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  • 2020/05/01

Risk management = an F1 race

Risk analysis is like a Formula 1 race: "Watch out for the 1st corner !!"

Indeed in F1, it is important to know the internal stakeholders (the other drivers with you on the track) and the external stakeholders (the team management, the mechanics and especially the race director and the safety car. ).
Internal stakeholders: Beside you, on the starting grid when the lights go out, each driver has his own strategy. If you are surrounded by aggressive riders, it will be hot to pass the 1st corner - Amateurs know a certain Verstappen - so beware and for that nothing better than to try to know each pilot who makes up the field. So when you are on a project, especially at the beginning, it is imperative to know all the actors taking an active part in it. Because the first risk for you is to ignore them, in any case part of them and then find yourself in conflict because your interests are divergent.

External stakeholders: yes if there is a "crash" at the first corner (and often there is CRASH), the team management must be prompt to ask the pilots to return to the pits to change tires or fins etc. (we then hear the famous phrase: "Box ... box ... box ..."). This decision can make you win or lose a race. The same goes for mechanics. Their agility and efficiency will allow the pilot to come out quickly and preserve chances of victory ... There is also the risk appetite of the clerk of the course who will allow or not to resume the race as soon as possible, thus forcing the stables to quickly decide their strategy. Finally, the pace (speed) of the safety car will or will not prevent the drivers from suffering the failure of very disabling cold tires to restart their race after a few laps at low speed.

In short, you will have understood it, to carry out the risk analysis of your project, you must systematically start by identifying all the stakeholders who are associated with it because its success will depend on the risks that these could generate ... And the best tool for you is ... The elaboration of the Project Management Plan !!!



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