Project Risk Planning

Project Risk Planning

1. Plan Risk Management

   • The process of defining how to conduct risk management activities for a project.
   • To plan for project risks, a project manager must first under stand the project’s objectives.
   • Project success measures
     • Meetings Agreements
       • Cost, schedule, and specifications met
     • Customer's Success
       • Needs met, deliverables used, customer satisfied
     • Performing Organization's Success
       • Market share, new products, new technology
     • Project Team's Success
       • Loyalty, development, satisfaction
   • Performing Organization
     • Is “ “an enterprise whose personnel are most directly involved in doing the work of the project.
   • Risk
     • Is anything that may impact the project team’s ability to achieve the general project success measures and the specific project stakeholder priorities
     • Threat
       • a risk that would have a negative effect on one or more project objectives.
     • Opportunity
       • a risk that would have a positive effect on one or more project objectives.
     • Risk Management Plan
       • “a component of the project management plan that describes how risk management activities will be structured and performed,
   • Categories and definitions
     • Risk Breakdown Structure
       • a hierarchical representation of risks according to their categories.

2. Identify Risks

   • The process of determining which risks might affect the project and documenting their characteristics.
   • Information Gathering
     • SWOT analysis
       • Analysis of strengths, weaknesses, opportunities, and threats to a project
     • Delphi technique
       • An information gathering technique used as a way to reach a consensus of experts on a subject.…Responses are summarized and recirculated for further comment.
   • Understanding Relationships
     • Root cause analysis
       • “an analytical technique used to determine the basic underlying reason that causes a variance or defect or risk. A root cause may underlie more than one variance or defect or risk.
     • Trigger conditions
       • An event or situation that indicates a risk is about to occur.
     • Risk Register
       • A document in which the results of risk analysis and risk response planning are recorded.

3. Risk Analysis

   • The team needs to decide which risks are major and need to be managed carefully, as opposed to those minor risks that can be handled more casually.
   • Perform Qualitative Risk Analysis
     • The process of prioritizing risks for further analysis ”13 or action by assessing and combining their probability and impact.
     • Differentiating between major and minor risks
     • Cause and Effect Relationships
     • Cause and Effect Diagram
       • identify possible causes for a risk event.
       • Has 4 bones: people,machines,methods and materials
   • Perform Quantitative Risk Analysis
     • the process of numerically analyzing the effect of identified risks on overall project objectives.
   • Risk Register Updates
     • organizations use a “Top 10” list to call particular attention to the highest priority risks.

4. Plan Risk Responses

   • Is “ “the process of developing options and actions to enhance opportunities and reduce threats to project objectives.”
   • Strategies for responding to risks
     • Avoid risk
       • Sometimes, a project plan can be altered to avoid a risk by deleting the risky section.
     • Transfer Risk
       • a decision is made to transfer some or all of a project risk to another organization.
         • Insurance
     • Mitigate Risk
       • are those in which an effort is made to lower risk.
     • Accept Risk
     • Research Risk
       • The best way to handle a risk may sometimes be to learn more about it.
     • Exploit Opportunity
       • If the organization wants to exploit opportunities, they can assign more or better resources to the project, remove barriers, and give it more visibility in management reviews.
     • Share Opportunity
     • Enhance Opportunity
       • The project manager wants to identify key drivers of these positive impacts and develop strategies to capitalize upon them.

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