Governor John Volpe interceded in the s to change the design of the last section of the Central Artery putting it underground through the Dewey Square Tunnel. While traffic moved somewhat better, the other problems remained.
We all manage risks in a project and ensure we track them in every review meeting. We perform Risk analysis and come up with appropriate risk response strategies to mitigate or avoid them. But how often do we realize that risks can be positive as well.
We call them opportunities. Way back in the earlier days of my carrier, I remember how we were conditioned to think about risks as negative. These positive risks are present everywhere in our projects, but we fail to identify them due to the fact that our entire focus is on finding negative risks that are detrimental to our projects.
However, little do we realize that at many times the positive risks can help us even overcome some of the negative risks!
While, there will be many negative risks such as: The positive risks here could be e. There are times when one cannot help but delay the project due to certain complex bugs in the product.
But, the delay can be converted into an opportunity if it is synced up with another product launch which complements the developed product, for which the marketing team can be reached to. Though this may not be the case all the time, but looking for such opportunities can help transform the project into a successful one.
Another example that comes across my mind is from the construction industry.
The opportunity of constructing a large community living homes can be shared by multiple constructors in case one constructor does not have the financial strength to work in such a huge project. Also, the pricing of individual houses can be reduced to the extent of providing reasonably priced houses to the end consumers.
Though positive risks do not always negate the negative risks, they can be identified and then leveraged, shared or utilized to achieve benefits in the project execution. So, how do we go about finding positive risks?
It involves the same processes that we follow in managing the negative risks. Just that, we need to be creative, look around the project to identify positive risks, and follow the processes with certain amount of discipline.Risks can be defined as "An uncertain event or condition that, if it occurs, has a positive or negative impact on one or more project objectives such as scope, schedule, cost or quality".
Risk management is a beneficial concept applicable in every project. However, interest rate fluctuation risks cannot be completely eliminated, and a certain degree of exposure remains. Among the liabilities procured for interest insensitive assets, such as investment securities and property, plant and equipment, the portion at procured floating rates is categorized as unhedged through the asset-liability.
Delays to the delivery and completion of major infrastructure projects can arise as a result of the realisation of a number of project risks. One risk that has interfered with the delivery of a.
In addition, it is imperative to differentiate direct risks from indirect risks. In a simple term, direct risks are those that can be controlled to a certain degree, while indirect risks are those that cannot . Figure 2: While each project can have a unique set of risks, it is possible to generalize by domain.
Prototypical risks are ones that are common in a domain and are a reason that software development practices vary by domain.
Project risks cannot be eliminated. It is impossible to be aware of all things that might happen when a project is being implemented.
Undesirable events identified before the project begins can be transferred, retained/reduced, or shared.