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Note 3 - Business x201 Risk Analysis Reading 1 The Role of...

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Business x201 3/24/08 Risk Analysis Reading 1 - The Role of Risk Analysis in Project Portfolio Management 30 years ago, a massive computer was required to do statistical risk analysis (SRA). Now a laptop and a spreadsheet are required. However, still many CIO’s have not adopted statistical analysis tools to determine risk. SRA is an essential to real portfolio management. Without it, portfolio management is just a way to organize data and is pointless. How to create a risk analysis process? Risk gives you the ability to look a whole range of outcomes which is essential in today’s world. 1. Gather experts to determine project risks. Make sure you try to cover all the possible risks. 2. Assign researches to uncover known risks. 3. Divide risks into two categories – local and global a) Local: risk of staff turnover is a local risk b) Global: risk of war is a global risk 4. Create a template for each risk. 5. Make sure you value consistency over accuracy. Even if numbers are wrong but they are consistent, it’s easier to fix them.
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