Tools for Your Risk Adventure

1. Risk Adventure Map: Chart Your Danger Zones

Visualize your project risks on a map, with “danger zones” marked by their likelihood and impact. Color-code these areas to prioritize actions:

• Green Zone: Low risk, keep monitoring.
• Yellow Zone: Medium risk, prepare contingency plans.
• Red Zone: High risk, act immediately!

Example: On your Risk Adventure Map, a “missed stakeholder deadline” might fall in the Yellow Zone, while “data breach” is firmly in the Red Zone. This map helps your team navigate challenges and stay focused.

2. Escape Plan Toolkit: Ready for the Worst

For each major risk, prepare a “toolkit” of strategies to minimize its impact or avoid it altogether. These should include clear steps, resources, and backup plans.
Example: For the risk of budget overruns:

• Preventive Action: Conduct weekly expense reviews.
• Mitigation Strategy: Reallocate funds from low-priority areas.
• Escape Plan: Secure emergency approval for additional funding if needed.

3. Dragon Risks: Tame the Rare, Fierce Threats

Some risks are like dragons: rare but potentially catastrophic. These risks require special attention and preparation. Create a specific plan to “slay” these dragons if they arise.
Example: A “server crash during launch” might be your project’s dragon risk. Prepare by conducting rigorous load testing and having backup servers on standby.