Question

What’s your process for risk management in a large project? and tell me your strategies for identifying, assessing, and mitigating risks to keep the project on course.

Answer 1

Large projects involve a continuous emphasis on risk management. On my last project, I approached this with a structured process:

• Identify Risks Early: In a brainstorming session with the team and stakeholders, we wrote down possible risks. Some examples are as follows: for instance, on a big construction project, the following high-impact risks would include supply chain delays and resource shortages.
• Assess Risks: I categorized each risk based on its likelihood and impact, using a risk matrix to prioritize them. This allowed us to focus on the most critical risks first.
• Develop Mitigation Plans: For supply chain delays, we identified alternative suppliers and included buffer times in the schedule. For resource shortages, we cross-trained the team members so that potential gaps could be covered.
• Monitor and Adjust: Risks evolve, so we hold weekly review meetings to track identified risks and spot new ones. This allowed us to adapt quickly, avoiding significant delays or cost overruns.