Risk & Issue Management

Question 1

Outline a risk management process

Answer 1

PIARC
* Plan: risk management plan
* Identify: risk register
○ Brainstorming
○ Checklists
○ Prompt lists
○ SWOT analysis
* Analyse: risk reports
* Respond: risk response plan
* Close: lessons learned

Question 2

Outline different responses to risk

Answer 2

• Proactive: reduces likelihood of risk occurring, or size of impact
• Reactive: will only be implemented if the risk materialises
• For threats:
  ○ Avoid, reduce, transfer, accept.
• For opportunities:
  ○ Exploit, enhance, share or reject

Question 3

Outline the benefits of risk management

Answer 3

• Increased stakeholder confidence.
• More realistic plans.
• More effective assessment of contingencies
• Increased likelihood of project success.
• Builds information to enable better management of future projects

Question 4

Outline why you need issue management, and the process

Answer 4

• An issue is when a risk actually occurs
  ○ To escalate to senior management.
  ○ To track issues to closure.
  ○ To assign actions where appropriate.
• Issue management process:
  LEAC (or PIARC for risk)
  ○ LOG the issue & assess its impact if not resolved
  ○ ESCALATE to sponsor for a resolution
  ○ Assign ACTIONS to resolve
  ○ Change control (if necessary)
  ○ CLOSE