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Risks evaluation

During the risk identification sessions, the team identified 150 potential risks in the project, it was also identified that reviewing each one of them would consume a lot of time. How would these risks be managed while minimizing the impact of time and resources?
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Rubén -

That is one of the objectives of qualitative risk analysis - to help the team identify which subset of overall identified risks merit additional effort and which ones don't. The latter would usually go on a watchlist of some kind so that we don't forget about them.



I suggest you categorize the risk events and consolidate the events with similar triggers and impacts. It is highly likely that several risks will have mitigation and response actions that resolve similar events. Also, the Owner's/client's organization and the project sponsors need to acknowledge risk management processes and to allocate budget and schedule contingencies for the PM to execute mitigation and response actions.

Henry. .

Hi Ruben, prioritize them based on the impact and probability. Move the least impact on risks on watch list and focus on the higher priority risks. This is the way to go.

As Kiron said, you are still in planning stage in a progressive elaboration after the risks have been identified, they would be go to next step qualitative an d quantitative risk analysis to to evaluate the rating and numerical to be responded if they would be occured!!!

Qualitative risk analysis is useful in this case.Qualitative Risk Analysis is the process of prioritizing risks for further analysis . The key benefit of this process is that it enables project managers to focus on high-priority risks by combining their probability of occurrence and impact.

Agree with responses provided

You need to prioritize them based on criteria like severity and chance of occurrence. Qualitative risk analysis tools and techniques can do this for you.

After identifying and quantifying the risks. The next step is to qualify them (low, medium and high). It prioritizes risks for qualitative analysis and their impact on the project.

150 is a lot of risks - I would guess a number would be similar and could be combined - then if there was some grouping in the risks into themes e.g. finance, engineering, resourcing etc. then the most important themes could be prioritised. Within each theme some risks would be clearly higher in impact or likelihood and the mitigation effort could be focused on these, Most important is no risk should be ignored

I agree with the ideas. I think to prioritize is very important. Try to group things that could be described as one risk. My personal experience working with groups for risk identification is having the same risk arising in five different groups! You should have a clear idea of the impacts for those as well as the urgency to respond. Then you could rank the risks and decide a cut-off limit for what you are actually going to keep track.

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