Project risks are inevitable, but sometimes they can escalate to a point where they threaten the success, quality, or budget of your project. How do you handle such a situation and prevent a crisis? In this article, you will learn some practical tips on how to deal with project risks that are spiraling out of control.
The first step is to understand why your project risks are getting worse and what factors are contributing to them. You can use tools such as a risk register, a cause-and-effect diagram, or a SWOT analysis to identify the sources and impacts of your project risks. You should also consult with your stakeholders, team members, and experts to get their perspectives and insights. By identifying the root causes, you can prioritize the most critical and urgent risks and focus on solving them.
Identifying the problem correctly is worth more than 1,000 possible solutions. You have to know what you're solving for, and where you are headed, so that you can choose the best way to recover and eventually get where you're going. As Einstein said, "If I had only one hour to save the world, I would spend fifty-five minutes defining the problem, and only five minutes finding the solution."
The second step is to communicate the status and severity of your project risks to the relevant parties. You should be transparent, honest, and timely in your communication. You should also use the appropriate channels and methods, such as emails, meetings, reports, or dashboards, to share the information. You should communicate the facts, the actions, and the expectations clearly and consistently. By communicating effectively, you can build trust, alignment, and support for your project.
The third step is to implement the contingency plans that you have prepared for your project risks. Contingency plans are alternative courses of action that you can take if your project risks materialize or worsen. You should have contingency plans for each of your major project risks, and you should update them regularly based on the changing circumstances. You should also monitor and evaluate the effectiveness of your contingency plans and make adjustments as needed. By implementing contingency plans, you can mitigate the negative effects of your project risks and keep your project on track.
The fourth step is to seek help and feedback from others who can assist you in managing your project risks. You should not try to handle everything by yourself, as this can lead to stress, burnout, or errors. You should delegate tasks, collaborate with others, and leverage the resources and expertise available to you. You should also ask for feedback from your stakeholders, team members, and mentors on how you are doing and how you can improve. By seeking help and feedback, you can learn from others, improve your skills, and enhance your performance.
I've done enough transformations to know that something will inevitably ‘go wrong’ - it always does. No matter how much planning, preparation, or anticipation you do - just like the weather, you can't predict when it's going to rain, but you know it eventually will. If when it rains, it pours, and you're in the middle of a project storm, you want to have the right escalation procedures and policies in place to recover. Make sure that you have regular governance to raise risks early and often. This means the right team, infrastructure, and mitigation plans in place to respond to whatever happens. Ensure that the stakeholders on those calls, have the decision making authority to support you or resolve challenges as quickly as possible.
The fifth step is to review and learn from your experience of dealing with project risks that are spiraling out of control. You should conduct a post-mortem analysis or a lessons learned session to reflect on what went well, what went wrong, and what can be done better next time. You should document the findings and recommendations and share them with your stakeholders and team members. You should also apply the lessons learned to your future projects and improve your risk management processes and practices. By reviewing and learning, you can grow as a project manager and prevent similar situations from happening again.
In my experience if risks spiral out of control I go back to see were there signs early on that this might happen. Did I evaluate the risk correctly? Did I miss something? What could I have done differently and can do going forward? Perhaps I didn't identify all the stakeholders or correctly identify their interests?
The sixth step is to stay positive and resilient throughout the process of managing your project risks that are spiraling out of control. You should maintain a positive attitude and a growth mindset, and focus on the opportunities and solutions rather than the problems and challenges. You should also cope with the stress and uncertainty by taking care of your physical and mental health, and seeking support from your friends and family. By staying positive and resilient, you can overcome the difficulties and achieve your project goals.