7. Risk Identification Writing a Well-Defined Risk Follows the “Cause-Risk-Effect” format Due to (definitive cause), (uncertain event) may occur which would/could/may lead to (effect)
8. Risk Identification Identify as many risks as possible What are risks related to this project as a whole? What are the related risks for each task? What are the risks by category? Be creative 70 minutes Reminder – Do NOT solve!
9. Risk Qualification Probability – the likelihood a risk will occur Impact – the effect the risk will have on the project if it occurs Risk Ranking – Probability x Impact
10. Risk Qualification Goal – Identify the Top Risks vs. Non-Top Risks Place your risks on the Probability & Impact Chart Once all risks have been placed, Review risk ratings and mark risks you want to discuss
16. Feedback/Debrief What did you like? What didn’t you like? How could this process be improved? PBED Thank you!!
Editor's Notes
There are 6 Process Areas for Risk ManagementRisk Management Plan – How we are going to handle risk on the project, who is involved, etc – talked about it in Kickoff meetingRisk Identification – Brainstorm as many risks as we can think of todayRisk Qualification – Involves assigning probability and impact to each risk to come up with risk rankingRisk Quantification – More technical than we are going to get into with this projectRisk Response Planning – Involves assigning owners to risks and identifying the BEST plan for dealing with identified risksRisk Monitoring & Controlling – We will continue to focus on risks through out the project – we will review them at every project team meeting and always be looking for new risks
Opportunities = good risksWBS – a “map” that includes all of the work to be done on the project. Also includes a WBS DictionaryNetwork Diagram – shows the interdependencies between tasks – tasks with more inputs and tasks on the right side of the diagram are inherently riskier
Formatting in this way will help us better understand exactly what the issue is and what effect it may have on the project.Ideas for responses are easier to generate if you have a detailed causeEffects could be more than time and cost – all components of the triple constraint – time, cost, scope, quality, risk, customer satisfaction
If people get stalled – hand out Risk Category sheetCould always try the Affinity Diagram if we have timeFill out categories after all risks have been identified
3 Levels of Risk Response
Talk about example – Our project is to design a new piece of equipment that will be used to test water temperature and current flow in the ocean – must be tested prior to delivery
