How to manage Risks in a project without getting scared

Do you know all the risks of your project?⁠
Probably not. And the thing is nobody will know all the risks, even the most expensive expert. will not know what he doesn't know. There is always a % of unknown.

This is for you if you are an engineer, financial expert: but as well if you are one of these:
1. Entrepreneur who wants to prepare a business plan⁠
2. Webdesigner, who wants to deliver a project in time and budget⁠
3. Project manager, who is in charge of a result⁠
4. Event planner, who wants to communicate in a positive way about obstacles ⁠
5. Wedding planet who wants t create the best experience⁠
6. Project manager who leads a construction⁠
7. Saöes manager who sells to large corporations⁠
8. Logistic Manager who supervises trucks d goods and boats and airlines⁠ 😀⁠

Why Risk Analysis is an important thinking process that can help us saving Millions??⁠
I`m teaching big Bosses who are in charge of 100 Million Budgets and we recorded the simple technique.⁠
If you want to be a Risk management specialist⁠ and Lead a Risk management process you just need to learn the skill of facilitating a risk analysis process, conducting Risk workshop and decisionmaking meeting. and capturing the risks and the actions to minimize the negative impact and make sure that these actions get implemented timely.

Common sense is more important than mathematical formulas. Even though it's so impressive to see the complicated models for financial risks all data describe the past and do not predict the future.

This is why 40  or 50 years all was okay but now we have different conditions and we need to listen to our intuition, to the team, to experts ad sure we need to aks experts who know what can go wrong.
Your ability to sell the risk analysis findings will be more important than your ability to calculate a %. ( Percentage)

What sounds more impactful to you?

   The Risks is 50 % or the Risk it is very critical for us.

How do you feel about 40% or 50%?⁠
Not really a big difference?⁠

No formula helos you persuading the decisionmaker.⁠ You need to tell a story and to set priorities what actions does your team or the experts recommend to avoid the risks from damaging your project outcome.

We will benefit from our skillset to ask the right questions to the right experts who have experience and gather information and enforce decisionmaking ⁠. So let's become a journalist and let´s learn how to interview the experts and suppliers.

As risk management specialists you will assess risks, create and implement plans and implement strategies to minimize business losses.⁠

I believe it is very important to be able to facilitate a workshop for risk management and to be able to integrate all stakeholders.

It is not enough n to know all the risks from books and formulas you read. ⁠
Diving deeper into your project subject is good but please note that each project has its environment.⁠ Be aware that, the so-called experts can be blind by default to the new specific situation.⁠

If you are interested in facilitating such Risk assessment for your business yourself and want to know how we present the Risks to decision-makers then I invite you to watch the Exercises that will take you 8 and 10  minutes each and you can copy the powerful process we used for Siemens industrial solutions, SAP projects, Construction Projects, and Insurance and Financing companies.

If you want to schedule the same exercise for your team you may calculate a minimum of 30 minutes time for the first exercise and 1 hour time for the second exercise. 

Check out the powerful training( as long as it is free now)⁠

Risk Management in Projects is often skipped.

Why? Because today there is no pain. And the focus on what can go wrong is painful by itself.  I believe you will love the exercise I present here and you will enjoy the doing of that process with your stakeholders.

Here are the 5 Steps of our Risk Management Process in a Nutshell

1. List all Risks

2. Assess the Threat of these Risks

3. Identify Likely Causes and Preventive Actions

4. Identify potential Consequences and plan contingent Actions

5. Take decisions on Actions for minimizing risks  and Plan Triggers 

We use Flipcharts and Post-its for the brainstorming. Aks your participants to be specific and to explain how the ...risk can be caused. Do not discuss details before you did not capture all ideas.

Once they are in the flow of thinking about the possible and impossible risks there might be ideas that sound crazy. Write them down anyway and do not judge. See it as a kind of innovative process that can help you not only to protect your project outcome but to come up with shortcuts you never thought about.