The Stage of Business – Introducing Incidental Risk and the Critical Path
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First of all, what is considered a risk? If we are going to identify the risks we will need to know what to look for. I have heard risk defined as the effect of uncertainty on objectives. That definition is all right but a bit too vague. To effectively identify risks for a particular project or initiative, I think you have to be a bit more specific to the objective.
As risk relates to the Project Stream™, best practices would dictate that each level is completed before the next level begins. As indicated in the diagram above, overlapping levels (as shown) will result in incidental risk and compromised results. This is a common occurrence and typically happens when levels stretch out and do not have a disciplined schedule for milestone start and completion.
“Delays have dangerous ends.” – William Shakespeare
When the project start and finish date are fixed, milestone durations should be planned with contingency durations. Otherwise any expansion of a milestone duration may compromise the adjacent milestones or possibly even the overall project risk.
Risk management scheduling is a critical part of project planning. The more time you spend crafting the schedule, the better chance you will have of project success. If you plan it well, you will be able to use the process schedule to effectively manage the project scope, schedule and budget.
“True nobility is exempt from fear.” – William Shakespeare
Make a Plan, Have a Plan. You will be glad you did!
Don’t be afraid to look to the past when crafting your plan for the future.