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Saturday, 27 January 2007 17:06

Risk Planning & Analysis

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Risk analysis is a technique to identify and assess factors that may jeopardize the success of a project or achieving a goal. This technique also helps define preventive measures to reduce the probability of these factors from occurring and identify countermeasures to successfully deal with these constraints when they develop.

Risk management planning includes the following activities:

  • Planning how risk management will be held in the particular project. Plan should include risk management tasks, responsibilities, activities and budget.
  • Assigning a risk officer - a team member other than a project manager who is responsible for foreseeing potential project problems. Typical characteristic of risk officer is a healthy skepticism.
  • Maintaining live project risk database. Each risk should have the following attributes: opening date, title, short description, probability and importance. Optionally risk can have assigned person responsible for its resolution and date till then risk still can be resolved.
  • Creating anonymous risk reporting channel. Each team member should have possibility to report risk that he foresees in the project.
  • Preparing mitigation plans for risks that need to be mitigated. The purpose of the mitigation plan is to describe how this particular risk will be handled – what, when, by who and how will be done to avoid it or minimize consequences if it becomes a liability.
  • Summarizing planned and faced risks, effectiveness of mitigation activities and effort spend for the risk management. 


Note: Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on at least one project objective, such as time, cost, scope, or quality. Stakeholder analysis will reveal their willingness to accept risk—which is also known as their utility function.

 

Read 4407 times Last modified on Thursday, 10 December 2009 22:16

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