We are going to share with you another hidden secret related to the rules of the game. But I’m not sure you can handle it.
Can you handle it? OK come closer because I don’t want anyone to hear.
The secret is: “The bench”.
This clip is about risk management. Risks are those things that usually have low changes of happening. But if they occur, their results might be bad for us.
The primary objective is to insure that the client and their investment is protected as best as possible
Risk management is an activity that:
1. Looks for problems that could occur.
2. Evaluates how big these problems are.
3. And the best way to manage them via risk response plans.
Risk management a process that you do usually before the project starts. It is a very important stage that is being neglected often because it is being considered as a waste of time. People just want to start working on the project right away. In our “game rule” model risk management is like the basketball bench. There are 5 players on the court and about 10 on the bench. Now let’s think about it for a minute. You need only 5 players to play the game, but the teams go through all the effort and spend so many resources to keep another 10 players sitting on the bench.
The coach keeps more players on the bench than on the court to deal with anticipated risks of players getting tired or fouled. And the unanticipated risks of players getting injured or losing their mojo.
There are a lot of reasons why people might resist the risk management process:
1. People don’t always understand the importance of this process and would consider it a waste of resources.
2. People think that risk management is a pessimistic activity, but the project manager should act as a good coach and present it as a positive thing to reach project objectives.
3. The team feels that they can fight the fire when we get there, which is often not the case.
The 4 Steps of risk management process are:
1. Develop the risk management plan.
2. Identify the risks that might occur.
3. Assess the risks in the project.
4. Response to risks in when they happen.
You also should keep monitor and manage the project risk throughout the project development to ensure that the risk management and response plan are working properly.
We are going to teach step by step how to build your bench and manage risks. We have developed a simple system that you can implement right way. In fact, this new system is so powerful that you will call us and ask us not to sell it to anyone else.