Positive Risk Taking & Successful Project Management
Before we get into this week’s blog let’s define ‘risk’. The Oxford dictionary defines risk as ‘a situation involving exposure to danger’.
At BPM our team sometimes likes to take on risks; we set ourselves challenges and goals that push us to the edges of our comfort or safe zone and we can feel like we’re exposing ourselves to danger, triggering that ‘fight’ or ‘flight’ response. More often than not we smash the challenges and then go on to achieve even more. But occasionally we aren’t successful – because when you set unreasonable goals you may sometimes fall short, and that is part of risk taking – we learn from it, we recover, we improve, and we go again. That’s Positive Risk Taking.
While we’re getting Good Sh!t Done across the projects we manage, we strive to apply this mindset to reduce and mitigate any potential hazards or failures that occur. So this week, our BPM blog unveils practical types and strategies to applying positive risk taking , showing how we help our clients navigate challenges across projects with confidence and belief to deliver on time and on budget.
In the dynamic world of project management our team needs the ability to anticipate, identify, mitigate risks. It’s not just a skill – it’s an art – an art that our team has been working on for years to perfect. Whether we’re overseeing major infrastructure works or navigating the rush of a new retail fit-out, understanding where risk lies is crucial to the overall project success. Let’s explore how we master this critical aspect in our work.
Understanding the Risk Management Process
The first step towards mastering risk from a project management perspective is to understand the risk management process itself. This process involves systematically identifying, analysing, and responding to project risks.
As part of our planning process, we undertake a thorough risk assessment to understand any limitations and to identify possible unforeseen issues before the project begins. Over the years our team have become specialists in construction risk management, gaining a longstanding track record of delivering over and above our client’s expectations.
The BPM process includes risk identification, risk analysis (both qualitative and quantitative), prioritisation, and implementation of response strategies. By embracing this process, our project managers can not only foresee potential challenges but also equip teams on the ground with the knowledge and tools to tackle them effectively.
Crafting a Contingency Plan: A Construction Project Example
A contingency plan is a safety net; it helps to ensure that we are prepared for unforeseen events. For instance, consider one of our construction projects, such as the recently completed Camp Street. We had to anticipate delays caused by bad weather, supply chain disruptions, and unexpected site conditions - and then develop strategies for managing these things. The contingency plan outlined specific actions to be taken, resources to be allocated, and individuals to be notified in different circumstances. The contingency plan ensured that the project ran smoothly.
The Strategic Planning Process: 5 Steps
This is all part of our wider 5 step Strategic Planning Process, one of the cornerstones of successful risk management at BPM.
The 5-step process explores:
Is it possible?: Identifying the things you need to do to find out if your project is possible
Develop Your Dream: This is where we start turning the dream into a reality. It is at this stage that we start our risk planning scenarios.
Let’s Do This: Let’s do the damn thing (and hopefully those contingency plans aren't needed…!)
It Comes to Life: It's alive! Just a few last finishing touches and it will be all yours.
It’s Yours: We did it! You had a dream and you made it come true. We were pumped to be part of the journey.
This strategic approach to all our work not only aids in risk management but also helps us smash all sorts of goals and challenges we set ourselves.
In Conclusion
Handling risk at BPM is about more than just avoiding pitfalls; it’s about creating a proactive, thriving mindset that seeks opportunities in the face of challenges. By understanding and implementing our detailed risk management process, utilising the tools and techniques we have harnessed and adhering to our 5 step Strategic Planning Process, our team can deliver successful projects with resilience, confidence and positive outcomes. Remember, in the world of project management, being prepared to face challenges is not a one-time thing, but a continuous test of resolve on the journey towards getting Good Sh!t Done!