Risk management Flashcards
What is risk management?
Formal process in which risk factors are systematically identified, assessed and mitigated
What is a risk?
Possibility of loss - e.g. undesirable outcome or missed opportunity
What are some product/resource reasons for projects going wrong?
Resource constraints/inadequate funding
Inexperienced/incapable personnel
Lack of domain expertise
Complex design
Poorly defined interfaces
Lack of appropriate tools
What are the 4 steps in the risk management process?
Identification - identify risks
Analysis - assess the likelihood and consequences
Planning - draw up plans to avoid or minimise risks
Monitoring - monitor throughout the project
What are 5 types of risk?
Technology risk
People risk
Organisational risk
Requirements risk
Estimation risk
What is risk exposure?
Probability X Consequence
What are 4 reasons for quantifiying risk?
Can evaluate more critically
Feedback on impact of risks we anticipated
Can allocate resources to deal with risks
Can determine if a risk is acceptable
What is risk analysis?
Assess seriousness of each risk from previous risk exposure calculation
Can use traffic light system
What are 6 risk resolution strategies?
Risk avoidance - prevent from happening
Risk protection - reduce probability/consequence before
Risk reduction - reduce probability/consequence after
Risk research - eliminate or reduce uncertainty
Risk reserves - use allocated schedule or slack
Risk transfer - shift risk elsewhere (BAD)
What should you learn from each risk after it happens?
Unanticipated risks
Actual severity of the consequence
Which resolution strategies worked well
Which risks can be prevented, protected from, handled by slack
Which preventative actions can be taken
What can be shared with other teams
What does CRAMM stand for?
CCTA Risk Assessment Management Method
What does CCTA stand for?
Central Computer and Telecommunications Agency
What is the CCTA part of?
Office of Government Commerce
