Diamond Timeless Watch – Project without risk

 Diamond watch:

“Wow, that is a stunning piece of the watch,” says Mr.X

“Thank you, Sir. It costs around a few hundred thousand dollars” replies Mr.Y

“Oh, that is a lot of money. Can you please tell me the time?” Mr.X requested

“Um, It doesn’t work but I like the diamonds on the watch” replies Mr.Y’

Watch or Piece of junk?

A diamond timeless watch can be considered a jewelry accessory, but not a wristwatch. A wristwatch is an important piece for people to know the time. It can be a lifesaver for planning, executing and many more. A cheap wristwatch can be useful to show the correct time. Any watch can become a junk once it stops running. The purpose of the watch and clock is the running time. 

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Oxymoron or Normality?

A watch doesn’t exist without measure of time. A project or team without any risk management is like a wristwatch without running time.

 In simple words, a watch is not a watch without showing the time; a project is not a project without risk management.

According to a risk doctor, the zero-risk project is an oxymoron. 

https://www.projectmanagement.com/blog-post/29994/Zero-chance-of-a-zero-risk-project

Observing and Measuring

Risks need to be observed every day and every second. A risk can either be a positive or negative impact on any team. Risk management matters for all employees. and teams. There could be potential consequence of ignoring the risks. Every project and operations teams need to have strong observations on risks and issues in and around.

You can read about the power of observation: https://blogs.perficient.com/2018/02/07/risk-blink-power-observation/

Once the risk is identified, the impact of the risk needs to be measured based on its probability and severity. This measurement will lead you to take appropriate mitigation plan to reduce the impact of the risk. The identified risks or issues can be registered with full description, its impact, risk parameters (Severity & Probability), mitigation plan, etc in the risk register tool. The priority of the risk can be revisited and updated frequently till it is no longer threat or accepted risk.

The question is whether everyone need a diamond timeless watch or “valuable time”.