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A quick review of risk: an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. —PMBOK®

 “Harry Hall states, if you say the word “risk” to ten people, each person may think of something different— insurance, threats, investments, bets, or potential loss. As we manage project teams, it's critical that you and your team members have a common understanding of what project risk means. Otherwise, people will be confused by your risk management efforts. The important thing is to obtain agreement with your team about how to define risk. Include the definition in your risk management plan.” 

Another important factor is the project success criteria which refers to measurable terms of what should be the outcome of the project that is acceptable to the end user, customer, and the stakeholders. In other words, the project success factors consist of activities or elements that are required to ensure successful completion of the project. In order to deliver project value, the success criteria should be well defined. Make sure that the documentation of the criteria is done at the start of the project. Also, make sure that the success criteria are properly communicated to the team. The criteria should also reflect on the project deliverables through effective project planning and at the end of the day, the success criteria should not be regarded as a set-in-stone. Instead, the manager should strive to go beyond the success criteria and exceed the expectations of the clients. This is a sure-fire way to project success.

Tom’s words of wisdom as a leader are the “first step is to understand the tools and techniques. Build your toolset up in both areas. I then assist them with guidance but i do not solve the problem for them. They need to work with the stakeholders and solve the problem for themselves. Keep the stakeholders informed, they need your project to succeed. Be transparent and do not hide stuff. You need to have the confidence to walk into the c level suite and have the conversation since they are normal people.”

“i mentor and coach on risk management it is a different beast - this goes to all team members not just the project management office, it is a team effort. Execute risk management throughout the project not just at the start of the project. If the risks are not reviewed and each project team is at the same place on the projects, then elevate the company to continually assess risk. Risk management is often ignored or done at a lower level and not at the enterprise level. Challenge is to get stakeholders to spend time and money at assessing risk to save money proactively. Train your teams on risk management.”

What you don’t know about Tom Wilp is his motto to play as hard as you work. He enjoys fishing, golfing, exercising and spending time in the outdoors. He is at the point in his career that he passes on his knowledge to develop the junior PMs, project expediters, and project coordinators “I will work until I stop having fun or stop enjoying it.”