This document discusses checklists as a risk management tool. It provides examples of how checklists can be structured and used to identify risks for a project. Checklists have pros such as being low cost, flexible, and easy to use tools that can achieve high accuracy. However, checklists also have cons like not being able to identify all risks and potentially discouraging original thinking. The document concludes with an exercise to test understanding of how checklists can support risk management.

1. Angela Dawson
Project Risk Management
PRM 614
Saint Mary’s University of Minnesota
June 10, 2013

2. Purpose
Samples and Technique
Pro’s and Cons
A fun wrap-up exercise

3. • Risk analysis tool used to identify risks
• The practice standards refers to checklists as a “creativity
technique” (PMI, 2008)
• Checklists serve as a source of historical review
• Checklists establish a projects’ documentation
• Helps identify data/information/studies from similar projects or
similar organizations
The purpose of Checklists in
Risk Management

4. A checklist can be presented in the form of a questionnaire
Example:
• Have Is the budget confirmed?
Checklists Risk Management –
Samples and Techniques

5. A checklist can be used with the RBS
Example:
• Checklists structured around the RBS help identify risks relevant
to the project.
Checklists
Risk Management – Samples and Techniques

6. A checklist can be added to and sourced from a database
Checklists
Risk Management – Samples and Techniques

7. • Review the checklists
• Answer the questions
• Apply or communicate the guidance
Checklist Analysis
Application

8. Checklist Pros:
Low use requirements
not budget reliant
Flexible tool with broad applicability
Ease of use
High accuracy rate
Checklist Analysis
Pros

9. Checklist Cons:
• It is impossible to list all risks
• The quality of the checklist depends on the data input in the list
• The checklist can discourage original thinking
Checklist Analysis
Cons

10. Exercise & Wrap Up
Testing our understanding

11. Checklists are flexible tools

12. Checklists support budget submittal

13. Checklists are expensive to utilize

14. What risk management tool can be used as
a checklist?

15. Your thoughtful feedback is appreciated!

16. Bibliography
Ritter, Donna. 2011. Identifying Risks in Your Project. Accessed
from:
http://certifedpmp.wordpress.com/2008/10/13/identifying-
risks-in-your-project/
Li, Lei. March 2013. The Impact of Risk Checklists on Project
Manager’s Risk Perception and Decision Making Process.
Columbia State University. Conference Paper.
Project Management Institute 2008. A Guide to the Project
Management Body of Knowledge, Fourth Edition (Project
Management Institute. Kindle Edition. PMI (2008),
Mind tools. Risk Impact/Probability Chart Learning to Prioritize
Risks. Retrieved from
http://www.mindtools.com/pages/article/newPPM_78.htm
Practice Standard for Project Risk Management. Project
Management Institute.
Pritchard, C. (2010). Risk management: Concepts and
guidance. Arlington, VA: ESI International.