to Manage Risk on the Project

In PRINCE2, you set out how you will manage risk in the Risk Management Strategy. In this section, I will explain why you should have such a strategy and describe what it should contain.

An Example of a Risk Management Approach

How does a Project Manager lower the project’s exposure to risk? Let me give you an example. The Project Manager decides on a simple approach. First, every Monday morning at 9:00 a.m., he chairs a risk management workshop with all members of the project management team. During the workshop, the Project Manager ensures that the following activities are covered:

• Attempt to spot any new project threats or opportunities. The Project Manager decides to facilitate the group using a “brainstorming” technique. He asks each individual to write down as many new risks as they can think of on sticky notes. Then the group puts all the sticky notes on a whiteboard and eliminates any duplicates. Seeing everyone else’s risks may spur people to think of new ones.