Fox Plan : Project Management Software

Risks management, a must while managing a project !

Risk management in project management

Managing a project is not easy, on the contrary it is a hard and complex work. It requires patience. Apprehension of results is normal but can be difficult to deal with. Risk management is an essential factor to keep control and keep the current aspect of the project. Identifying risks, contingencies and unforeseen events is important, and these can be avoided if they are determined early enough so that the repercussions (on time, on costs or even on content) do not affect your project. The identification of risks is a hard factor to perceive at first glance, some are even undetectable, they can belong to multiple types of risks within a company : project risks, operational risks, fraud risks as well as security and safety risks... Each individual has its own conception of the term “risk” and “ its management”, it can create disagreements within the company. Managing risks is overall a strategic tool which aims at combining the strategy and material aspect of the well-functioning of the project. In order to provide a quality work, precautions on different levels must be taken.

Indeed, risk management is nothing without anticipation. Anticipation makes it possible to identify the repercussions of an action before or during its execution. It is above all a way of projecting yourself into the future by taking into account several factors that may be compromising for the final objective. This process is often stimulated by decisions aimed at an achievable goal cut down into several stages (such as the development of a project.). Each person will find themselves confronted to an inherent uncertainty in the face of decisive decisions for the future of their project. Multiple tools can help you see clearer and take optimal decisions. Anticipation can be considerate as a mean of sucess since anticipation makes it possible to position oneself in an uncertain environment. The assumptions drawn from this anticipation method make it possible to create an estimate of the various values ​​that can be considered as risks. Once this estimation is made, a positive or negative deduction can be made out of it. Risk anticipation has consequences as much on a time level as on spacial one. The evaluation of obstacles is necessary to properly focus on the progress of your current project.

Risk monitoring must be an integral part of project committees and project monitoring. It is important that each team member contributing to the project has the possibility of having access to the various documents evoking potential risks that could affect the project in question. To process this request, it is wise to make a risk inventory allowing a hierarchical classification of risks. FoxPlan offers you risk matrix conception which enables you to determine specific risks as well as their level of “danger”. The evaluation of risks can be determined by many means. Qualitative and quantitative methods enables you to have different point of view on each matter.
FoxPlan offers you a solution to anticipate, document and reduce the different types of potential risks. We provide a risk matrix that will evaluate the multiple danger. A risk matrix is a table that prioritize each potential risk according to its probability of occurrence as well as their level of impact. This table will enable you to be more organized and perceive the resolution indicators as well as the various trends. Risk analysis requires assessment tools that are both precise and concrete. The risk matrix is ​​an effective way to perform a capacity analysis of your project. It is preferable to set up a risk matrix before the execution phase of the project. it enables you to manage any potential "flaws" before the launch of the project. There are several steps in determining the risks. Firstly, we must identify all the aspects that could negatively affect the project, this can be based on a budgetary aspect, organizational aspect, temporal aspect, etc. Once the list of hypotheses is up to date, their impacts, their consequences and their seriousness in the face of various situations must be critically evaluated. The final part of this evaluation is to determine the likelihood of the listed factors will create a new problem. Once every phase is accomplished, the risk matrix will sort them out by color : green, yellow and red ; going from the least important to the most important. This will enable you to have an optimal vision on the various changes that must occur while setting up your project. This method focuses on the sucess of your project.

Our company suggests that you do not waste time and determine the potential risks as quickly as possible.    

Foxplan offers you a complete solution to manage your risks and more ! For more information:

FoxPlan a complete enterprise solution

FoxPlan is a major player in the management of business solutions. As a project management solution editor, FoxPlan has invested many hours with its clients to understand and develop a solution that meets their needs. Thanks to active R&D, FoxPlan has developed a solution with a simple and ergonomic interface allowing project managers and scrum masters of various profiles to manage in the same portfolio traditional projects in cascade, in agile mode, simple collaborative tasks. or a mixes. Managing a portfolio of projects has never been so complete and easy as with FoxPlan.
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