How to identify and manage project risks in 3 simple steps?

Risk is any potential event that can impact your project's schedule, cost or scope

You can mitigate risks by avoiding, reducing, accepting, or transferring them

To manage risks start with risk identification

Now assign probability of likelihood (0 to 100%) and impact on a scale of 1 to 5 (5 being very high)

Now monitor and evaluate risks, pay close attention to risks that are high impact and high probability

You can also use a simple Google sheet to track risks

Pay attention to events in the upper right matrix (high severity and high probability)

Finally create a proactive action plan, if risk happens, what steps you need to take

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