Many Project Teams have internal project management training programs, some of which focus tightly on filling in the blanks most relevant to a particular organization. We’ve already covered where training programs often overlook important communication skills, but the majority of in-house training programs also skip over the more advanced disciplines associated with risk management. Project management consulting professionals may find that a more thorough understanding of risk management is not only useful, it’s actually a key factor in achieving repeatable project success.

The what:  Comprehensive risk management skills cover the entire project lifecycle. Project Managers must be able to understand and articulate which risk factors are present, what sort of impact they may have on the project, how best to mitigate them, and how applied risk management strategies are functioning as a project moves through to completion.

The why:  Competency in risk management principles allows Project Managers to pinpoint  and mitigate potential areas of risk. If a team has less-than-excellent risk management skills, the downstream effects may be numerous, including an inefficient use of resources, missed milestones, and failure to fully achieve deliverables. But with many PMs focusing their risk management skills on the narrow swath of projects most frequently managed within their organization, it’s easy to sidestep the more complex aspects of the discipline. By rounding out the team’s expertise with additional training on risk management best practices, a Project Team will be better able to effectively gauge and manage risks on a day-to-day basis.

The how:  Targeted instruction from a trainer experienced in project risk management can provide PMs with valuable skills without spending a lot of time or money. Modules on identifying risk (and risk types) should be combined with sessions devoted to in-depth risk analysis, both qualitative and quantitative. Developing the right approach to address each project’s unique risk profile is also a critical skill.

Risk Management

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