Running a project is not an easy task. All projects seem to have some inherent risks. However, there is only one way to emerge a success in any project. The only recommended method is to use a risk planning model. The model is essential since it identifies the problems affecting the project, and strives to analyze how such issues occur. It enables Project Manager (PM) to take an effective action to avoid risks as well as reduce those that may seem to be more extreme. Therefore, as a Project Manager (PM), there are ways to minimize the inherent risks in a project.
As a PM, the first approach is to identify the risks very early. Identification of the risks will involve reviewing the list of all possible sources of uncertainties. In the process, it will be easier to make it very clear the person who is responsible for what risk. Also, there is a need to communicate about the threat to ensure that the customers and boss are not surprised ( Kerzner & Kerzner, 2017) . Since some inherent risks tend to exceed the mandate of PM, I will ensure that the sponsor makes decisions on all top risks.
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More so, when assessing the risks, I would consider all opportunities and threats that are likely to face the project. In other words, I must create enough time to deal with both threats and opportunities in my project ( Teller, Kock & Gemünden, 2014) . To do so, I will establish an evaluation tool to prioritize and categorize risks. Everything is not complete if I don't fully understand the impacts and reasons for the threats. By so doing, I will get an opportunity to identify the root origin of all identified risks. After determining the ground roots of the dangers, the next approach is developing an apparent response to the determined risks. Therefore, I will need to know what exactly will be done to ensure none of the opportunity is missed and that the likelihood of each risk is reduced.
References
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning, scheduling, and controlling . John Wiley & Sons.
Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal , 45 (4), 67-80.
