Dealing with Risk and Uncertainty 151only for the high-threat
problems that remain after
you’ve taken preventive
measures.
Managing Project Risk Is a Mindset
Although the process
described above is applied
specifically to the review and analysis of your project plan, risk
and uncertainty require your ongoing attention. Risk manage-
ment is not just a process—it’s a mindset. From the very begin-
ning of your project, risk and uncertainty will be an ever-present
threat to your project.
Even though you may feel that you’ve effectively dealt with
risk by using a process such as the one outlined above, some
amount of maintenance will be required. The size and shape of
threats is continually changing, so you must monitor them on
an ongoing basis. Be attentive to any preventive measures to
make sure they’re addressing the threats as intended. You must
remain vigilant for triggers—the points that alert you to the need
to pursue a contingency plan. In addition, be on the alert for
new threats.
Unfortunately, however, new threats will not necessarily be
obvious. You should always be “looking for trouble.” Be skepti-
cal, aggressive, and relentless in your quest to uncover potential
problems. As the saying goes, if you don’t manage risk, it will
manage you!
Accommodating Uncertainty
Potential problems—or threats—are specific manifestations of
the uncertainty that exists in all projects. Properly dealing with
specific threats reduces the downside variability of the final proj-
ect outcome. In common terms, it is intended to protect your
project from harmful events.
Build Warning
Mechanisms
When developing contin-
gency plans, be sure you identify a
specific point—“or trigger”—that will
alert the project team that it’s time to
put the contingency plan into effect.
It’s advisable to incorporate the trig-
ger into the project plan.