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\nTop 5 Ways to Remove a Risk Entirely\n

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\nThere are six (arguably seven) strategies for managing risk. But the one that is least understood is the most powerful of all… if you can make it work: removing a risk entirely. So, let's survey one of the most important risk management...\nThere are six (arguably seven) strategies for managing risk. But the one that is least understood is the most powerful of all… if you can make it work: removing a risk entirely.

So, let's survey one of the most important risk management strategies: removing project risk entirely.


In my book, Risk Happens! - there are six fundamental strategies (   • 6+1 Risk Management Strategies... in ...  ) for dealing with a project risk. But, too often, what people describe as my Strategy Number 1, \"Risk removal\" is really risk reduction.


So how can you completely remove a risk?


Removing a risk altogether is not always possible, but here are five approaches that you can consider on aspects of your project.

1. Over-design
A ‘gold-plated’ specification that is over-specified with respect to the core functionality. Examples include redundant components, over-size strength components, or higher specification materials.

2. Buy certainty
When you select components that are well tested, you can lock certainty of functionality, quality, or cost into a component of your plan.

3. Alternative solution
There may be other solutions to an element of your plan that offer complete certainty of schedule, budget, or functionality.

4. Address root cause

Root cause analysis, using techniques like Failure Mode and Effects Analysis, Pre-mortem, Fishbone, and Five Whys, can help you identify a strategy that will address the cause and remove the threat entirely.

5. Remove the risky element from your plan
If you cannot control the risk, and the threat level is unacceptable, the only thing to do is remove that element from your plan and accept the compromise this causes.

Note that these remove specific risks – they don’t remove all risks!\n
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6:03
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10th - Higher Ed
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Career & Technical Education
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\nOnline PM Courses\n\n
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Date
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2021
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English
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remove a risk, remove risk, risk, risk management, risk mitigation, risk strategy, risk strategies, risk management plan, risk mitigation strategies, risk mitigation techniques, risk mitigation methods, risk control strategies, risk response strategies, risk happens, strategies for managing risk, risk strategy tips, risk mitigation measures, risk mitigation project management, project risk, project risk management, project risk process, risk management strategy, core functionality, managing risk, alternative solution, components, solution, approach, certainty, element, threat, strategy, root, project, remove, find, strategies, thing, apply, plan, activity, video
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