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Closing Perspective

"Risk management is rarely going to proceed according to plan and so tradeoffs will need to be made to preserve the most critical outcomes of the project. A project rescue essentially focuses the project sponsors on key results, while remaining flexible in attaining these, so that the end result is never an unmitigated disaster. Several levers are available to the project manager to moderate results:
  • Organizational support  How much is the organization willing to support the project initiative, especially when things begin to go wrong? Will the organization change procedures, provide more resources?
  • Budget  Money remaining in the budget is a cherished resource that can be spent on resources to mitigate or recover from a risk.
  • Deadlines  The flexibility to adjust project deadlines provides another management tool for reducing risks. For example, the rescue manager may decide that it is prudent to spend more time testing some functions or completing a proof of concept to validate assumptions before committing to more intensive development. This can save a lot of time in the long-term, but it could mean missing an interim deadline."

"The risk management process involves visualizing risks and dealing with them within the time and resources available so that they do not derail the project. Effective risk management techniques require human intuition and interpretation and a process framework to be successful."

"A project in need of rescue has already been affected by some potential risks. The rescue process requires a reevaluation of the original risk assessment and an improvement so that the same risks do not occur."

The above is an excerpt from a book written by Sanjiv Purba and Joseph Zucchero, published by McGraw-Hill/Osborne, 2100 Powell Street, 10th Floor, Emeryville, California 94608 U.S.A. Sanjiv has over 20 years of experience managing large projects and many years engaged in rescuing ailing projects.