Does undertaking efforts to manage risk really make a difference? There are times I wonder whether it does. I recently conducted a project review for a construction project that was stalled due to the collapse of a portion of the roof structure. I requested for the risk register and was provided with one that was very comprehensively documented and yet this risk of the roof collapsing was not included.
Project risk management covers many aspects. One of them is the development
of a risk response strategy. Developing a risk response strategy for projects is
tedious, time consuming and laborious. It takes a toll on project managers and
project team members. It consumes a lot of time to identify, analyze and
develop risk response strategies. Despite doing this, projects still fail. Why is this
so? This article seeks to share some insights that address this question.
The results of the Brexit vote sent reverberations throughout the geopolitical and economic spectrum in the UK as well as in Europe. A referendum originally intended to silence euro sceptics within political circles turned out to be one that shook the very foundations of British politics. The Tories are leaderless, the Labour is fractured to the core and UKIP suddenly finds itself in unknown territory. Attempting to make sense of the situation will require us to confront three fundamental questions: