Risk management: Opportunity or threat? Positive or Negative? Can project managers still see risks in projects as bad things that cause delays, budget overruns and failure or should the mindset change to ‘no risk, no reward’ and embrace risk as ‘Uncertainty that matters’?
We live in increasingly uncertain times. It is crucial for project, program and portfolio managers to foster a culture that not only mitigates threats but also seeks out beneficial risks if they want to deliver a wide variety of complex projects across multiple industries.
The time for effective and honest project risk management has never been more pressing. We, project professionals, we know the theory, we know how to implement the tools and techniques needed, and we have the required skills. We must now ensure that all projects consider the risks to which they might be exposed (both threats and opportunities) so that promised schedules, cost estimates and benefits reflect the risks. Concurrently, we should resist pushback from sponsoring entities to adjust, ignore or misrepresent any of these measures to satisfy ego.
In this lecture, our speaker will share his experience, and lessons learned while working on projects in the Sugar, Oil & Gas and Mining industries.
The aim of this lecture is to demystify any myths regarding risks and to encourage project management professionals to adopt a different mindset to manage risk effectively with the right risk management maturity.