Identify sources of risk and the corresponding potential impact on project outcomes.

Project Management by Geoffrey

2.4 Determine the Risks

Identify sources of risk and the corresponding potential impact on project outcomes.

Include evidence of at least one of these processes:

  • The Delphi technique.
  • Ishikawa diagrams.
  • Interviewing processes.

2.5 Evaluate and Assess the Risks

Define the elements of the risk breakdown structure for use in evaluating project risk.

Analyze the impact of risk on project outcomes.

Integrate risk analysis techniques to create a risk breakdown structure.

2.6 Qualitative and Quantitative Processes

Apply qualitative and quantitative risk analysis.

Include evidence of at least one of these processes:

  • Sensitivity analysis.
  • Expected monetary analysis.
  • Monte Carlo simulation.
  • Decision tree analysis.)

Section 3 – Risk Analysis and Assessment

3.1 Major and Minor Risks

Analyze project risk to identify major and minor risks associated with the project.

  • How were the risks determined?
  • Were qualitative or quantitative methods used?
  • Was the most effective method applied to determine risk?)

3.2 Risk Probability

(Integrate qualitative and quantitative risk analysis techniques to identify methods for evaluating the probability of a risk event.

  • How confident are you in the accuracy of the probabilities used?
  • What can you do to improve the accuracy of the probability?

3.3 Risk Matrix Template

Insert your completed Risk Matrix Template. See the end of this document for examples.

3.4 Risk Data Quality Strategy

Define the process and tools to be used to determine the quality of data for use in assessing project risk.

  • How reliable is the data?
  • What is the evidence of reliability?)

3.5 Risk Reviews

Define the process to be followed for risk reviews to be conducted throughout the project life cycle. Insert your completed Risk Monitoring and Control Template. See the end of this document for an example.

  • What is being done to proactively reduce risk in the future?
  • What is being done to communicate risks?

Section 4 – Corrective Action and Monitoring

4.1 Risk Tolerance

Evaluate the organizational and departmental tolerance for risk.

  • Discuss the different risk tolerances within the organization.)

4.2 Risk Mitigation

Identify risk mitigation approaches in support of the project.

  • How will you implement the mitigation approaches?
  • Have you identified specific triggers to initiate mitigation?

4.3 Corrective Risk Management Strategy

Describe your  strategy for corrective risk management.

  • Explain whether you will use auditing, strategic planning, or another type.
  • Describe the corrective action process and responsibilities.
  • Will you be performing a risk postmortem? If not, why not?)

4.4 Corrective Action Plan

Assess corrective plan procedures in support of the project.

  • Is your documentation available to others?
  • Is it reviewed by the team or others?

Section 5 – Postmortem Plan

5.1 Results

Identify and describe how results data will be collected and reviewed to determine corrective actions.

  • Did your postmortem results lead to any concrete changes? Explain.

5.2 Follow Up

Evaluate the organization’s view of risk management and approach, resulting from project outcomes.

  • Did this project change the organization’s approach and management of risk?

Describe the impact of postmortem results on the organization.

Recommend corrective plan procedures to effectively manage risk.

  • What recommendations would you make for future risk management projects?
  • What resources did you use to support your assertions?