17 April 2020

Manage risks to succeed in projects, tasks and life itself!

A proper risk management is necessary for all of us. For change is the only certainty in all projects and life itself. So, we definitely need to take this seriously.

Image Source : youtube.com
A recent example of improper risk management and how it employs the idea of identifying risks, and dealing with risk, a poor risk management example could be the effects of Hurricane Katrina. The government ignored warnings of failing levies and the damage that could result from floods. We know over 1,300 people were killed and over 250,000 homes destroyed. If only the government could have taken the risk management more seriously, things may have been different. This is this is the government of course, but in even in all projects, risk management is an important part of project management. This aims to mitigate any potential problems that may negatively impact a project's timetable. Any unexpected event that might affect the people, processes, technology, and resources involved in a project needs to be handled. Uncertainty is always a part of life after all. Due to this, project risk requires serious preparation in order to manage them efficiently.

Students need to understand this completely so that they can apply in their projects, internships or jobs. All businesses, big and small, need to know risks are a part of every aspect of business.
With Corona now becoming prevalent all over the world, there is an additional risk of people becoming quarantined or ill.
So, it is even more necessary to –
a.    Make a plan B where an employee’s work can be done by his colleague or team
b.    Testing is done completely as there could be something left out
c.    Get the project tried by the customer or organisation as the case may be.

The hazards of not taking risks seriously could be
a. Slipping on deadlines
b. Not delivering our products and/or services
c. Losing business to competition

We don't want to be in a boat with holes made by no risk management and sink. 

Big or small, we all do need to have our risk management as part of all our projects.

As far as students are concerned, there is a real risk in current times of social distancing and colleges not taking regular classes. However, if one plans all the options online, of which there are many, this risk could also become an opportunity to learn something new. Not taking this seriously could make us miss the boat of online digital learning which shall definitely set us back.
Surely, with this mindset, we all can convert risks into opportunities and not make them challenges we don't meet.

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