Risk Assessment Meeting A risk assessment meeting will be held with key team members and stakeholders. The risks identified during this meeting would be added to the project plan and Risk Register. Historical Review of Similar Projects The project team will review the history of similar projects in order to determine the most common risks and the strategies used to mitigate those risks. Overall risk assessment is the product of combining the probability of occurrence with the severity of impact as follows: Probability of Occurrence Severity of Impact Overall Project Risk High High High High Medium Medium High High Low Medium Low High Medium Medium Medium Low Page 12of 19
Low Medium Low Low Low Risk Qualification and Identification In order to determine the severity of the risks identified by the team, a probability and impact factor was assigned to each risk. This process allows the project manager to prioritize risks based upon the effect they may have on the project. The project manager utilized a probability-impact matrix to facilitate the team in moving each risk to the appropriate place on the chart. Once the risks are assigned a probability and impact and placed in the appropriate position on the chart, the recorder capture the finished product and the project manager moves the process on to the next step: risk mitigation/avoidance planning. Risk Monitoring The most likely and greatest impact risks are added to the project plan to ensure that they are monitored during the time the project is exposed to each risk. At the appropriate time in the project schedule a Risk Manager is assigned to each risk. During the bi-weekly project team meeting the Risk Manager for each risk will discuss the status of that risk; however, only risks, which fall in the current time period, will be discussed. Risk monitoring will be a continuous process throughout the life of this project. As risks approach on the project schedule the project manager will ensure that the appropriate risk manager provides the necessary status updates which include the risk status, identification of trigger conditions, and the documentation of the results of the risk response. Risk Mitigation and Avoidance The project manager leads the project team in developing responses to each identified risk. As more risks are identified, they will be qualified and the team will develop avoidance and mitigation strategies. These risks will also be added to the Risk Register and the project plan to ensure they are monitored at the appropriate times and are responded to accordingly. The risks for this project will be managed and controlled within the established time, scope, and cost constraints. All identified risks will be evaluated in order to determine how they affect this triple constraint. The project Page 13of 19
manager, with the assistance of the project team, will determine the best way to respond to each risk to ensure compliance with these constraints.