This process prioritizes risks for further analysis or
action by assessing and combining their probability of occurrence and impact.
It enables project managers to reduce the level of uncertainty and to focus on
high-priority risks.
Establishing definitions of the levels of probability and
impact can reduce the influence of bias. This process is usually a rapid and
cost-effective means of establishing priorities for Plan Risk Responses and
lays the foundations for Perform Quantitative Risk Analysis.
1) Risk Management Plan
·
Include:
·
Roles and responsibilities for conducting risk
management
·
Budgets
·
Scheduled activities for risk management
·
Risk categories
·
Definitions of probability and impact
·
Probability and impact matrix
·
Revised stakeholders’ risk tolerance
2) Scope
Baseline
·
Evaluate risks compared to scope baseline
3) Risk
Register
·
Contains information that will be used to assess
and prioritize risks
4) Enterprise
Environmental Factors
·
May include:
·
Industry studies of similar projects by risk
specialists
·
Risk databases that may be available from
industry or proprietary sources
5) Organizational
Process Assets
·
May include information on prior, similar
completed projects
6) Risk
Probability and Impact Assessment
·
Risk probability = Investigates the likelihood
that each specific risk will occur
·
Risk Impact =Investigates the potential effect
on a project objective such as schedule, cost, quality, or performance,
including both negative and positive effects.
·
You can assess risk in interviews or meetings
with participants
7) Probability
and Impact Matrix
·
This is a grid for mapping the probability of
each risk occurrence and its impact on project objectives if that risk occurs.
They are prioritized using a look-up table or a probability and impact matrix
and rated high, moderate and low.
8) Risk
Data Quality Assessment
·
A technique to evaluate the degree to which the
data about risks is useful for risk management. It examines the degree to which
the risk is understood and the accuracy, quality, reliability and integrity of
the data about the risk.
9) Risk
Categorization
·
Categorize risk by sources of risk (Risk
breakdown structure – RBS) to determine the areas of the project most exposed
to the effects of uncertainty. It can also be categorized by root causes to
help determine work packages, activities, project phases or even roles in the
project.
10) Risk
Urgency Assessment
·
Risks that need action in the near-term are more
urgent to address. Using indicators to detect the risk, time to affect a risk
response, systems and warning sings, and the risk rating are important.
11) Expert
Judgment
·
Required to assess the probability and impact of
each risk to determine its location in the matrix.
12) Project
Documents Updates
·
Risk register updates
·
Assumptions log updates
Source: PMBOK 5th ed.
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