How would you proceed if you identify a critical risk late in the project

Question

How would you proceed to address the issue, mitigate its impact, and keep the project on track?

Answer 1

If I see a high-risk event appearing during the critical path late in a project, my first action would be to take a deep breath and carefully review it. 

• I would determine what its impact might be on the timeline, budget, or deliverables. Then, I would immediately include all the key stakeholders to inform them clearly, as I didn't want any surprises for them.
• Next, I would work with the team to come up with solutions. Sometimes, that means shifting priorities, reallocating resources, or tweaking the scope to keep things moving. If we have a contingency plan already in place, that would be great; if not, we can create one on the fly.
• Once we have a plan, it's all about execution and keeping a close eye on how things progress. I also make sure to keep everyone updated regularly so they know what's being done to address the risk.
• Finally, I document everything for future reference. It's not only about solving it but also learning from it to improve the risk management of the next project. It's not ideal to catch a risk late, but with the right focus, one can still steer things back on track.