If you have a long list of identified risks, it can be a dreary task to update your risk management plan or RAID log. Stakeholders’ eyes glaze over. Here’s what you can do to create engagement:
1. Only highlight risks with high probability, impact, and rating.
2. Then add a column for an estimated dollar value associated with that risk, either negative or positive.*
3. If a dollar value is not feasible, quantify the risk to project benefits e.g. carbon reduction.
Whenever you estimate a number, create a methodology and stick to it. Yes, I know, this is easier said that done. But you don’t have to do it on your own. You have a project team. Reach out to your business, finance, or data analyst for help if needed.
* Hat tip to Natalia Bercht, PMP, subject matter expert in project cost and finance management, for the idea that inspired this post.