A key assessment of all areas which could affect the on-time project delivery should be examined. Typically assessment of project risks follow some kind of algorithm along the lines of how likely a key task is of ‘’failing’’ mapped against a measure of ‘’severity’’ as a consequence of that failure.
Risks should be identified which are controllable… and contingency plans developed in advance
In development and manufacturing disciplines project risks selected are often threats relating to technical aspects of the project, but ideally they should also include commercial, business, management, personnel, financial and external environmental (i.e. competitor activity) threats.
Risks should be identified which are controllable or potentially manageable and contingency plans developed in advance, at least to the top set of risks. This is an important point, since, even in most companies where project risk and risk mitigation exercises are conducted; often the contingency plan is not acted upon and it remains a theoretical paper exercise. However, if project teams are empowered to put in place genuine contingency measures in risk mitigation, successful project delivery is more likely. BioVentures Consulting Limited has considerable experience in identifying and managing project risks, and in establishing recommended contingency plans.