Final answer:
For a new project manager, accountability, proactively managing changes, and resourcefulness in anticipating questions and solving problems are key to managing project risks. Understanding organizational structure and building relationships are also essential for effective project risk management.
Step-by-step explanation:
As a newly assigned project manager, managing, monitoring, and controlling project risk are critical elements to ensure the success of a project. First, know that you will be held accountable for specific processes and outcomes, and it's essential to understand the expectations set by your manager or stakeholders from the outset. Monitoring risks involves carefully and consistently determining signs of potential changes and adapting your strategy accordingly.
To control risks effectively, there's a need to anticipate questions that may arise, maintain flexibility in the face of changing priorities, and proactively solve problems when possible, minimizing the need for extensive supervision. Be resourceful and collaborate with your team, seeking support or feedback to control risks better. Engineers, for instance, must juggle multitasking across various projects, and missing a deadline could have significant consequences, like a lost holiday season for a new product launch or being outpaced by competition. Therefore, staying on top of milestones and demonstrating initiative is crucial.
Finally, remember the importance of organizational understanding and developing relationships. Knowing where you fit within an organizational chart and your supervisor's expectations will help you make informed decisions, contribute effectively to team efforts, and manage the project risks proactively.