Method123 Ltd

Method123 Ltd

May 12, 2009 09:15 ET

Managing Project Risk the Smart Way

LA HABRA, CALIFORNIA--(Marketwire - May 12, 2009) - Project planning is key to the delivery of projects, according to Method123 Ltd, leaders in online Project Management Templates.

"Managing risk is a fundamental aspect of any project" says Jason Westland, CEO of Method123 Ltd.

"Project managers often overlook this important element of the project planning phase," says Westland. "Managing project risk is a critical part of any project. Setting out a comprehensive risk plan ensures all eventualities are covered and can boost project success. The plan helps to prevent risk from occurring and in the event that a risk does arise managers can rest assured that there is a solution to mitigate its impact."

"Risk planning is an essential part of the Project Management Methodology or Life Cycle and can ensure projects remain on track and are delivered on time. If risks are not identified and considered at an early stage, they can steer the project down the wrong route and it may be hard to get it back on course."

A Risk Plan enables project managers to prepare for any potential risks by acknowledging them and setting out actions that prevent the risk from occurring and reducing its impact should it eventuate. The plan is documented during the planning phase to ensure that any risks that arise during project execution are addressed. Once the plan has been prepared, the risk management process is engaged to monitor and control the likelihood and impact of risks on the project.

The risk plan template offered by Method123 allows managers to identify risks within their projects, categorize and prioritize them, determine the likelihood of the risk occurring and identify the potential impact should a risk occur. Using the rating systems provided in the template, project managers can identify the probability and severity of risk. They are then able to set out and schedule preventative and contingent actions to reduce the impact on their projects.

The risk plan is one of the many comprehensive templates available from Method123 in its project management kit. The company also provides a Project Management Methodology and Project Planning Software, which combined with the templates, present a unique and compelling offering to project managers across the world.

Method123 currently has more than 180,000 customers in 200 countries. It was the first company to offer comprehensive Project Management Templates online. In the future, it plans to widen its reach into the software tools market segment, to expand its unique offering to project managers and teams.

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