definition phase 3 Flashcards
what are valuable inputs by risk identification
checklist organised by source of risk
project definition/planning
historical information (previous projects, etc)
how to get an inventory of risks that might ruin the project
brainstorm with a team or interview key stakeholders
identify key stakeholders
investigate project, determine all possible risks
what risks are there
Within control of the project team
Outside the full control of the project team
what are the 6 types of risks
organising risks
controlling risks
foundation risks
planning risks
technical risks
deliverables risks
what are foundation risks
insufficient support for the project:
- no defined limits
- poor project definition
- imprecise goals
what are planning risks
planning level is inappropriate:
planning tools are too complex
planning method is too restrictive
what are organising risks
no defined priorities
poor communication
wrong person as project manager
what are controlling risks
lack of understanding for the purpose of control
project manager has responsibility but no formal authority
report contents are not acted upon
what are technical risks
don’t have requirements and design
no proper tools, documentation
no training
what are deliverables risks
don’t have the ability to sell the project goal
the needs change
poor management of time, between the other business commitments
what are risks outside of the full control of the project
competitor risks
legislative risks (government)
customer market risks
what have internal risks to do with
how you lead the project and the management
what do you need to do with risks outside of control
you should detect them
what are customer market risks
no clear/recognized need in the marketplace
market happy with existing products
market potential is low
what are competitor risks
A dominant competitor exercises leadership in the industry
Competitors exist to fill the need or demand
Competition will not be restricted or inhibited
what are legislative risks
Legislation unfavourable to the product exists or is pending
special interest groups opposed to product
what does risk assesment do
assess the likelihood of the risk occurring
assess the severity of the impact if the risk becomes reality
what are the steps in the risk management model
step 1: risk identification (brainstorm)
step 2: risk assessment
step 3: risk control (risk management and contingency plan)
step 4: risk monitoring
what are the steps 1-3 of step 3 risk control
- work out risk management plan
- work out contingency plan
- reserves in project plan or budget to deal with some risks + contractual agreements for risk reduction
what are steps 4-6 of risk control (part of risk management plan)
- proof of the need/objective of the risk plan
- results risk identification + assessment (description + likelihood of occuring + severity of impact)
- risk management procedures (how manage risk? detailed actions to prevent or reduce risk)
what does a risk management plan do
minimise or prevent the risks from occurring
what does a contingency plan do
action plan to be taken if an identified risk should occur
what are reserves or contractual agreements
External purchase of products, services, insurance
Contractual transfer of financial consequences
what are counter measures for high risks
- Prevent by eliminating the cause of the risk
- Contingency plan where appropriate
what are counter measures for medium risks
- Reduce probability of occurrence, minimize impact
- Contingency plan where appropriate
what are counter measures for low risk
- Accept the risk but monitor
- Contingency plan where appropriate
what are the steps of step 4 risk monitoring
- monitor risks regularly
- Report on high risks and preventive actions in your progress reports with project owner
- record when risk has passed
- record new risks, update risk management plan + contingency plan
who needs to monitor the risks
team, project owner, stakeholders
what are some elements of project charter
goal
objectives
scope
deliverables
