How to reduce Project Risk

1. Start out on the right foot

Too many projects get started without a solid definition of what must delivered. So always start out by writing a detailed Project Charter . This document states the project vision, objectives, scope and deliverables. Only then, do you know what has to be achieved and by when.

2. Make your team accountable

Why should you shoulder all of the responsibility for the project? Instead, pass on responsibility to each member of your team. Tell them which elements of the Project Charter they are responsible for delivering and make them accountable by holding review meetings each week to measure progress.

3. Identify risks upfront

Then hold a workshop to identify likely risks to your project. A risk is an unforeseen event that might negatively impact on the project in the future. Examples of risks are: "that our suppliers might deliver late", "that we might run out of materials" or "that we can't find extra resources when we need them". You need to document every risk and determine its likelihood and impact on the project.

4. Plan risks wisely

With all of the risks known upfront, you're ready to create a Risk Plan. This document will identify actions that you can take now to reduce the likelihood of the risk occurring. So for instance, if your risk was "that we might run out of materials" then strike a deal with a supplier that requires them to make additional materials available when you need them. Or find another supplier as a backup.

5. Monitor risks carefully

As the project progresses, run bi-weekly or monthly risk meetings to review the risks you've identified. Ask these questions: Are the risks likely to occur? Are there any new risks that you face? Have the actions in your Risk Plan been completed? Is your level of risk reducing? Only by monitoring your risks carefully, can you control the overall level of risk on the project.

And one more tip to help you...

Keep an open book

Communicate your project risks openly to your boss or project sponsor, so that everyone is aware of them. Don't keep them to yourself. Send them a regular report listing the risks and your plan of action for resolving them.

It will give them confidence in your ability to control the project and it will help gain their support when you need it.

Project Charter This Project Charter Template will help you to define the scope of your project. Writing the Project Charter is typically one of the most challenging steps in the Project Life Cycle, as it defines the parameters within which the project must be delivered. Its sets out the project vision, objectives, scope and implementation, thereby giving the team clear boundaries within which the project must be delivered.

This Project Charter template will help you to: Identify the project vision and objectives Define the complete scope of the project List all of the critical project deliverables State the customers and project stakeholders List the key roles and their responsibilities Create an organizational structure for the project Document the overall implementation plan List any risks, issues and assumptions The Project Charter template includes: All of the sections within a Project Charter document Detailed instructions which help you to complete each section Tables and real-life examples, to step you through the document Actual role definitions, to save you time writing them A sample project plan for implementation An example organization chart Helpful hints and tips to guide you This template is unique, as it is pre-completed and it already includes all of the information needed to create a Project Charter within a very short period of time. The practical examples, charts and tables will save you time, as you only need to "fill in the gaps" to build a comprehensive Project Charter document for your project team. What is a Project Charter? A Project Charter outlines the purpose of the project, the way the project will be structured and how it will be successfully implemented. The Project Charter describes the project vision, objectives, scope and deliverables, as well as the Stakeholders, roles and responsibilities. The Project Charter is also known as a "Terms of Reference" or "Project Definition Report". When do I use a Project Charter? Every time you start a new project, you should complete a Project Charter template. The Project Charter defines the vision and boundaries for the project, as well as the high level roadmap. In addition, the