project management is largely the balancing of three tenets (the triple constraint) over the projects life cycle. What are these three tenets, that PMI endorses,give two factors for each tenet as they go through the balancing process over a lifecycle
Project Risk Management Tenet #1: Assess Early and Often
Project risk management must occur throughout the life cycle of the project. Uncertainties can be discovered at any time, while the relative probability and consequence of identified risks can change over time. For instance, the farther along a project goes into the schedule, the more likely you will lose team members to other efforts. In addition, the impact of poorly defined requirements will typically have a greater impact on project success in the latter stages of the project. It is imperative that the project team address uncertainty early and often, throughout the entire term of the project.
Project Risk Management Tenet #2: Build It into the Schedule
In order to adequately deal with uncertain events, the project schedule must include risk management activities. The project manager must ensure that risk assessment (identification and analysis) and response planning initiatives are a regular occurrence. Depending on the size, scope, and complexity of the project, risk reviews can either be an agenda item on the weekly review meeting or a bi-weekly review by itself. Either way, the project manager must incorporate consistent risk management mechanisms into the project schedule.
Project Risk Management Tenet #3: Communicate and Illustrate Ownership
The inherent uncertainty of risk events tend to make key stakeholders avoid the subject altogether. Therefore, it is up to the project manager to employ effective communications and clear ownership of risk elements. Potential risks need to be clearly identified and assessed, and accompanied by targeted, yet realistic, response strategies. Simply put, risk response strategies need to function as a rifle, not a shotgun. Also, the project leader must ensure that team members are properly aligned as owners for specific risk events. When key stakeholders know who to contact regarding a critical uncertainty, clear communication is better facilitated.