Risk Management - Top 5 Ways to Remove a Risk Entirely

There are six (arguably seven) strategies for managing risk. But the one that is least understood is the most powerful of all… if you can make it work: removing a risk entirely. So, let's survey one of the most important risk management strategies: removing project risk entirely. In my book, Risk Happens! https://geni.us/BN4bH - there are six fundamental strategies (https://youtu.be/64566-iGE50) for dealing with a project risk. But, too often, what people describe as my Strategy Number 1, "Risk removal" is really risk reduction. So how can you completely remove a risk? Removing a risk altogether is not always possible, but here are five approaches that you can consider on aspects of your project. 1. Over-design A ‘gold-plated’ specification that is over-specified with respect to the core functionality. Examples include redundant components, over-size strength components, or higher specification materials. 2. Buy certainty When you select components that are well tested, you can lock certainty of functionality, quality, or cost into a component of your plan. 3. Alternative solution There may be other solutions to an element of your plan that offer complete certainty of schedule, budget, or functionality. 4. Address root cause Root cause analysis, using techniques like Failure Mode and Effects Analysis, Pre-mortem, Fishbone, and Five Whys, can help you identify a strategy that will address the cause and remove the threat entirely. 5. Remove the risky element from your plan If you cannot control the risk, and the threat level is unacceptable, the only thing to do is remove that element from your plan and accept the compromise this causes. Note that these remove specific risks – they don’t remove all risks! Recommended Videos Carefully curated video recommendations for you: - What is Project Risk Management? https://youtu.be/QgALrPHrsk4 - What are Risks and Issues?.. in 60 seconds https://youtu.be/FvUyMVWwJFw - Project Risk Management - How to Manage Project Risk https://youtu.be/xXV_gjtXMSk - 6+1 Risk Management Strategies... in 60 seconds https://youtu.be/64566-iGE50 - 4 Types of Project Risk - Different Forms of Uncertainty https://youtu.be/iOFjmR3-sqk - What to Put in Your Risk Register (Risk Log) https://youtu.be/vkEPGFVVwfM - Risk Management - 5 Tips to Do it Right https://youtu.be/Q6JHsVEOVhM A while back, I asked Project Managers in a couple of forums what material things you need to have, to do your job as a Project Manager. They responded magnificently. I compiled their answers into a Kit list. https://kit.co/MikeClayton/what-a-project-manager-needs Note that the links are affiliated. For more great Project Management videos, please subscribe to this channel: https://www.youtube.com/channel/UCMZfp1_wquyegVY9SoER0Nw?sub_confirmation=1 For all our great Project Management articles and resources, please check out the OnlinePMCourses website: https://onlinepmcourses.com/ For basic Management Courses - free training hosted on YouTube, with 2 new management lessons a week, check out our sister channel, Management Courses: http://youtube.com/c/managementcourses For more of our Project Management videos in themed collections, join our Free Academy of Project Management: https://onlinepmcourses.com/free-academy-of-project-management/ #Project #ProjectManagement #RemoveARisk