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Risk Management - Coggle Diagram

- - - - how will occur
      - relation to project importance
    - - how will
        
        identify risks
        
        analyze risks
        
        create risk responses
        
        control risks
      - es. subject matter experts
      - group activties
    - - part of
        
        program
        
        portfolio
      - managed at apropriate level
        
        delegate to project team
        
        escalated to highest levels
        
        enterprise-wide risk management
        
        es. common threasold measure
        
        define risk owner
      - risk efficency
        
        quick
        
        identify
        
        analyze
        
        response
    - - project charter
      - pm plan
      - project documents
        
        stakeholder register
      - eef
      - opa
        
        risk policy
        
        predefined approach to risk management
        
        define activities
        
        initiate
        
        plan
        
        respond
        
        map project risk management to these policies
        
        leadership level
        
        senior
        
        define vision and direction
        
        management
        
        define implementation of policies
        
        support
        
        make things done
        
        risk categories
        
        risk breakdown structure
        
        roles and resonsabilities
        
        lessons learned repository
        
        templates
        
        risk management plan
        
        risk register
        
        risk report
    - - expert judgement
      - data analysis
        
        stakeholder analysis
        
        risk tolerance
        
        low for important projects
        
        reduce exposure to risks
        
        more time and money
        
        high for less important projects
        
        based on written policies
        
        utility function
        
        risk appetite
        
        reward
        
        willingness to participate
        in the risk
        
        risk threasold
        
        organizazional rules
        
        go/no go decisions
        
        invest to reduce exposure to risks
        
        es. lab to test new materials
      - meetings
    - - risk management plan
        
        group activity
        
        pm
        
        project team leaders
        
        key stakeholders
        
        personnel specific to risk management
        
        plan risk management activties
        
        cost of the risk elements
        
        assignment of risk responsabilities
        
        individual
        
        track the risk
        
        monitor the risk
        
        report on that risk
        
        empowered to respond
        
        definition for the level of risk
        
        risk probability and impact matrix definition
        
        analysis
        
        qualitative
        
        quantitative
        
        resources and funds needed
        
        methodology
        
        tools to use
        
        data sources used for risk management
        
        approaches
        
        related to organization
        
        for the project type
        
        project phases
        
        flexibility for the project
        
        resilient
        
        when risks happen
        
        risk categories
        
        classification
        
        technical
        
        quality
        
        performace
        
        project management risks
        
        costs
        
        schedule
        
        organization risks
        
        external risks
        
        risk breakdown structure
  - - - pm plan
        
        requirements management plan
        
        schedule management plan
        
        cost management plan
        
        quality management plan
        
        resource management plan
        
        risk management plan
        
        scope baseline
        
        schedule baseline
        
        cost baseline
      - project documents
        
        assumption log
        
        cost estimates
        
        duration estimates
        
        issue log
        
        lessons learned register
        
        requirements documentation
        
        resource requirements
        
        stakeholder register
      - agreements
      - procurement documentation
      - eef
      - opa
    - - expert judgment
      - data gathering
        
        brainstorming
        
        checklists
        
        interviews
        
        involve
        
        project stakeholders
        
        subject matter experts
        
        start from
        
        wbs
        
        assumptions
        
        questions
        
        how do the system work?
        
        talk me through the process
        
        what's changed?
        
        what changes are happening?
        
        how often does that happen?
        
        what makes your job hard?
        
        can you give me some examples?
        
        can you show me?
        
        how many times has that happened so far this year?
        
        chek the real entity of risk
        
        what do you do if X Y Z happens?
        
        discussion
        
        insight on what risks
        
        similar work
        
        assumptions
        
        challenge
        
        examine
      - data analysis
        
        root cause analysis
        
        assumption and constraints analysis
        
        SWOT analysis
        
        Strengths
        
        es. the new technology has been
        installed by other large companies
        in our industry
        
