Project Risk Management - Red Flag Management
All projects can have an element of risk involved. Project Risk Management is the process of identifying what could happen and ensuring there are mitigations put in place to avoid these risks from occurring.
Red Flag Management is one way of identifying, recording and managing the risks associated with a project. The example below details this aproach.
Combine the Red Flag Management process with our Project Risk Checklist
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1.0 What is red flag management?
Mindset applied during a project that encourages the major issues and risks in a project to be identified and resolved before they impact the outcome of the project
2.0 What is the objective?
2.1 To make these issues visible at the earliest opportunity
2.2 To aim for proactive resolution
2.3 Use visibility to seek assistance
2.4 Use communication and awareness to help resolve
2.5 Rather than:
– managing what is going well
– not addressing concerns
– assuming everything will be fine
3.0 Potential red flags
3.1 Anything that could affect project
3.2 Resource availability
3.3 Lack of stakeholder engagement
3.4 Rate of progress
4.1 Question the important milestones and activities
– why would this not happen
– what could affect this
– any areas of concern
4.2 Visually identify your red flag
– red flag symbol
– colour red
4.3 Indicate severity of issue
– size of flag
– shade of red
4.4 Identofy if the red flag is growing, stable or receding
– awareness has been raised within the project team
– collective knowledge can help resolve
4.6 Identified as part of project meeting
– becomes natural