Using a combination of different tools will benefit the project team to

Using a combination of different tools will benefit

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Using a combination of different tools will benefit the project team to identify project risks. Interviews and consulting SME will yield to the identification of risks (threats and opportunities) that may have been overlooked. Assumptions Analysis, Brainstorming, meetings, documentation reviews will give the project team the confidence to consider the project risks from different angles with the knowledge of internal organizational affairs. Unrestricted Risk Management Plan (Version 1.0 – June 2016) Page 13
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Stakeholders (Please see Stakeholder Register) Training Program Project Manger Project Sponsor Project Team Members Cross functional Project Managers Subject Matter Experts End Users (Customer) Key Components of a Risk Statement A good risk statement contains two elements, the potential event, and the associated consequences. If known, the risk statement should include a third element, an existing contributing circumstance (cause) of the risk. Risk statements should define the potential event that could adversely affect the ability of the program to meet cost, schedule, and project objectives. A structured approach for specifying and communicating risk helps prevent vague or inconsistent risk statements. Multiple approaches exist in writing a risk statement. An “if-then” format is also an option that presents the possible risk event or condition “if” and the potential outcome or consequence(s) “then”. However, when possible, projects should use a single approach for consistency and should present each risk in a clear, concise statement, and enable the user to derive the most amount of information. (The risk statement should not include a potential risk mitigation strategy, other solutions, or other extraneous information.). Therefore our group has decided to use the risk statement that has three elements (cause, the risk, and its effect on the project objective(s)), based on the above definitions and given good circumstances, since such a risk statement provides a complete set of information for the user to comprehend and formulate an effective risk response. An example of a risk statement format that has three elements: “As a result of <definite cause>, <risk> may occur, which would lead to <effect on objective>” (Hillson, pg.64). An Example of such a Risk Statement: “As a result of the building fire, the LAZRTRIM prototype could be destroyed, which would lead to the inability, of the Training Program project team, to the identification of the main components of the equipment.” (Hillson 2012). Risk Categories Risk Categories are broad, common areas or sources of risk that the company or similar projects have experienced. They can include things like technology changes, lack of resources, regulatory, or cultural issues. PMOs can have standard lists of risk categories that all projects can use to help identify risks Risk Categorization is a part of the Assessment process, where it is done to “…identify risk hot spots, common causes of risks…, and common affected areas of the project…” (Hillson, pg.75). Similarly the PMBOK (2017) also has risk categorization as part of the “grouping
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