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week 4: risk mgmt - Coggle Diagram
week 4: risk mgmt
risk and uncertainty
- known known: no risk, no uncertainty, it is a fact
- unknown known: things that we do not know but others know, due to information asymmetry or poor communication. use padding to cover the unknown but do not include paddinfg when you estimate otherwise will not be accurate.
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- known unknown: things we know but do not known the uncertainty, we know it will happen, but have no clue about how might it goes
- unknown unknown : things we do not know that we do not know
risk mgmt plan
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mitigation
by adding resources or time to decrease the pr, reduce impact
transfer
e.g insurance, guarantees
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accept
if the pr and impact is low then we only care if that risk occurs, could use contingency or mgmt reserves to deal with it
- risk monitoring and control
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why mgmt risk?
- maximising the positive value that the risk might result and mitigate the negative impacts the risk could bring
- depends on the risk appetite and tolerance
risk appetite is how much they willing to accept, how they perceive risks and treat
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- identifying, analysis and responding to the risks
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what is risk?
uncertain event or conditions that if occurs will bring positive or negative impact on the project objective. in this course, we focus on the negative impact, the threat. we care the risk bc if it is happened, it will impact on the project timeline, budget...
a risk case study
Ben is the project manager for a development project. Ben and his project team is in the coding phase, and a critical coding task has been assigned to Joe. The code is set to go into testing on Monday in order for the project to be finished on time. The task takes five full working days and was supposed to start Monday two days ago (COB). However, Joe has not turned up to any meetings or responded to any emails for at least two days. Nobody knows, where he is.
what should ben do
issues of the case
- ben did not monitoring joe well, should communicate and keep in touch with joe, ask him hows going. always think about the project objective at the top of my head
- was not a good risk accessor
- comes up with plan b, do i have someone to cover for joe, need to rejig the task and bring it to the right track
how to write a risk:
If sth happens (an action) then what does it effect (a consequence) thus leading to (impact on the objectives). e.g if tester resign then tasks related to testing units 3 4 5 will not be completed thus leading to schedule over run by three weeks