Make sure and be prudent when it comes to investing in assessing the risks you face, and also, the opportunities which might otherwise pass you by.
This exercise will help you to get to grips with this topic.To begin, ask yourself….
- Take a sheet of paper and note down all of the things which could happen around your objective. Use these questions to stimulate your thinking…
- What other projects could take resources away from you?
- What is happening elsewhere in the business which could put your goal at risk?
- Are you reliant on the support of some key players – what would happen if they changed their allegiance?
- Could legislation get in the way?
- What other projects or work are you relying on for your project?
- Are there any technological hurdles to overcome?
- What strategy changes in the wider business could affect your project?
- Do you have enough money, time, and people?
- What one thing could happen which would really throw a spanner in the works?
- Review your thoughts and write a clear statement to describe each of the main risks and opportunities. Don’t worry about the likelihood or impact yet, just note them down.
- Consider each event in turn and determine roughly how high the likelihood is, and how high the impact (positive or negative) would be if it happened. Then enter the letter on the grid on the next page, which indicates the event’s position.