To achieve Step 12, individuals will show that they can identify risks and gains from opportunities, and then develop plans to mitigate those risks and deliver the gains.
In the previous step, the focus was on how to identify risks and potential gains from a project. This step expands on this by also considering how to create plans to manage those risks and gains.
The building blocks of this step are learning:
In the previous step, we identified risks as those things that which could happen and which would have a negative effect if they did.
Identifying potential risks is important, and it can be helpful to identify the probability of them occurring as well as the strength of effect that they would have if they occurred. In the previous step, we saw that this could be done in a couple of ways:
This sort of calculation is important so that we can prioritise which are the most important risks to mitigate.
Mitigation is what actions you can take to either:
For bigger projects or organisations, there is normally something called a risk register, which is where the project manager keeps a record of:
This document is something that should be reviewed regularly as the project develops or circumstances around the project change. This is a good way of ensuring that we keep thinking about what could go wrong – which can easily be forgotten about if we are busy putting a project together.
The other use of it is that as humans, we tend to be risk-averse. That means that we avoid risks even where, on balance, the expected gain outweighs the expected risk.
A good risk register can help to understand these risks more clearly, and so support a rational balancing of risk and potential gain rather than just a ‘gut feeling’.
The other side of a project, and the main motivator to undertake it is the gain that is expected. In the previous step, we explored how to identify and value the gains that might accrue to a project.
However, as a project runs, it is likely that we will learn more new things and therefore that we will have an evolving view about the gains of the project and what we expect to happen. It is important that as a project evolves, there continues to be regular points where we check in to see that we are still on track to make the gains that we expected.
New opportunities might also come up, which are worth adapting our approach to realise as well. Therefore, as we progress, we should not only be keeping an eye on the evolving risks but also ensure that we are capturing the gains as well.
In education, if we consider learning to be the gain, it is important to have regular opportunities to reflect on the learning experience to date. Identifying any gains made – the progress of the learner - is essential. It will enable both the learner and educator to celebrate these positives and also to consider the next steps. Being able to note any potential risks to future learning will enable plans to be put in place from the outset to best support the learner to manage them.
Identifying potential risks is important for any business, large or small, as decisions are made. It can be helpful to identify the probability of them occurring as well as the strength of effect that they would have. The decision makers, often managers or senior leaders, can then prioritise which are the most important risks to mitigate. In larger organisations project managers often have this responsibility and can monitor a risk register. This risk register is something that should be reviewed regularly as part of any project to be undertaken.
When undertaking any project, be it a personal one, for example to learn a musical instrument, to get fit or re-decorate your home, or one assigned through your job role, such as improving a product or reducing costs in the workplace, the main motivation to get going on it is the gain that is expected once the project is completed. As a project runs, before it is completed, changes can happen. New learning can take place. It is therefore important that all those involved in a project regularly check in to share updates and to make sure a project is on track. New opportunities may also come up and plans may need to change – this can all be done positively if regular reviews are included.
To best practise this step of Staying Positive, apply what you have learnt to a real-life situation. Choose one or more of the activities below, remind yourself of the key points and strategies in the step, and have a go!
To teach this step:
This step can be reinforced through wider studies where there is a discussion of risk and potential gains. This includes subjects like economics, business studies and humanities as well as looking at examples from current affairs.
This step is best assessed through a practical exercise where learners are given a scenario where they create a risk register in response to a particular scenario. This should demonstrate their ability to identify appropriate risks, come up with a reasonable judgement of the severity of the risk and its likelihood, and then suggest some mitigating actions too.
This step will be relevant to individuals who have a role that includes making plans and managing associated risks.
To build this step in the work environment, managers could:
There are plenty of opportunities for building this skill in the workplace:
For those already employed, this step is best assessed through observation and discussion as the individual takes part in a project. For instance:
During the recruitment process, this step could be assessed by:
We work with a wide range of organisations, who use the Skills Builder approach in lots of different settings – from youth clubs, to STEM organisations, to careers and employability providers.
We have a lot of materials available to support you to use the Skills Builder Universal Framework with the individuals you work with, including:
We also do a lot of work with organisations who join the Skills Builder Partnership to build the Universal Framework into their work and impact measurement systems. You can find out a lot more using the links below.
At home, you can easily support your child to build their essential skills. The good news is that there
are lots of ways that you can have a big impact, including: