Establish metrics, measures, indicators, thresholds, and significant events that not only let you monitor significant changes in the risk, but also help you evaluate the success of the mitigation plan. If mitigation is not succeeding, you need to know in time to change the plan or abandon it before further resources are wasted. They are an excellent tool on which to report progress of critical risks to program managers. Mitigation status report. Use Databases Databases are one of the more effective ways to document risks, particularly when they are also used for other project information such as problems, schedules, and change tracking.
Databases also are a central point in which to collect and analyze lessons learned.
To do this effectively, require such data as a part of risk closure. Over the past several years, we have watched clients make many of the same mistakes while they try to initiate formal risk management. Some of the following mistakes are particular to risk management, whereas others are associated with change in general. Somebody Has to Pay for This Risk management is not freeyou have to invest to get a return. If you do not identify and set aside funding to cover the risk management process, particularly at the outset, no one will.