Performing risk management on small projects
After completing PMP training and managing small/simple and large/complex projects, I’m aware that risk management is something I’ve disregarded on the small/simple projects in the past, but it’s something that becomes apparent on the large/complex ones.
I’ll express my opinions, and I’d like to hear yours as well.
Scaling it Down
On small projects, I’ve found that scaling down crucial project management processes to fit the context, rather than eliminating the process altogether, has been a key principle for me. I didn’t always think this way, but my viewpoint shifted after taking on larger jobs. I can now see how important it is to think about even the smallest initiatives in a systematic way.
On smaller projects, distinct activities are sometimes merged, but I’ve come to the conclusion that this isn’t ideal either. Respecting the boundaries between separate project management procedures provides me with a clarity of purpose and thought that generates better results while maintaining the integrity of the process.
Intuition
The smaller and simpler a project is, the easier it is to immediately perceive the risks associated, as learned in PMP training. If your project will last two weeks, you will be thinking about hazards when preparing it, whether you want to or not. Because of the short time constraint, you’ll probably be quite excellent at it if you have any knowledge of the topic and your team has worked on similar projects before.
Our “gut feeling” has less value in recognizing and analyzing hazards as a project progresses and more moving pieces are involved. That is why, in a longer-term project, you should do continuous risk management, ensuring that risks are identified and assessed throughout the project’s lifespan. However, if a project is only a month-long, you may only undertake this activity once or twice, and it will not be a 2-hour team discussion. It’s more than likely going to be a 5-minute talk.
Steps for Risk Management on Small Projects
1. Ask team members individually or in a group setting, “What troubles you about this project or your piece of the project / what potential do you see?”
2. Pick no more than 3–5 that look likely or would have a significant impact for a short project.
3. Formulate them as “Given [condition], there is a chance that [event] will result in [effect].”
4. Prioritize these risks, determine who is responsible, then determine 1) how to lessen the risk if possible, and 2) what you would do if it occurred.
5. Follow up with the risk owner as needed (at least weekly in your one-on-ones) to hold them accountable for their planned actions.
6. In your project status reviews, including the status of the continuous risk management process.
I wouldn’t spend too much time on risk management on a short-term project. It’s necessary, but it should be trimmed back. If the project is lengthy enough, this may be evaluated every month or so. In addition, on a small project, I would consider the PM to be the “risk board,” as well as the technical lead and sponsor. As understood in the challenging PMP course — it’s all a function of magnitude and the setting in which your activity takes place.
