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Managing project risk is essential to a successful project and should focus on those risks that are likely to happen and have a high impact. As the likelihood reduces then a judgment is made as to whether to take any action. For example, a software vendor delivering a key product for the project may go bankrupt but the probability is very low even though the impact is high. If the impact is low then maybe it is better to simply let it happen, if it does, and deal with the low impact consequences.

Managing Project Risk

Ineffective project risk management is likely to lead to project failure and so project managers and managers should actively manage project risk. Managing project risk is not rocket science but it is rarely done well. The following example is to show how to think about project risk and uses the example “Lack of test resource to do testing” from Identify Project Risks Early and Plan Response. Assume that the probability for this project risk is high and obviously the impact is high. There are four risk mitigation strategies:

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