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Barriers to Project Risk Management

Why is it that most people don't bother with project risk management?

Reasons for overlooking Project Risk Management

·      It is probably true that the majority of projects do not have a formal risk management plan

·      There are many reasons for this:

·         It is not a well established practice in most areas of project management application

·         It is not part of the organization's culture

·         As soon as you start to think about all the potential risks

·         The number and variety appear to be overwhelming!

Some Classic Excuses

Outmoded thinking also provides some classic barriers:

·         Risks are inevitable

·         "Itíll cost what it costs!"

·         Management impatience

·         "Weíll cross that bridge when we get there!"

·         Risk Management requires too much effort

·         "We always add contingency anyway!"

More Excuses

·         The effects of probability not understood

·         "That could never happen to us!"

·         Lack of data or innovation

·         "We donít have enough information to do a thorough job!"

·         Vested interest

·         "Iím determined to see my project through - regardless!"

·         Over-confident control

·         "Weíll fix that later!"

Still More Excuses

·         Lack of vision

·         "Weíve always done it this way!"

·         Secrecy

·         "We donít need their interference!"

·         The messenger syndrome

·         "Bearers of bad news get punished!"

Bottom Line

·      You could characterize project risk management as "avoiding surprises"

·         Since projects always have surprises

·         It is always worth doing project risk management!

·      A little bit of risk management does not have to be

·         Complicated

·         Time consuming

·         Out of this world

·      As the old saying goes:

·         "An ounce of prevention is worth a pound of cure!"