        Weaknesses
        
        never installed this technology before
        
        Opportunities
        
        improve performances
        
        Threats
        
        learning curve may overlap
        with product changes and could
        be less strategic
        
        document analysis
      - interpersonal and team skills
        
        facilitation
      - prompt lists
      - meetings
    - - risk register
        
        all information related to risk
        
        identification of the risk
        
        potential responses
        
        risk triggers
        
        warning signals that
        a risk occuprred or is about to occur
        
        risk owners
        
        person who will own the risk
        
        risk category
        
        status
        
        root causes
        
        wbs references
        
        timing
        
        deadlines
        
        activtiies updates
        
        status
        
        progress
        
        responses
        
        outcomes
      - risk report
      - project documents updates
        
        assumption log
        
        lessons learned register
    - - inputs to the process
      - project plan
        
        es. contracts
        
        good start point
        to identify risks
      - scope
      - asumptions and constraints
        
        good start point
        making assumptions
        
        test assumption
        
        assumption analysis
        
        stability
        
        how reliable is the information
        that led to this assumption
        
        consequences
        
        false assumption
        
        validity
        
        cost increases
        
        schedule delays
      - iterative activity
  - - - pm plan
        
        risk management plan
      - project documents
        
        assumption log
        
        evaluation of all assumptions
        
        risk register
        
        stakeholder register
        
        may be identified as risk owners
      - eef
      - opa
    - - epert judgment
      - data gathering
        
        interview
      - data analysis
        
        risk data qualify assesment
        
        risk probaility and impact assesment
        
        assesment of other risk parameters
        
        urgency
        
        how long before the risk may happen in the project?
        
        proximity
        
        how long before the risk will affect a project objective?
        
        dormancy
        
        how long after the risk has occurred before its impact noticed?
        
        manageability
        
        how easily can the risk be managed?
        
        controllability
        
        how easily can the outcome of the risk event be controlled?
        
        detectability
        
        how easily can the evidence of a risk's occurence be detected?
        
        connectivity
        
        how connected is a risk to other risks within the project?
        
        strategic
        
        what size of impact will the risk have on the strategic goals?
        
        propinquity
        
        what is the risk perception by key stakeholders?
      - interpersonal and team skills
        
        facilitation
      - risk categorization
      - data representation
        
        probability and impact matrix
        
        hierarchical charts
        
        risk acceptability ad response
        using bubbles chart
        
        x and y could be key project performance indicators
        like cost and schedule
      - meetings
    - - project document updates
        
        assumption log
        
        issue og
        
        risk register
        
        risk report
    - - prioritizing individual project risks
        
        further analysis
        
        es. quantitative risk analysis
        
        define actions
        
        not all risks need qualitative risk analysis
        
        broad approach to ranking risks by priority
        
        facilitator aware of perception and bias
        
        stakeholders could influence risk qualification
        
        scared so increase the seriousness
        
        avoid risks defining all as low priority
        
        pm as facilitator should consider this
      - assesment
        
        probability of occurence
        
        impact
      - focuses efforts
        
        high-priorty risks
      - qualify the risk
    - - scoring model
        
        process
        
        methodologies
      - status of the project
        
        early vs late in the project
        
        early
        
        lot of unknown between now and the end
        
        number and types of risks
        
        time available for risk analysis
      - project type
      - accuracy and risk data
    - - imminent risks are usually higher urgency tahn distant risks
      - identifies
        
        risks that require additional analysis
        
        risks may proceed directly to risk response planning
        
        non critical risk, but still documented
      - prioritized risks
  - - - probabiity
      - impact
    - - risk response
    - - likelihood of reaching
        
        a projcet success
        
        a project objective
      - risk exposure
      - contingency reserve
      - identify risk with largest impact
      - determine
        
        realistic time
        
        realstic cost
        
        scope targets
    - - pm plan
        
        risk management plan
        
        scope baseline
        
        schedule baseline
        
        cost base line
      - project documents
        
        assumption log
        
        basis of estimates
        
        cost estimates
        
        cost forecasts
        
        duration estimates
        
        milestone list
        
        resource requirements
        
        risk register
        
        risk report
        
        schedule forecast
      - eef
      - opa
    - - expert judgement
      - data gathering
        
        interviews
      - interpersonal and team skills
        
        facilitation
      - represetations of uncertainy
      - data analysis
        
        simulations
        
        sensitivity analysis
        
        a study to see real impact of one risk
        
        connection with other events
        
        es. if A happen, than B happen...
        
