Ensuring Personal Success: The Importance of Risk Management

This holiday season, I enjoyed pizza for my Christmas Eve dinner, chose to spend Christmas Day alone to avoid a toxic family brunch, and ended up with whiplash from indoor rock climbing. Surprisingly, this turned out to be one of the best holidays in years. Let me explain…

In the middle of 2024, I experienced a life crisis related to my sense of self. Mentally and physically, I felt like I was fading away. I had developed a tired perspective and had not looked forward to anything in years. Reflecting on the past few years of my life, I’ve come to realize that I have overextended myself for others, which led me to set aside my personal goals and projects. As someone who is results-driven, I feel that those years did not yield any positive outcomes; the achievements I reached did not add value to my life. I felt like I had no voice to advocate for myself in front of my mother-in-law since my own world was a giant backlog of past-due items.  In my professional life, I’ve pushed myself to meet deadlines, tackle complex issues, and break down barriers, only to find it difficult to face my own reflection. The irony of it all was striking.

Project stakeholders play a crucial role in determining a project’s outcome, and when it comes to your life, you are the most vital stakeholder. You are a remarkable product with the potential to make a significant impact in the world, built upon numerous projects. To ensure your success, it is important to master the art of saying “no” to unnecessary distractions. This will enable you to say “yes” to the opportunities that truly align with your goals and aspirations.

I established two primary goals to focus on for the remainder of the year: finding joy in my work and developing healthy habits. To ensure these personal goals are structured and manageable, I used the SMART framework (Specific, Measurable, Achievable, Relevant, Time-bound).

To further stay on track, I integrated some risk management strategies from PMBOK to minimize uncertainties and enhance my chances of success.

A. Risk Identification

    I reflected on past obstacles that could hinder my ability to achieve my goals and considered opportunities that would enhance my success. This reflection draws on data from my previous journals and records of when I completed past goals.

    B. Qualitative Risk Analysis

    I took the risks I identified during the Risk Identification phase and ranked them as high, medium, or low, based on their probability of occurrence and the potential impact they could have on my goals.

    C. Risk Response Planning

    Below is a simplified risk response plan for some of my goals. For more complex projects, it is important to further strategize to:

    • Avoid: Eliminate high-impact risks.
    • Mitigate: Reduce the likelihood or impact of risks.
    • Transfer: Shift the impact of risks to another party.
    • Accept: Acknowledge risks that cannot be avoided and plan to manage their consequences.
    GoalObjectiveRankRiskRisk Mitigation
    Find joy in my workTake 3 new courses that are not fully related to professional careerHighThe time spent on the courses might detract from work, personal commitments, or career-related skill-building.Taking part-time or self-paced courses to fit existing commitments
    MedLack of motivation since course may not provide a direct benefit to current job or career advancementTreat the courses as personal development, emphasizing holistic growth rather than professional advancement.
    Develop healthy habitsFitness Activity 5x / weekHighMissing out on days due to weather/oversleepingFind ways to incorporate movement to daily activities and find a buddy to help with accountability
    Limit ultra-processed convenience foods that result in feeling bloated/tiredMedFeeling pressured by social circles/family to go out to fast-food placesHave a list of places/foods that meet my requirements and share the joy of new experiences with loved ones

    I continue to implement risk responses as needed and adjust my plans based on new developments, such as updated schedules and changing priorities. In my personal journal, I regularly monitor risks to confirm whether identified risks are still relevant or if new ones have emerged. I also conduct retrospectives on completed or failed goals to refine my future strategies and gain a broader perspective.

    How do you maintain your life project over the years? If it has failed, what steps do you take to start over?

    Leave a comment