Power Bite: 5 Tips to Manage Risks in Projects

1 Involve the Right People and Processes

Make sure your project team includes people at the top of their game, with expertise that’s relevant to your project. You need to have standard knowledge represented per function. This makes sure you receive cross-functional input that is holistic and thorough. Your most powerful tool as a project manager is your command of processes. Make yourself aware of each function’s unique processes as this will give you a sense of where risks may arise. 

2 Be an Aware Leader

Awareness in this case includes self-awareness, to admit early when things aren’t going according to plan, but also a wider awareness of the project. It’s crucial that you’re able to deeply understand the strengths and opportunities lie, such that you’re able to steer the team and the project towards productive goals. 

3 Create a Safe Space

As a project manager, it’s important that you create psychological safety within the project team. You want to make sure every member feels comfortable disclosing information and potential issues without fear of negative consequences. This also creates a team dynamic that’s open and collaborative, without the dangers of finger-pointing and blame. 

4 Communicate Around Data

Make sure you have the courage to proactively communicate any risks that arise with your stakeholders. In your tailored communication plan, in addition to outlining the risk you have identified, make sure you also present data you have, so you can build clarity and buy-in around the path forward. Along with the risks, also make sure you communicate the opportunities, and provide reassurance that there is a plan to address any setbacks the project faces. 

5 Have an Entrepreneurial Mindset 

Think of yourself as the CEO of the project you’re managing. That is, think out of the box! While it’s perfectly reasonable to rely on the processes of project management, keep an open mind. Look out for new ways to do things, be agile, and keep an eye on how other industries are innovating. This way, you might find unlikely inspiration or resources to usher your projects to success.