The necessary tasks needed to address to manage a project or new venture listed by Larson & Gray (2011) are: Risk identification, assessment, response/development, and response control (p219-229). Each step in this process will navigate a new project or venture through the technicalities needed for the success and culmination of a project.
The first step of this process is the identification of the risk on the project at hand, where a team dives into all the potential problems that can develop within the life of the project. I recognize this piece in my line of work as putting on your “legal” hat. I work in a place where many new projects, programs and events are developed daily. These can be events that last one hour, one day, or several days. Nevertheless, I always have to sit back and recognize all the “worst case scenarios” that could potential occur that can have serious repercussions to the organization. With this, I then seek out our legal department and have them develop a contract to make sure that all our bases are covered and the company is safe as well as the people involved.
The discovering of the risk is exactly the second phase of steps discussed by Larson & Gray (2011), risk assessment. This process is reviewing the severity of the risk identified in the first phase. Again, in my experience we work in a way that we try to take the avenue with the least risk to all parties. That does not mean to not take on such project, but to minimize the risk as much as possible. This works right into the third step which is risk response/development.
This third step requires some critical thinking and…