Prince2 Risk Management: Control is the Name of the Game

Control is one of the major elements that make Prince2 a reliable project management methodology.  The systems of Prince2 seek to minimize the level of risk for a given project.  Because risk is a natural feature of any type of projects, correctly identifying and applying mitigating solutions to it should be addressed by project managers.  It is therefore imperative for every project managers to institute effective risk management using Prince2 control systems.

Risk management is a whole set of processes within Prince2 project management paradigm.  The project manager should determine and identify actual and potential risks and it must be included in the planning stages.  After this, the project manager should ensure that corrective action plans or contingency plans are in place for each identified risks.  Responsibilities must also be assigned to the appropriate project teams who are capable of monitoring and evaluating the occurrence of risks.  These mechanisms are good safeguards in order to anticipate risks and avoid slippage during the course of the project.  All these measures show how Prince2 control systems contain risks and good project managers must implement these systems to ensure the success of the project.

Stakeholders should also be involved in the management of risks.  During review processes, the project manager must inform stakeholders about the level of risks at every stage of the project and what mechanisms are in place to mitigate those.  Full disclosure is important to properly assess risk levels and to determine if control mechanisms are sufficient.  In doing this, everyone who is involved in the project can have a comprehensive view of the whole management process.