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6 steps to Risk Management
RISK is an uncertain or unknown event that can occur any time of project execution and has a positive or negative impact.
Risk Management is a crucial part of Project Management:
It aims to attract an opportunity that has positive impact and decrease the probability of threat that has negative impact to project. More opportunities and less threat signify a stable project in term of scope, time, Cost and quality. Risk can be of 2 categories: Known, Unknown.
- Project Risk management contains 6 steps:
- Plan for how to manage a RISK both known & unknown in advance. It says the overall process on how to plan, manage for a risk depends on Priority and Impact (Probability & Impact Matrix). It’s basically conducted at the time of Project planning. It defines following:
- Define which tool and method to be used.
- Define roles and responsibility of Risk Management Teams.
- Look on budgeting for resources for risk management.
- Define the threshold for time frame for the risk to be resolved.
- Define RISK Categories and prepare RBS- Risk breakdown structure.
- Prioritize Risk by Risk by Risk& Impact Matrix.
- Find stake holder tolerance.
- Identify a Risk by following method:
- Brainstorming
- Delphi
- SWOT Analysis
- Checklist Analysis
- Assumption Analysis
- Process flow chart
- Cause & Effect Diagram
- Qualitative Risk Analysis by following method:
- Probability & Impact Matrix
- Categorization method.
- Quantitative Risk Analysis by following method:
- Probability Distribution
- Expert Judgment
- Sensitive Analysis
- EMV Analysis( Expected Monetary Value)
- Decision Tree Analysis
- Simulation
- Risk Response planning by following method:
- Negative Risk –> Avoid / Transfer / Mitigate
- Positive Risk –> Exploit / Share / Enhance
- Acceptance
6- Risk Monitor & Control
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Simon Baker
The Complete Camtasia
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Intrinsic Motivation
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