What are the best practices for balancing competing project risks?

Study past best / worst executed similar projects - incorporate Lessons learnt in risk register. Invite all stakeholders including customers for project kick off meeting.List percieved risks without evaluating them. Assign probability of occurence and the severity of impact, if it becomes reality. Consult experts to identify mitigation plans (eliminate, pass through , mitigate , accept and provide Contingency). Work out weighted score for each risk. Arrange them in descending order to decide the priority. Develop the total Project risk score. Regularly update revised project risk score. Add any new risk encountered during execution. Escalate the matter to right level authority in timely manner. This practice will yield best results.

The best way to assess, priorities and manage risk across a portfolio is having a dedicated focus and in depth understanding of project inter-dependencies. Get this register right and you will find managing program and portfolio risk becomes much easier.

Balance Risks Wisely! ???? I'd approach balancing competing project risks as a strategic endeavor, informed by "The Black Swan" by Nassim Nicholas Taleb. Assess and prioritize risks based on their potential impact and probability, plan and implement targeted responses, and continuously monitor and control these risks. Balancing competing risks requires a nuanced understanding of project dynamics and a commitment to best practices. Always learn from each project to improve future risk management strategies.

Risks are inherent in any project/ program and the best way to manage them is monitor them through a risk register which tracks the probability and impact, across the stages of the project/program. All stakeholders must have visibility and carryout their respective micro risk assessments and evaluations on their streams/ functional area

I would profess proactive approach for anticipating & addressing potential issues before they escalate. These steps can facilitate proactive risk management: 1. Early Identification: Conducting thorough risk assessments during planning to identify possible threats & opportunities. 2. Mitigation Strategies: Taking actions to reduce likelihood / impact of identified risks. 3. Continuous Monitoring: Assessing effectiveness of risk mitigation strategies & adjustment. 4. Scenario Planning: Developing flexible response plans. 5. Risk Culture: Fostering a collaborative approach. 6. Integrated Management: Considering risks in decision, resource allocation & stakeholder comm. 7. Continuous Improvement: Reviewing & updating risk management practices.

Strategize response tactics! Employ four strategies: avoid, transfer, mitigate, or accept. Avoid by eliminating risk or its causes. Transfer by shifting consequences to a third party. Mitigate by reducing likelihood or impact. Accept by acknowledging and preparing. Use contingency plans, reserves, or escalation procedures for unexpected risks. Align responses with program objectives and project constraints, communicating them clearly to stakeholders for cohesive risk management.

Not all Risks are created equal - consider proximity, impact and probability Engage with all stakeholders who can support you in managing the Risks and communicate, communicate, communicate

In addition to those discussed earlier, a fifth risk response is pooling. One could create a risk pool or otherwise secure insurance to cover the cost of the risk should it materialize. Not quite the same as transferring the risk to a third party. We used the mnemonic of TRAPE— Transfer, Reduce, Accept, Pool, Eliminate— to categorize risk responses.

In my experience one thing that can help identify appropriate response to risk is understanding the cost to the project but also the cost and effort, if known to mitigate/avoid/accept/transfer, that particular risk. In addition as has been mentioned consistent communication with stakeholders is essential.

By creating specific strategies - avoidance, mitigation, transfer, acceptance for high-priority risks, detailing action plans with steps, resources, and timelines. Involving relevant team members in the planning and execution ensures effective implementation. Regular monitoring and adjustment of these plans are crucial to address evolving risks and ensure alignment with the program’s overall objectives and success.

Besides all risk mitigation steps (identify, plan, mitigation, etc.) I am a big fan of Communicating with Stakeholders to Keep everyone informed about risks and involve them in decisions. Also, Encourage a Risk-Aware culture fostering an environment where the team is aware of risks and feels comfortable reporting them.

Always use the golden standards defined in Project Management PMBOK as best practices in balancing out the Project risks this will help us to track irrespective of project managment tools we use in our projects

Risk register for any project is the tool to record the relevant risk with probability of occurrence and how severe the risk is. We also need to track and record the mitigation plan with relevant action plans and relevant impact on project scope,schedule and budget. Priority should be given based on impact and probability of occurrence.

continuous assessment of risk status and identification of new risks. It involves regularly updating and adapting risk response strategies to align with changes in the project environment. Effective communication with stakeholders about risk status and modifications to risk management plans is essential. This proactive approach ensures dynamic risk management, maintaining project alignment with overall objectives and enhancing successful outcomes.

Continually monitor the risks, keep the stakeholders up to date and involved in the decision making to control the risks. Communicating any changes due to the risks, and communicating new and pertinent information to the project team and stakeholders is key.

Be ambitious: One powerful approach to balance competing risks is to shift one of the risks in a non-competing position by implementing an ambitious mitigation instead of defining classical ones (like accelerating an analysis, increasing manpower on the subject, working on a back-up plan). It means investing money for instance to proactively perform a test much earlier than nominally planned and remove future conflicts in terms or resources in case of test failure. This approach needs to be agreed already in the bid phase. Many organisations tend to trust more in close monitoring and early escalations instead of investing early in apparently expensive measures which however mean added value by removing the competing aspect of some risks.

In my experience the best three practices crucial for projects include: 1. Foster open communication and regular views 2. Develop comprehensive risk plan 3. Prioritize risk based on impact and probability

There is always a question of how to manage risks at large and complex programs, espcially when there are multiple views, expectations and differnt stakeholder to manage. Any risk cannot be avoided or taken less as it is critical to program success. But, can there be a trade-offs? The best way to balance the risks by taking a deep dive analysis to understand the root cause, dependencies, impact and reoccurrence by its nature, and have an action plan to suppress and achieve desired results.

