Risk

Question 1

What are the 2 types of risk concerned with Prince2?

Answer 1

• Threat (Uncertain events that would have a negative impact on objectives)
• Opportunity (Positive Impact)

Question 2

In Prince2 what is the recommended risk management procedure?

Answer 2

• Identify (Context and risks)
• Assess (Estimate & evaluate)
• Plan
• Implement
• Communicate (runs in parallel with all)

Question 3

What does Prince2 recommend when risks are identified?

Answer 3

• An issue/risk can be raised by any project member, corporate/Programme management, the customer/stakeholder.

• P2 recommends capturing them in the risk register ASAP.

Question 4

In Prince2 what techniques are there for risk estimations?

Answer 4

• Probability Impact Grids 🔢
• The expected value technique
• Probability Trees 🎄
• Pareto Analysis

Question 5

Provide a summary of Agile’s view of the risk theme?

Answer 5

• Less prominent in Agile
• Issues (blockers/impediments) addressed (eg. Daily Stand-ups)
• Risks handled more implicitly
• Agile’s risk management is shown through responsive/proactive working (customer involvement, short feedback loops)

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Question 6

In Prince2 who manages risk?

Answer 6

• Team Manager at delivery level
• Project Manager at Project level

Question 7

Who manages risk with Prince2 Agile?

Answer 7

• Whole team should look out for risks and take ownership
• Ultimately the responsibility to manage them lies with the TM or PM depending on delivery or project level.

Question 8

In Prince2 what is the difference between an “Issue” and a “risk”?

Answer 8

• Issue - Has happened/happening

• Risk - Something may happen

Question 9

How is risk addressed in Stand-up/daily scrums meetings?

Answer 9

• Discussion of risks and issues
• Ask teams of any impediments to progress
• Ask teams of anything may potentially block their progress

Question 10

Summarise the risks with using Agile?

Answer 10

• Relies on customer involvement (They may lack commitment or empowerment)
• Relies on quick/efficient people interactions (split team locations)
• Agile benefits for Iterative and incremental delivery (what if speed is difficult due to legislation/infrastructure)

• Early delivery of value may not be usable just yet (end users may need earlier training)

Question 11

What Agile approaches/techniques are there to risk management?

Answer 11

• M_o_R (Management of Risk)
• Risk burn-down charts
• Spiking, prototyping, proof of concept, experiments