How do you evaluate and learn from the outcomes and impacts of project risks in your consulting projects?

1 Risk management process

The first step in managing project risks is to establish a clear and consistent process that covers the following stages: risk identification, risk analysis, risk response planning, risk monitoring and control, and risk communication and reporting. Each stage involves specific tools and techniques, such as brainstorming, SWOT analysis, risk register, risk matrix, risk response strategies, risk audits, risk reviews, and risk reports. You should follow the process throughout the project life cycle, and tailor it to the specific needs and context of your client and project.

2 Risk management standards

Risk management standards provide a framework and best practices for managing project risks. ISO 31000 is an international standard that offers principles, guidelines, and a common vocabulary for risk management across different domains and industries. It helps to integrate risk management into governance, strategy, planning, and operations. The PMBOK Guide, developed by the Project Management Institute (PMI), covers the knowledge areas and processes of project management, including risk management. It assists in aligning risk management activities with project objectives, scope, and deliverables. PRINCE2 is a project management methodology that focuses on managing projects in a controlled and structured way, with defined roles and responsibilities, stages, and themes. Risk management is one of the themes, which helps to identify, assess, and control the uncertainties that may affect project outcomes.

3 Risk management guidelines

In addition to following the risk management standards, you should also consider some specific guidelines to improve your risk management performance and results. Involve your stakeholders in the process, as they can provide valuable insights, perspectives, and feedback on the risks and their impacts. Additionally, use both qualitative and quantitative methods to analyze and prioritize your risks, as they can provide a more comprehensive and balanced view of the risk exposure and impact. Furthermore, update and review your risks periodically and whenever there are significant changes in the project scope, environment, or assumptions. Track and measure the effectiveness of your risk responses and adjust them as needed.

4 Risk evaluation and learning

The final and often overlooked aspect of risk management is to evaluate and learn from the outcomes and impacts of the risks you faced in your project. This can help you improve your risk management skills, processes, and practices, as well as capture and share the lessons learned and best practices for future projects. To do this, you should conduct a risk evaluation at the end of the project or at key milestones, comparing the actual risk outcomes and impacts with the planned and expected ones. Additionally, you should conduct a risk retrospective with your client, team, and other stakeholders, reflecting on the risk management experience and outcomes. Furthermore, you should document and share the risk learnings, such as the risk register, risk reports, risk evaluation, risk retrospective, and risk lessons learned, with your client, team, and other stakeholders. Finally, you should store and organize them in a repository or database that can be accessed and used by other consultants and projects.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?