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Risk Management (Plan Risk Response (Responding to Threats (Avoid,…
Risk Management
Plan Risk Response
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Triggers: risk about to occur
- Implement contingency
- Prepare workaround
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Individual vs Overall
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Identify
Tools
-Assumptions Analysis
-RCA Analysis
-Documentation review
-Checklists
-Brainstorming
-Interviews
-Risk Workshop
-Prompt Lists
-SWOT Analysis
-Expert Judgements
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Risk register
-Information about event, RC, effect,
potential responses
-Collective, iterative and continuous
from team
-Also used to analyze, respond and
control risks
Other risk factors
Data Quality: consistency, completeness, accuracy
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Control Risks
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Reserve analysis
-Monitor if available reserve suits
the existing risk
-Reserve may be comsumed reduced or
changed through the change control mech
Risk report
-Maintain risk awareness and engagement
-Understand how, when and who
-Provide transparency
Risk Audit
-Practices are effective?
-Procedures are documented?
-Procedures comply?
-Procedures are adopted?
-Are there improvements?
Workaround
-Unplanned response to an accepted or unidentified risk
-When there is no planned response, the priority is to
implement a workaround
Quantitative Analysis
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-Expected Monetary Value: quantified by impact and probability
-Decision Tree: tree branch with probabilistic outcome
-Influence Diagram: factors that influence project outcomes
-Sensitive Analysis (Tornado): risks with greater impact
General
-Objective, numerical and accurate assessment of risk
-Deepen the level of understanding
-Supported on high-quality data
-Should be used when possibleand if justifiable
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Plan Risk Management
Approach
-Procedures, metrics, tools, templates
-Resources and responsibilities
-Categories and Risk breakdown Structure
-Criteria used to classify risks
-Attitude towards risk
-Probability and impact matrix
-Risk monitoring frequancy
-Risk visibility
Categories
-Logical way to organize risks
-Tailor the risk management
-Help to generate and organize risk
-Reuse historical information
-Identify concentration of risks
-List format or Risk Breakd. Structure
Qualitative Analysis
-Subjective, non-measured and approximate
-Quickly weight the risks and determine importance
-Determine how aggressively should we respond to risks
-Determine a probability and impact rate and combine to a risk score
-Assessment refined with other risk factors
-Assess overall project risk
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Implement
Risk Response
-Confirm if response is adequate
-Adpating responses
-Implement risk responses
-Updating documents
-Generating change requests