You're managing a project with high risks. What are the most important things to consider?

1 Define the scope and objectives

The first thing to consider is to define the scope and objectives of your project clearly and realistically. This will help you to identify the key deliverables, milestones, and success criteria. You should also involve your stakeholders, such as clients, sponsors, and team members, in the scoping process to ensure their expectations and requirements are aligned. A well-defined scope and objectives will also help you to avoid scope creep and manage changes effectively.

2 Identify and assess the risks

The next thing to consider is to identify and assess the risks that might affect your project. Risks can be anything that can cause delays, cost overruns, quality issues, or safety incidents. You should use a risk management framework, such as the PMBOK guide, to systematically identify, analyze, prioritize, and respond to the risks. You should also document the risks and their impacts, probabilities, and mitigation strategies in a risk register and update it regularly.

3 Plan and allocate the resources

The third thing to consider is to plan and allocate the resources that you need for your project. Resources can include human, financial, material, equipment, and information resources. You should estimate the resource requirements based on the scope and objectives, and the risks and uncertainties. You should also consider the availability, suitability, and reliability of the resources, and secure them in advance. You should also monitor and control the resource utilization and performance throughout the project.

4 Communicate and collaborate

The fourth thing to consider is to communicate and collaborate effectively with your project team and stakeholders. Communication and collaboration are essential for managing high-risk projects, as they can help you to share information, solve problems, make decisions, and build trust. You should establish a communication plan that defines the communication objectives, methods, frequency, and responsibilities. You should also use appropriate tools and platforms, such as email, phone, video conferencing, or project management software, to facilitate communication and collaboration.

5 Monitor and control the progress

The fifth thing to consider is to monitor and control the progress of your project. Monitoring and controlling are important for ensuring that your project is on track, on budget, and on quality. You should use various tools and techniques, such as schedules, budgets, dashboards, or reports, to measure and report the progress of your project. You should also compare the actual progress with the planned progress, and identify any variances or issues. You should also implement corrective actions or preventive actions to address the variances or issues.

6 Review and learn

The sixth thing to consider is to review and learn from your project. Reviewing and learning are important for improving your project management skills and knowledge, and for capturing the lessons learned and best practices. You should conduct a project review at the end of each phase or at the completion of the project, and involve your project team and stakeholders. You should evaluate the performance, outcomes, and benefits of your project, and identify the strengths, weaknesses, opportunities, and threats. You should also document and share the lessons learned and best practices, and apply them to your future projects.