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22. October 2020

How To Effectively Manage Project Risk

In all projects, there’s always a possibility that things will go wrong. Right now, during the post-COVID-19 era, things remain uncertain – meaning that risks need to be more closely monitored and effectively handled.

It’s clear that project managers need more informed, more insight-driven ways of identifying possible risks – to give them a more complete view of individual responsibilities and what action to take.

This is one of WorkPoint’s core features.

Make Project Risks Visible

Identifying risks and taking the right course of action to avoid them is critical when managing projects. We follow the same risk management approach in WorkPoint but have built it into our overall solution.

Using our Risk Matrix Overview, users can see possible project-related risks neatly displayed in red and yellow. The shows all project complexities in a single dashboard, which stems from the list of risks you defined when creating the original project overview in SharePoint.

Using the WorkPoint interface, you simply select the appropriate risk category – such as those relating to ‘employees’ or ‘suppliers’ – review the related risks, set out ways to reduce them, define countermeasures, and ensure that everyone involved can clearly see the processes you’ve set in motion.

Project risks in WorkPoint are always visible. In each project, you always see what they are, which action is being taken against them, and who is ultimately responsible.

Sort By Severity

In standard Prince2 training materials, you get a simple template. But in all honesty, it’s a dead document that doesn’t play an active part in resolving problems. Risks need to be visible by everyone – and need to use live data. That way, you can sort each risk by severity every time you open your project site. With WorkPoint, all of the necessary information is right there – allowing you to respond fast and accordingly. This proactive approach lets you manage project risk in a much more effective way.

Another traditional way of risk management is with an Excel standalone spreadsheet. We all know how confusing these can be. In WorkPoint, you can effectively coordinate risk management with a visual approach – which can be used in both projects and anywhere else. For example, when dealing with supplier contracts, it introduces cash flow issues, non-payment, and more.

Risk Management That Makes Sense

Risk management is everywhere. The WorkPoint approach gives you the ability to break down this management into the vital operational parts – in a way that immediately makes sense.

That way, you take risk management from something abstract to something fully operational – which has a lot of theory in the back end, but is actively tangible at the front.

Want to know more about effective project risk management? Contact the WorkPoint team today.