A Simple Proposal for Qualitative and Quantitative Risks Analyses Integration (Part 5)
In Part 4 of this series, we said that plans—however good they are—may fail. Moving on to the final installment of this series, I discuss the treatment of risks as the project progresses…so join me on this last leg of the ride!
My Plan, My Beautiful Plan
As the project progresses, we have to update and adjust. We control scope, cost, schedule and quality, but do we update risk? Undoubtedly, we should! However, in many projects, risk analyses are done once and archived away in some dusty folder or e-mail, or locked in a drawer. I mentioned it before, and I shall return to this point: The reason we do risk analysis is not that we need it to approve the project or that the boss said so; we do it because it helps someone decide which action to take, where to prioritize or whom to ask for help. If you are doing risk analysis “just because,” don’t! I cannot stress that enough!
Moving on, from time to time we should understand how things are going risk wise. To do so, we have to update our schedule and our risk modeling, as well.
The Journey of the Risk
When we complete the register of a new risk, we tend to do a thorough job. The risk has a cause, which leads to an event. Should the event happen, there will be consequences that will affect the goals of the project. The risk has an expected moment to go off. We build response plans
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