The Catch-22 of Risk Tracking:
The more conscientious a project manager is about risk analysis, the more risks he will discover that need to be tracked.
But the more risks the project manager has to track, the lower the chances are that he will have the time to do that tracking, and ultimately it just won't get done.
So it follows that the more conscientious the project manager, the lower the chances of doing proper risk management!
Well, fortunately there is a way around this problem, and it is called the Project Risk Summary Table.
Risk analysis and risk management are crucial parts of any successful project. Once you have completed your risk analysis, the risks must be monitored and managed throughout the project. The reason that many project managers fail at this task is that there are just too many risks to be realistically managed and monitored on a regular basis. The reality is that if you are tracking more than 10 risks, it will get increasingly harder to do it effectively. So unless you have the luxury of a dedicated person to manage your project risks, you have got to find a smarter way ? and that way is to categorize, consolidate, and summarize the risks.
The Project Risk Summary spreadsheet takes you through the process with an in-depth guide and MethodA provides the formulas - built-in.
A picture is worth a thousand words ? so MethodA also includes is a Risk Matrix Chart.
Watch out for the Catch-22 of Risk Management. You cannot seriously track all the risks a project has to offer. The solution is categorization and consolidation. This excel product will walk you through the process in no time. Also included is a bonus Risk Matrix Chart. It is a must for all professional project managers. All you need is Excel 2003 of higher and you can be on your way.