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A holistic view of risk for PRINCE2

Why is risk management necessary for PRINCE2 ?

Blog   |    21st August 2021   |   Rupali


What is the connection between risks and PRINCE2 projects? How do you keep your product what you want it to be, all throughout the project? It is important to understand the risks to your project, and the risks that your product faces. Risks, more often, come from various sources. It is important to keep track of them all throughout your PRINCE2 project.

Key takeaways:

*Your product is what you put into it. *Risks affect that. *Risks come from various sources. *The earlier you catch hold of risks, the better. *The courses you can opt for if and when you want to learn how to deal with risks to your PRINCE2 project.

The 'Why' of PRINCE2 Risk Management

A product is what you put into it. Risk, or the very bare form of uncertainty, affects what you can put into your product. This in turn has an effect on what the final form of your product would be. Risk should not be isolated, in order to be managed effectively. Why? Because, often, it is not just one risk that your product would face. Risks come from various sources. It is important to collate these risks in order to decide what you would be doing to soften their impact on your product, and keep your product intact. A cohesive risk management strategy emerges from here. In order to plan a strategy, it is important that you are aware of what your product would face. The earlier you do this, the better is your strategy.

An example

Suppose you are a project manager and are leading a PRINCE2 project. You are creating a product. Your customer is one of the leading suppliers of that product to the market. You are on a call with this customer, and they tell you that the final form, look, and feel of the product that you are aiming for is going to raise the cost of the product in the market. As they frequently supply this kind of product to the market, they know that buyers do not like to pay that price for a product like yours. You note this risk and immediately act on it, thus modifying the way your product is going to appear finally. As you have just seen, risks often come from places where you least expect them. The earlier you anticipate this bare form of uncertainty, the better. Knowlathon has been for long, a provider of PRINCE2 trainings. Not only do you attend a training, but also you can validate your skills by sitting a certification exam. You then get a PRINCE 2 certificate. We have several options for you: the PRINCE2 Foundation, PRINCE2 Practitioner, and also a blended course:PRINCE2 Foundation and Practitioner. If you just want to know the basic tenets of PRINCE2, you may opt for the PRINCE2 Foundation. If you want to lead projects actively, you may take the PRINCE2 Practitioner course. Save yourself the time by doing a three day blended PRINCE2 course. Newer ways of software development led to Agile practices being widely popular. Given how immensely popular Agile is when resources are strained during times like these, PRINCE2 Agile was written for those who want to speed up development and creation of products. Now, for you, we have the PRINCE2 Agile route. Consisting of the same course types as PRINCE2, we must say our three day PRINCE2 Agile Foundation and Practitioner course is well sought after.

Check out our range of PRINCE2 courses