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Thursday, June 7, 2012

Risk Communication

In the previous chapter, we took a high-level look at the Risk Management Framework and the four domains in it. The purpose of this chapter is to give you some additional information about the Risk Communication domain of our framework.

The Risk Communication domain will contribute to around 27% of the questions that you will encounter in the exam. So, this we need to understand this domain very well in order to do-well in the exam. To recap the exam objectives of this domain are:

a. Apply Interpersonal Skills
b. Assess Stakeholder Risk Tolerance
c. Document Risk Related Information &
d. Create Regular Status Reports

The objectives are only 4 in number and you might think these are easy but let me remind you that these 4 objectives cover a lot of details. Risk Management is not only about identifying risks. In order to effectively manage risks in your project you need to know a lot about Communication. Imagine that a risk event is about to happen in your Project and you are not in a position to communicate clearly about this risk to all the stakeholders with the relevant information. As a result, you are unable to properly respond to the risk that is about to materialize now. As the Project Manager, you will be held accountable for this problem…

Now I guess you would have gotten a fair idea of how important the Communication aspect of Risk Management is. In order to be able to effectively take-up this activity of Risk Communication, you need to understand a few concepts. They are:

1. Understand Communication Types & Styles
2. Understand Communication Models
3. Understand the Communication Plan
4. Understand Information Distribution Methods

A Good Manager who can effectively handle project risks will also possess the following skills:

1. General Management Skills
2. Good Leadership Skills
3. Able to Interact well with Stakeholders
4. Good/Effective Stakeholder Communication skills
5. Good Presentation skills
6. Good Documentation capabilities


Documentation

Are you wondering why I have taken this “Documentation” capability as a separate section? Actually speaking Documentation is one of the key areas of Risk Communication. Have you heard of this statement before?

Risk Information to the Right People at the Right Time

This is what you need to accomplish as part of this Risk Communication domain. We need to know what information people need and at what level and at what frequency. Information that your developer will understand may sound like Greek and Latin to your Top Management and vice versa. So, as manager you need to effectively understand Stakeholder Communication requirements and ensure that everyone gets what they want and that everyone is in the same page about the overall project.

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Next: Risk Analysis

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