Risk and Issue Management

Question 1

Risk management process - 1st step

Answer 1

1. Identification (recorded w/ ID number etc etc, assigned owner). helps us think about risks and encourages team to become aware of threats. Identified through brainstorming, interviewing, prompt lists, check lists, assumption analysis.

Question 2

Risk Management Process - 2nd step

Answer 2

Analysis. ensures all risks assigned a priority and have clear view of risk exposure for project. prodvides clear measure of impact risk will have on project and gives detailed analysis. Use probability impact grid, how likely and how severe

Question 3

Risk Management Process - 3rd step

Answer 3

Monitoring and escalation. keep an eye on developments. PM and sponsor to agree thresholds at which point risks need to be escalated for further review or action

Question 4

Risk Management Process - 4th step

Answer 4

Response - means all risks have mitigation in place with clearly identified contingency and owner. Allows us to prepare for risks and figure out which actions need to be taken. Incorporate risks into WBS, budgets etc.

Question 5

Risk Management Process - 5th step

Answer 5

Closure - stakeholders are properly informed, contingencies can be relinquished, future project is better informed. Signifies risk has matured and no longer needs attention. so close when no longer has potential to materialise or at project close

Question 6

Types of risk

Answer 6

Threats and Opps

Question 7

How to deal with threats

Answer 7

1. Avoid, change project scope, proactive. 2. Reduce, either probability or impact, put risk response in place to reduce likelihood of occuring. 3. Transfer, move to someone elses risk register through insurance policy or contract. 4. accept. monitor, put contingency in place to accomodate risk if does occur

Question 8

How to deal with opportunities

Answer 8

1. Exploit, take advantage of consequences, change scope to maximise the opp, don’t enhance probability (too big a risk). 2. Enhance, make more likely to happen and more valuable when it does. 3. Share, seek others who can actively capitalise. 4. Reject, if opp worth too lttle or requires too much work

Question 9

Issue management process 1st step

Answer 9

Logging and analysis. record issue into a log, ensure recorded and assessed so PM and sponsor aware of what happened (need to keep track for lessons learned)

Question 10

Issue management process 2nd step

Answer 10

Escalation - all issues escalated to sponsor bc breached the tolerance level agreed between PM and sponsor. Sponsor can then escalate to steering board if required. Ensures support in place for PM and governance structure to support management of issues

Question 11

Issue management process 3rd step

Answer 11

Assignment of actions - once plan decided, PM to assign actions to person or group best placed to address issue. Gives clearly defined responsibilities for each action, important bc ensures no action missed

Question 12

Issue management process 4th step

Answer 12

Enact change control - any changes made bc of issue is captured, any changes that impact other areas of project are recorded and intergrated into planning

Question 13

Issue management process 5th step

Answer 13

Close the issue - shows issue has been dealt with and is no longer a threat

Question 14

Failings of issue management process

Answer 14

1. PM thinks they can solve it, not recognising significance and not escalating. 2. failure to track an issue once escalated and ensuring its resolution. 3. lose track of ownership - means PM ends up trying to fix everything

Question 15

Linear and risk/issues

Answer 15

Risks identified at start and assessed at beginning. Risk contingencies stablished at start and are static. As project progresses, more risks may arise and are logged. Issue management still be dynamic and flexible but amy be delayed as consider all options before re-baselining

Question 16

Risk and iterative

Answer 16

risk identification throughout life cycle - may influence the design. risks during deployment. risks analysed for each iteration - may have different risks. risk and issue management flexible, ongoing and built around feedback

Question 17

Contingency planning

Answer 17

contingnecy = making provisions for additional materials or resources should risk mature. Owned by sponsor. Time allowance as float ro extra activity, budget allowance for more resources. In iterative: contigency though of in terms of scope or quality - take scope out of a time box.

Question 18

Benefits of risk mangement

Answer 18

1. more accurate budget in place. 2. increases chances of project success minimising threat and maximising opps. 3. ensures a more accurate contingency bc risks are fully considered. 4. products more effectively produced with fewer problems, less rework therefore better quality. 5. more realistic and achievale plans in place, increasing stakeholder confidence.

Question 19

Issue management benefit

Answer 19

1. sound process - apprpriate and timely action. 2. staff morale, team members more confident as know how to appropriately deal with issues. 3. products more effectively produced with fewer problems, less rework therefore better quality

Question 20

Governance and risk and issue managment (5)

Answer 20

1. processes, help manage effectively and minimising disruption. 2. procedures, we know how to act if one matures. 3. standardised approach - aids decision makig, lots of data, and reportsg. 4. transparency and accountability - have clear evidence for plans we make. 5. Stakeholder communication, communicate when appropriate, tailor to reflect their needs