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A Guide to Project Management

For the organizations risk management plan some

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Unformatted text preview: y interviews of experienced project managers or subject-matter experts. The person responsible for risk identification identifies the appropriate individuals, briefs them on the project, and provides 132 NAVIGATION LINKS ACROYMNS LIST ACRONYMS LIST ACROYMNS LIST A Guide to the Project Management Body of Knowledge (PMBOK Guide) 2000 Edition 2000 Project Management Institute, Four Campus Boulevard, Newtown Square, PA 19073-3299 USA Chapter 11--Project Risk Management information such as the WBS and the list of assumptions. The interviewees identify risks on the project based on their experience, project information, and other sources that they find useful. Strengths, weaknesses, opportunities, and threats (SWOT) analysis. Ensures examination of the project from each of the SWOT perspectives to increase the breadth of the risks considered. .3 Checklists. Checklists for risk identification can be developed based on historical information and knowledge that has been accumulated from previous similar projects and from other sources of information. One advantage of using a checklist is that risk identification is quick and simple. One disadvantage is that it is impossible to build an exhaustive checklist of risks, and the user may be effectively limited to the categories in the list. Care should be taken to explore items that do not appear on a standard checklist if they seem relevant to the specific project. The checklist should itemize all types of possible risks to the project. It is important to review the checklist as a formal step of every project-closing procedure to improve the list of potential risks, to improve the description of risks. .4 Assumptions analysis. Every project is conceived and developed based on a set of hypotheses, scenarios, or assumptions. Assumptions analysis is a technique that explores the assumptions' validity. It identifies risks to the project from inaccuracy, inconsistency, or incompleteness of assumptions. .5 Diagramming techniques. Diagramming techniques may include: Cause-and-effect diagrams (also known as Ishikawa or fishbone diagrams)-- useful for identifying causes of risks (described in Section System or process flow charts--show how various elements of a system interrelate and the mechanism of causation (described in Section Influence diagrams--a graphical representation of a problem showing causal influences, time ordering of events, and other relationships among variables and outcomes. A Guide to the A Guide to the Project Project Management Management Body of Body of KnowledgeE L KnowledgeE PL 11.2.3 Outputs from Risk Identification .1 Risks. A risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project objective. .2 Triggers. Triggers, sometimes called risk symptoms or warning signs, are indications that a risk has occurred or is about to occur. For example, failure to meet intermediate milestones may be an early warning signal of an impendi...
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