The below mentioned pretty much explains (at a higher-level) how you can manage risks -
Manage Project Risks
A risk management process includes identifying, analyzing,
planning, tracking, and communicating risk. Risk management involves risks,
issues, and change requests. Making informed decisions by consciously assessing
potential problems and the severity of their impact is the heart of project risk
management.
The project manager creates a risk or an issue based on the
impact of the risk after identifying and analyzing the risk.
You can identify risks at any time during a project life
cycle. You can escalate a risk to an issue when it appears likely to affect the
project in a significant way. Change requests result from issues and can help
facilitate effective resolutions.
The following diagram and this scenario, describe one way of
managing project risks.
In this example, the project team at Forward Inc. is
developing a new product using a niche technology. The resources within the
organization having experience with this technology are limited and so the team
must use external resources to complete the project. Additionally, the product
is bundled with third-party APIs for which legal approvals are required.
The team identifies two risks affecting their project in a
significant way for analysis:
- A limited number of resources with the required experience
- Dependency on the approval process
After the analysis, based on the impact of the risk on the
project, the project manager creates a risk for the limited resources and an
issue for the dependency.
To manage project risks, perform these steps:
- Review the
Prerequisites. - Analyze Risk.
NJ