MindGenius Project Planning: Best & Worst
In Step 4 of the MindGenius 5 Step Guide to Planning Projects we get the reality checking: plan for the best, expect the worst. Spending time on the worst (risks) assessment is time well spent.
The team at MindGenius strongly advocate that plans (back ups) for the negative are incredibly useful, even if they are not what the participants want to focus on.
They suggest thinking and planning for risks inside and outside, and understanding their potential impact on a project will enable rapid and effective responses that minimise the impact or at least contain it.
For instance there can be cultural issues in your organisation or office politics that could 'throw a spanner in the works'. Similarly, day-to-day risks could include recruitment delays, funding issues, supplier difficulties. At a global level there may be catastrophes such as hurricanes, disease outbreaks, economic upheaval, etc, etc.
The PMI's 2015 Pulse of the Profession report illustrated that 30% of project failures in the last 12 months were due to opportunities and risks not being properly defined. Also the report highlighted that 64% of organisations reported frequent use of risk management practices - down from 71% in the previous year. Among the high performing projects 83% frequently use risk management practices, whilst only 49% do so in the low performers.
The MindGenius team offer us 4 key risk headings to assess: Technical, Internal, External and Project Management, for the full details under each heading you can download the FREE e-book from MindGenius here: Mission Controlled - The 5 Step Guide to Planning Projects