Optimize risk trade-offs! Balance risks and responses across program projects. Consider interdependencies, synergies, and conflicts impacting objectives and benefits. Account for stakeholder expectations, preferences, and interests affecting risk perception and tolerance. Leverage judgment, experience, and negotiation skills to achieve optimal results for the program.

Balancing competing risks is at the heart of the approach I use, called the H.O.M.E. Method (Housing Optimization though Market Empowerment) Method. We achieve this through a harmonized approach that aligns the interests of various collaborators - from local governments to builders and impact investors. By bridging gaps in housing markets and production systems, we manage to lower the risk for each party involved while maximizing the return on investment. This balance not only accelerates housing development but also strengthens community resilience and economic growth.

Record best practices in projects and maintain a data bank of best practices in order to connect all teams and learnings should be transferred across teams to reduce risk.

From my experience, review the best approach with Leadership and establish some strategic planning to use the best tools suited for the organization. Goals: 1. Define a risk management plan 2. Identify the risks and prioritize them 3. Respond and mitigate the risks 4. Monitor and control the risks This way you set clear expectations how to identify and treat risks.

Innovate, improve relentlessly, then validate best practices, fine time practices - project specific, then rollout . Record encounters , show stoppers, evolve further best practices

Recommend capturing best practices in the corporate innovation and process improvement areas or the quality assurance department for internal and external cross flow. Additionally, identifying these offices and their capabilities during on boarding to new employees is key because the first thirty days of employment also identify areas for process improvement and development of best practices.

Research must be done as to who in the industry is doing it best, and who is considered the bottom. Evaluate their manpower structure, technology, and their public financial records. Try and see how they differ and what you can improve on, and what you can avoid. Be willing to bring in experts in the field as consultants, or even consultants who can lead through Project Management, Scrum, Lean, etc.

Learning and improving continuously during project execution helps in balancing project risks, need to have a continuous feedback, mentoring and training from own experiences. Always problems or blockers to be called out in daily standup which will help scrum masters to get them resolved or flagged as a risk early

One of the techniques our teams have found invaluable over the years is to conduct a post-mortem after the GoLive of the particular project. Look soberly at what went as planned and what did not, making notation for future projects and teams. Then, reviewing those findings at the initiation of subsequent projects, so we learn from our own lessons each time we begin the process again.

Open team communication facilitates the team or organization's ability to learn and improve. A high level of trust engenders the opportunity to utilize lessons learned or retrospectives to identify if the risk assessment and prioritization was appropriate and whether all of the stakeholders were prepared to mitigate or address a risk.

Changing your mind based on new or better data is the right call. Don't dig into a commitment just because you made a commitment. If you took the wrong exit on the interstate because the sign was mislabeled, that doesn't change your goal, only where you will end up. "Sorry kids. Sign was wrong. Not going to Disney anymore. Now we're visiting my cousin in El Paso! I hope he's home..." Keep your eye on the target and ensure every decision is getting you closer to the goal. A brief detour does not a catastrophe make...

In addition to methods such as feedback, coaching, mentoring, training, and certification, retrospective meetings serve as a valuable tool for learning how to manage project risks effectively. By examining the outcomes and decision-making processes, teams can identify areas for improvement and implement best practices in risk management.

When faced with competing risks, there needs to be a thorough assessment to determine which action will give the highest value with lowest impact. Additional factors to consider: 1. Timing - if time is a constraint, the more urgent risk may take priority 2. Budget - Constraints on budget, either for the risk action plan or for the cost of the risk may impact which risk will be prioritised 4. Industry - certain industry may put higher priority on one risk over the other In short, there’s no standard response to address competing risks. Each situation needs to be assessed on a case-to-case basis.

Gain Flexibility: The best effective way to deal with uncertainty is to be flexible. Once your organization becomes flexible, the decisions can be fed with instant information, and the quick and right decisions are made.

View risk is a natural occurrence, not negative deterrence. Through proper identification and mitigation, risk can and should be viewed as acceptable and as an opportunity within itself. In the end, the adage of "no risk, no reward" continues to ring true. The ability to maximize the reward however, is dependent on how well the risk is managed. The better managed, the greater reward, and, the more predictable achievement of the reward will be. Substantial risk w/o mitigation remains substantial risk. Substantial risk w/ mitigation becomes lower risk, improving the likelihood of a more positive outcome.

Risk is naturally inherent in any process and directly affects personnel and resources. Interested in seeing risk transferred to IT/AI platforms and where the operator is on the loop versus in the loop and how risk analysis will be aided by algorithms or thousands upon thousands of scenario models being run by computers. Will humans relinquish a portion of risk decision making to the digital environment?

Another aspect often overlooked in risk assessment is the opportunity cost. Drawing from my experience in the nonprofit sector, I've observed that effective risk management is not solely about circumventing pitfalls; it's equally about recognizing and seizing opportunities that resonate with our mission. Innovation, whether it's genuinely novel or adapted from another sector, necessitates a careful evaluation of risks against the potential for significant benefits. This process must be grounded in objectivity, with a relentless focus on our mission. This approach not only helps in making informed decisions but also ensures that we're not missing out on transformative opportunities that could further our cause.