Risk Management


Initiating (2) Planning (20) Execution(8) Monitoring & Controlling(10) Closing (2)
Risk
(6)
Plan Risk Mgmt Monitor and Control Risks
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Response

 

Plan Risk Management


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 –> Risk Management Plan

  • Methodology
  • Roles and Responsibilities
  • Budgeting
  • Timing
  • Probability and Impact
  • Stakeholder tolerances (e.g. to cost overrun, …)
  • Reporting Formats
  • Tracking

 

Identify Risks

–> Risk Register

  • List of Risks
  • List of Potential Responses
  • Root cause of Risks
  • Risk Categories

Perform Qualitative Risk (list) Analysis

–> Risk Register (updates)

  • Risk Ranking (Project!!!) in comparison to other projects
  • List of prioritized risks, incl. probability and impact rating
  • watchlist (not on critical path or low priority)
  • trends

Perform Quantitative Risk (number) Analysis

–> Risk Register (updates)

  • list of quantified risks, incl. probability and impact rating
  • amount of contingency time and cost reserve needed
  • possible realistic and achievable completion dates and project costs
  • quantified probability of meeting project’s objectives
  • trends in quantitative risk analysis

Plan Risk Response

–> Risk Register (updates)

  • Residual Risks (remaining, accepted, … with continguency / fall back plan)
  • Contingency Plans (incl. specific actions in case of occurence)
  • Risk triggers (early warning signs)
  • contracts
  • fall back plans (if contingency plan proves not effective)
  • reserves (contingency) – schedule, cost

Monitor and Control Risks

–> Risk Register (updates)

  • Outcome of Risk ReAssessments and Risk Audits
  • Identification of new risks
  • Closing Risks that are no longer applicable
  • Details what happend when risk occured
  • Lessons learnt

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