It is actually the duty of project manager that he analyzes and knows what will be the expected risks in his project and what will be needed to resolve them. And even know that whether that will be just an issue or a risk indeed. Project manager has to manage them effectively. An issue is something that is in your control and you have complete authority to take an action to resolve it while a risk is something with little control over it and there are other things that influence it and hard to manage it but not impossible and it also limit the impact of the project.
For an example, is a project manager apply a new tax about service on a project, he has to face some complexities, he him self up grade his system to support that tax but legislation is still not finalized that tax yet. The project before starting and continuing need to be focus on this financial are and if legislation finalize some other term what should be done at that step. This is regarding as a risk in the project. And these risk have to be keep in mind while designing any project because if you neglect such minor risk that will take the form of complex and critical issue that may delay your project to be done at the decided date.
Here is preview of Risk Log Template for Project Managers,
All you need is to have a risk log to keep a track about every thing that going to be a risk in your project. Any risk contains two key factors that are probability and impact. The first thing is that analyze the probability of that risk and how many time that expected to be occur. This factor is of great significance to minimize any risk. The other factor is the impact, impact of that risk on the project. That if that risk occur then to what extend it give harm to project, what will be the results, whether it costs much as expected or planned, or need extra staff in that case or may be delay the project from the decided date.
The risk log will help you to make a note about all such risks and also what has to be done if any risk occur and thus take little time to over come whatever comes as hindrance in the progress of the project. You should mention mitigation strategies into your log to minimize the risk factor by take a control over probability and also on its impact over project. To minimize the probability level we have to discuss all matter with the whole project team and work closely as a group to ensure that the entire project will going according to planner. Make sure that the entire legislation requirement has to be fulfilled to avoid any legal issues. And to limit the impact, project manager has to prepare entire presentation of the project before starting work at site. Risk log is very useful in controlling the risk probability and impact that has to faced during every project in one way or the other.
Here is download link for this Risk Log Template,