        steps
        
        examines each project risk on its own
        
        analysis process to determine which risks have greatest effect
        
        all other risks in the project are set at a baseline value or ignored
        
        indivdual risk is then examined to see how it may affect the success
        
        goal is to determine which individual risks have the greatest effect
        
        prioritize risks
        
        can examine how affects
        
        net present value
        
        IRR
        
        tornado diagram
        
        pros and cons of different risks
        
        looks at the one with the biggest probability
        and the biggest effect
        
        decision tree analysis
        
        goal
        
        calculate the vaue of that decision
        
        determine which costs the least
        
        viusalizazion of which decision is the best to make
        
        circles
        
        chance nodes
        
        shows probability of
        certain results
        
        es. chance it costs more or less than X
        
        squares
        
        decision node
        
        shows a decision
        
        end node
        
        final outcome of a decision
        
        for each decision's outcome
        
        examines
        
        cost
        
        benefits
        
        weighs
        
        probability of success
        
        steps
        
        starts with a single node
        
        branches into possible outcomes
        
        outcomes leads to additional nodes
        
        inflence diagrams
    - - project documents updates
        
        risk response
    - - interviewing stakeholder and experts
      - risk distributions
        
        define when and where risks can occur
        
        identify if risks are all bunched up at the beginning
      - expected monetary value
        
        monetary value of the risk
        
        probability-impact matrix
        
        probability
        
        vs. qualitative risk where probability is
        descriptive
        
        cardinal value
        
        impact
        
        calculate value of the risk
        
        positive for opportunities
        
        contingency reserve
        
        sum of Expected Monetary Value
        
        expected monetary value
        
        multiply the impact per probability for each risk
        
        can be used to define
        
        a utility function
        
        a tolerance level
        
        investements to mitigate some risks
        
        expecially when the risk can occur at the beginning
        
        reduce probability
      - modeling and simulation
        
        es. making some simulations on network diagram
        
        make some what-if is something happen
      - expert judgment
  - - - enhance opportunities
      - reduce risks
        
        residual risks
        
        amount of risk or danger remain after risk control
        
        secondary risks
        
        risk due to a response to a primary risk
        
        risk response contracts
        
        justifyng risk reduction
        
        probability and impact assesment
        
        es. sensitivity analysis
        
        additional time or monies
        
        determine if the solution is worth tradeoffs
        
        Prevention VS Risk of Occurence
        
        cost
        
        preventing the risk
        
        responding to risk
      - document risk responses
      - tracks outcomes
        
        lessons learned
    - - pm plan
        
        resource management plan
        
        risk management plan
        
        cost baseline
      - project documents
        
        lessons learned register
        
        project schedule
        
        project team assigment
        
        resource calendars
        
        risk register
        
        risk report
        
        stakeholder register
      - eef
      - opa
    - - epert judgment
      - data gathering
        
