27th ACPM-CIC: WHAT ARE THE CURRENT INDUSTRY BEST PRACTICES TO MANAGE PROJECT RISKS?
Date(s) - October 28, 2021
1:00 PM - 4:00 PM
Problem Statement:Project Risks come in various different forms, from direct project specific risks in the form of design and management issues to stakeholder management and client dynamics. Within the public sector it is key to note that the client is government and therefore the role that the government official is a crucial one in ensuring that the risks to a project is then managed accordingly. Risk mitigation comes through proper communication channels as well as a systematic approach in the way infrastructure projects are managed. Risk profiling of a project is the starting point which must take place prior to the commencement of any project, even before stage 1. The risk profile will outline the key risks and thereby develop a risk register that will need constant management through the entire lifecycle of the project.
Risk mitigation and strategic management of risks, is key to the delivery of projects on time and within budget. In the public sector projects face many risks in terms of political, to inter-departmental misalignment and or inappropriate delegation of responsibilities. Therefore we will discuss the many ways to manage Project Risks and the various solutions available to mitigate and manage these risks.
What are the Best Practices to Manage Project Risks?
- Who’s responsibility is it to capture and manage a risk register?
- How does risk mismanagement derail a project?
- How has risk been managed through the Covid19 Pandemic?