2- How to manage a high risk project
First of all risk is not always something bad, it might be a threat you need to mitigate or avoid or an opportunity to you need to gain, some project managers always try to get away from high risk projects. I can assure that they lost the whole experience and excitement because people get learned from issues they are facing throughout the project but to gain experience and gain success in the same time you need to do the following:-
1- Plot and manage risk: from day one go and identify your risks and use everybody in your team, project stakeholders and even your company risk experts then develop your strategy and mitigation plans and do not leave the plans on the papers and shelves but assign someone capable enough for following up and executing those plans and leverage all needed help and support he might need during execution. One last thing do not leave the action owner and go away but go and see it yourself and follow up with him on plan execution progress.
2- Divide the project into small versions: as much as you can try to divide your project into small versions (iterations or phases) where you can measure the progress and client can feel the benefit of the version to his business and his organization, in this way you ensure that every step you are taking in the right track and even if client decided to roll back so it will be one step (version), not big work where you will not be able to recover or burry it in the whole project budget. In each version go a study the risks again do not depend on the first identification because even provided versions from your side might affect the initial risk assessment you already did.
3- Get star team: high risk project needs a talent team to take over, so try to get star team members as much as you can and if you found a team member who is not giving the project the needed attention or he is giving negative attitude or impressions all the time go and speak to him either to stick with the team spirit or get out of the project because his existence in the project will harm you more than leaving it.
4- Stakeholder management: it is the most important point, you must be very honest and transparent in communications with project stakeholders. If you have bad news go and study for solutions and convey it them very honestly and transparently, In this way you bring them in your side to support and help you to recover the issues because it is their project and success before it is yours. One last thing is to build your relationships with them because you will need those relationships later in the project to get their support or their authority or other teams you might have dependencies on them.
Finally, you will be a star only when you do something exceptional like managing and delivering a high risk project so do not hesitate to handle it, do not hesitate to be rewarded.
Notes (Place Your Notes Here)