10.1 The nature of risk and risk management (Continued) - Figure 10.1 Risk management schema
10.1 The nature of risk and risk management (Continued) - Risk Identification
- The process of prediction of the key risk outcomes
- Indicators that something is going/may go wrong in a project
- How to identify risks
- By brainstorming
- By consultation activities
- Refer to the WBS
- Look to time, cost and quality plans
10.1 The nature of risk and risk management (Continued) - Categories of risk identification
- Consider what might happen
- The possibility of missing key objectives
- Unexpected changes demanded by stakeholders
- Technological problems
- Staffing changes
- Behaviour that would conspire to cause failure
- Particular aspects
- Time: critical path, critical chain
- Cost: how good are the estimates?
10.1 The nature of risk and risk management (Continued) - Quality: assurance for all processes or are some out of the projects control?
- Health and safety
- Legal or financial standing of the organisation
- Check key assumptions
- Will changes made to save money increase costs elsewhere?
- Will changes produce further risks?
- Have the risks become ‘normal’?
10.1 The nature of risk and risk management (Continued) - Response control or mitigation (1)
- Procedures are required to ensure
- Either the likelihood of the event occurring is reduced
- Or effects can be managed or mitigated
- Consider
- Corrective action
- Contingencies and reserves
- Outsourcing the risk to contractors, experts or insurance
- Conducting limited trials (fundamental to agile/extreme approaches)
- The top 20 percent of risks are likely to cause 80 percent of delays or over-runs
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