STR N421 - Lecture 12 - 2011

Risk identification ultimately produces a list of

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Unformatted text preview: ng and documenting all the risks that could impact you on this project project. Risk identification ultimately produces a list of project risks. Dr. Maged Ezzat Georgy Close-Out Risk Auditing & Review Risk Monitoring & Control Execution & Control Control Risk Response Planning Risk Analysis and Assessment Risk Identification Initiation & Planning How How to Identify Project Risks Tools/techniques for identifying risks: ◦ Historical information & records. ◦ Checklists. ◦ Brainstorming sessions. ◦ Interviews. ◦ Nominal group technique. ◦ Delphi method. ◦ Cause-effect (Ishikawa or fishbone) diagrams. Dr. Maged Ezzat Georgy How to Measure a Project Risk Any project risk is defined/measured through its “magnitude”. The risk magnitude is depicted via: ◦ The probability of occurrence of this risk. The ◦ The impact it would have, in measurable terms, if it happens. Dr. Maged Ezzat Georgy Qualitative Qualitative Risk Analysis The purpose is to qualitatively depict the magnitude of the risks identified in the previous stage. Probabilities and impacts are assessed using qualitative/linguistic terms (e.g., low, high, etc). li Then, risks are grouped (or ranked) according to their significance to the project objectives. Dr. Maged Ezzat Georgy How to Qualitatively Assess Project Risks Tools/techniques for qualitatively assessing risks: ◦ Historical information & records. ◦ Methods used in risk identification. ◦ Matrix method (also called, probability-impact matrix). ◦ Scoring / indexing technique (using rating scales). ◦ SWOT analysis (concerned more with organizational risks than than project risks). ◦ etc. Dr. Maged Ezzat Georgy Very High High Moderate Low Very Low M A T R I X Impact Very High High Moderate Impact Low Very Low M A T R I X Dr. Maged Ezzat Georgy Dr. Maged Ezzat Georgy Quantitative Quantitative Risk Analysis The purpose is to quantitatively depict the magnitude of the i...
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This document was uploaded on 01/22/2014.

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