        interview
      - interpersonal and team skills
        
        facilitation
      - strategies for threats
        
        escalate
        
        delegate risk to higher management level
        
        outside project scope
        
        avoidance
        
        es. reduce scope to avoid the risk
        
        transference
        
        hire a vendor that manage the risk
        
        mitigation
        
        reduce te probability for the risk
        
        acceptance
        
        do nothing, just know it can happen
      - strategies for opportunities
        
        escalate
        
        delegate opportunity to higher management level
        
        outside project scope
        
        exploiting
        
        take the right actions to get the opportunity
        
        es. work 7/24 if there is a performance fee
        
        sharing
        
        find partners to invest for the
        opportunity and share the gain
        
        enhancing
        
        try to favorite scenario to inrease the odd
        
        accepting
      - contingent response strategies
        
        identify conditions and trigger
        when need to use contingency reserve
        
        documented on risk register
        
        fallback plan
        
        contingency plan
      - strategies for overall project risk
        
        data analysis
        
        alternative analysis
        
        cost-benefit analysis
      - decision making
        
        multi-criteria analysis
    - - change requests
      - pm plan updates
        
        schedule management plan
        
        cost management plan
        
        quality management plan
        
        resource management plan
        
        procurement management plan
        
        scope baseline
        
        schedule baseline
        
        cost baseline
      - project documents updates
        
        assuption log
        
        cost forecast
        
        lessones learned register
        
        project schedule
        
        project team assigments
        
        risk register
        
        updates base on
        response strategies
        
        specific actions
        
        triggers, warning signs, conditions
        
        understand the risk is happening
        
        budget, schedule
        
        money and time to do the risk response
        
        risks, owners, responsabilities
        
        risk report
- - - - could be an opportunity
      - investment
    - - always bad
      - life
      - injury
      - dangerous work
    - - organization looks for opportunities
    - - amount of risk in the project
    - - known risk
        
        a quantified point after
        which I'm unconfrotable
      - unknown risk
    - - willing they are to accept risk
      - want to avoid risks
    - - math function for tolerance and the amount of risk
      - function betweein the project priority and the cost
        of risk elimination
        
        the higher is a project priority
        the more an organization is
        wiling to spend on risk management
    - - individual project risk
      - overall project risk
      - non-event based risks
        
        variability risks
        
        uncertainty
        
        es. fluctuation in productivity
        
        errors and defects
        
        es. weather
        
        ambiguity risks
        
        uncertain future
        
        impossible to predict
        
        es. new tech solution
      - project resilience
        
        awareness of unknowable-unknowns
        
        require
        
        contingency
        
        budget
        
        schedule
        
        flexible
        
        processes
        
        scope or strategy
        
        empowered project team
        
        agile approach
        
        frequent review of warning signs
  - - - cross-functional
      - knowledge sharing
    - - risk is considered for each iteration
      - start
      - end
      - in progress
        
        team and pm monitor risks
        
        team is empowered to address the risk events
    - - may be reprioritized based
        on risk exposure
      - update story points based on risk
- - - - pm makes certain that the responses are carried out
      - risk owners empowered to do risk responses
    - - risk responses
        
        identfied
        
        documented
        
        agreed upon
        
        communicate and make certain everybody understand
    - - ensure that the response has been taken
      - evalute outcomes
      - document that
    - - pm plan
        
        risk management plan
      - project documents
        
        lessons learned register
        
        risk register
        
        risk report
      - opa
    - - expert judgement
      - interpersonal and team skills
        
        influencing
      - pmis
    - - change requests
      - project documents updates
        
        issue log
        
        any issues created are recorded in the issue log
        
        lessons learned register
        
        project team assigments
        
        necessary resources allocated
        
        es. check for a senior instead of a junior resource
        
        risk register
        
        risk report
        
        update to reflect changes to project risk exposure
- - - - implementing risk response plans
      - tracking identified risks
      - monitorng residual risks
      - evaluating risk response
      - monitor if probability/impact change
    - - pm plan
        
        risk management plan
      - project documents
        
        issue log
        
        lessons learned register
        
        risk register
        
        risk reports
      - work performance data
      - work performance reports
    - - data analysis
        
        technical performance analysis
        
        reserve analysis
        
        contingency reserve for
        
        cost
        
        schedule
      - audits
      - meetings
    - - work performance information
      - change requests
        
        corrective actions
        
        preventive actions
      - pm plan updates
      - project documents updates
        
        assumption log
        
        issue log
        
        lessons learned register
        
        risk register
        
        risk report
      - opa updates