Defining and Identifying Project Risk Flashcards
Project Risk charachteristics
events that might happen
events that may impact objectives
Project Risk types
negative- threat, potential to harm
positive- opportunities
Project Risk Management
Planning for risks and responses
identifying, analyzing, monitoring risks
How to reduce risk in adaptive envoirnment
frequent reviews
cross functional teams
open to change in requirements and priorities
Roles of Risk Management
Reducing uncertainty
Determining response
Reducing Risk Uncertainty
determine probability/likelihood
Impact- L,M,H
ID causes- find ways to avoid/mitigate
Tools and Techniques for Planning Risk Management
Data Analysis (ex: stakeholder analysis)
Expert Judgement
Meetings
Risk Management Context
Risk attitude (tolerance) Risk exposure (assess Strategic Risk Scoring Sheet)
Strategic Risk Scoring Sheet
assign a score to each factor in a project
Probability and Impact Matrix
probability 0-100%
impact- amount of danger
Cardinal scale for probability: 0-1
Ordinal scale for probability: low-high
Impact Definition Table of Probability and Impact Matrix
criteria to determine L, M, or H to define impact
Tools and Techniques to Identify Risks
Expert Judgement
Data Gathering- brainstorming, checklists, interviews
Data Analysis-root cause analysis
Interpersonal and team skills
Risk Breakdown Structure (RBS)
categories of risks
Document Analysis
Data analysis technique for ID risks
1- id gaps and contradictions
2- check quality of mgmt plans
3- investigate constraints and assumptions
4 rules for Brainstorming ID risks
ID objective/problem
record ideas
stay on track
build on each other’s ideas
Root Cause Analysis (ID risks)
address causes rather than symptoms
ask for each risk: what leads to it, what conditions, any other risks caused by it
3 basic causes: physical, human, organizational
SWOT Analysis
Internal:
Strengths- advantages of team/org
Weaknesses- areas that may compromise successes
External:
Opportunity- positive factors/events that may help
Threat- disrupt, damage or hinder
USED strategy to refine SWOT
Use each Strength
Stop Weaknesses
Exploit Opportunities
Defect against Threat
Assumption and Constraint Analysis
examine validity of assumptions
assumptions are necessary
Assumption Analysis
Constraint Analysis
Assumptions Analysis
ongoing If assumption is false, what is the impact to the project? Is it based on accurate info? Is it consistent with known facts? Is it incomplete?
Constraint Analysis
ongoing
If a constraint is removed, what is the benefit?
Checklist for ID Risks
part of data gathering technique
update throughout project
based on previous projects, do risks apply?
Main sources: RBS and risk registers
