Risk Assessment


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General Mills Risk Assessment Presentation 3-19-10

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  • 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
  • http://gmiportal.generalmills.com/tc/ci/CIPillars/PBED%20Database/Forms/AllItems.aspx
  • Risk Assessment

    1. 1. Risk Identification and Planning<br />Sarah Klobe<br />Technical Project Manager<br />
    2. 2. Agenda<br />10 PBED<br />10 Risk Management Process Overview<br />70 Risk Identification<br />15 Break<br />60 Risk Qualification<br />60 Risk Response Plan<br />15 PBED - Feedback/Debrief<br />
    3. 3. Risk Management Process Overview<br />Risk Management Plan<br />Risk Identification<br />Risk Qualification <br />Risk Quantification<br />Risk Response Planning<br />Risk Monitoring and Controlling<br />
    4. 4. Risk Identification<br />Risks can be good or bad!<br />Risk Identification Tools<br /><ul><li>Charter
    5. 5. WBS
    6. 6. Network Diagram</li></ul>Write well-defined risks<br />Be Creative<br />Do not fill in Probability, Impact or Category<br />DO NOT SOLVE!!!<br />
    7. 7. Risk Identification<br />Writing a Well-Defined Risk<br />Follows the “Cause-Risk-Effect” format<br />Due to (definitive cause), (uncertain event) may occur which would/could/may lead to (effect)<br />
    8. 8. Risk Identification<br />Identify as many risks as possible<br />What are risks related to this project as a whole?<br />What are the related risks for each task?<br />What are the risks by category?<br />Be creative<br />70 minutes<br />Reminder – Do NOT solve!<br />
    9. 9. Risk Qualification<br />Probability – the likelihood a risk will occur<br />Impact – the effect the risk will have on the project if it occurs<br />Risk Ranking – Probability x Impact<br />
    10. 10. Risk Qualification<br />Goal – Identify the Top Risks vs. Non-Top Risks<br />Place your risks on the Probability & Impact Chart<br />Once all risks have been placed, Review risk ratings and mark risks you want to discuss<br />
    11. 11. Risk Qualification<br />Impact Scale:<br />
    12. 12. Risk Qualification<br />Identify Facts<br /><ul><li>Probability > 8
    13. 13. Must account for these in project planning</li></ul>Identify Threshold<br /><ul><li>Logical break in risks</li></ul>Identify Watch List<br /><ul><li>Risks that fall below the threshold</li></li></ul><li>Risk Response Plan<br />Eliminate risk before it happens<br />Contingency Plan - IF the risk happens then do this<br />Fallback Plan - IF the Contingency plan is not effective then do this<br />
    14. 14. Risk Response Plan<br />Risk Trigger<br /><ul><li>An early warning sign that a risk has occurred or is about to occur</li></ul>Risk Owner<br /><ul><li>A person who is assigned to watch for triggers and is responsible for carrying out the risk response plan if the risk occurs
    15. 15. Risk owners have valuable insight into risk analysis as well as planning response</li></li></ul><li>Risk Response Plan<br />
    16. 16. Feedback/Debrief<br />What did you like?<br />What didn’t you like?<br />How could this process be improved?<br />PBED<br />Thank you!!<br />