So as the project manager, and maintaining communication, you must sustain continual project control which really happens close in proximity with project execution. As you are aware, project control involves monitoring the project for risks and keeping those risks at bay. It also involves keeping changes in the project to a minimum. Project control often mistakenly gets lumped in with project execution functions, but it’s important not to do this. Therefore, at times, during the control phase, project managers may find that a given risk or problem forces them to revisit the second phase of the PM lifecycle – planning. This is because some risks or issues that come up and were unforeseen may make the project, as planned, unable to reach completion, being a good project manager, you are expected to implement a system to monitor and control your project’s progress to ensure the project success.
When you have risks, there are actually two other factors that also arise which are consequences, uncertainty and then faint/hint of risk, so as a project manager, no matter how much time you spend on developing a comprehensive communication plan for decision making and decision makers, there is always the element of uncertainty and because there is uncertainty, there is calculated risk.
With all of this being said, in making decisions, uncertainty must be considered by understanding how the outcomes may be affected or impacted by uncertainty. One technique to do this is to categorize risk tolerance by:
Low risk: May be acceptable due to low probability or limited consequences.
Moderate risk: Moderate probability or consequences, which may be mitigated or minimized by some action or countermeasure.
High risk: High probability and high consequences. This risk cannot be tolerated and must be fully resolved before the decision is implemented.
So the big question, from you last project that you worked on, what types of risks were calculated, how did you communicate this and what method did you use to mitigate them.