W2;Q2: Many projects fail because risk is not properly identified and addressed. Conventional project management (PM) risk checklists are fine if you are living in the 70s. The level of complexity faced by todays project managers necessitates looking at things differently. How should today's PM assess risk to projects? Include an example to back up your points.

A:

Todays PMs should understand that in many projects, risks are identified and analysed in random, brainstorming, fashion. This is often fatal to the success of the project, as unexpected risks arise, which have not been assessed or planned for and have to be dealt with on an emergency basis, rather than be prepared for and defended against in a planned, measured, manner. Very early in the preparation and planning stage, it is essential that potential risks are identified, categorized and evaluated. Rather than look at each risk independently and randomly, it is much more effective to identify risks and then group them into categories, or, to draw up a list of categories and then to identify potential risks within each category. This way, common influences, factors, causes, potential impacts and potential preventative and or corrective actions, can be discussed and agreed on.