Karl TwortSenior Project Manager| Fresh EggUnited Kingdom
What are your approaches and techniques to risk management?
I always start a stage before, by managing a list of assumptions first. This for me opens my mind to "Ok, I assume this, but if that's wrong, what is the risk"?
Indeed, an incorrect assumption may also lead directly to an issue.
So, for me I manage Assumption to Risk to Issue.
What's your advice? Saving Changes...
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Luis BrancoCEO| Business Insight, Consultores de Gestão, LdªCarcavelos, Lisboa, Portugal
Dear Karl
Interesting your question
Thanks for sharing
My approach to risk starts at the project charter but is done more carefully during the stakeholder review processes, the creation of the WBS and the analysis of the people and resources needed to complete the project.
I Make a point of involving the project team in this activity: Identifying Risks
The methodology I use is simple:
"If... then"
or "What if ... then"
Which may be called assumption analysis
I systematically and periodically analyze the risks Saving Changes...
As Luis indicates, assumptions analysis is one of the more powerful techniques for identifying risks. However, it also worth considering tools such as risk checklists, prompt lists, and leveraging expert knowledge through brainstorming or other such techniques.
Remember though that this is just identifying risks. If we stop there, we are not really managing risks.
Kiron
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1 reply by Luis Branco
Nov 15, 2019 8:29 AM
Luis Branco
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Dear Kiron
We agree.
My comment only refers to "risk identification"
Saving Changes...
Luis BrancoCEO| Business Insight, Consultores de Gestão, LdªCarcavelos, Lisboa, Portugal
Nov 15, 2019 8:09 AM
Replying to Kiron Bondale
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Karl -
As Luis indicates, assumptions analysis is one of the more powerful techniques for identifying risks. However, it also worth considering tools such as risk checklists, prompt lists, and leveraging expert knowledge through brainstorming or other such techniques.
Remember though that this is just identifying risks. If we stop there, we are not really managing risks.
Kiron
Dear Kiron
We agree.
My comment only refers to "risk identification" Saving Changes...
Karl TwortSenior Project Manager| Fresh EggUnited Kingdom
I think we all agree. Risk tools are key to effective management. I pose questions for consideration and informative answers for new members or people wanting to join the profession, not because I don't know an answer.
That said, I have also learned so much from a point of view that I share and then to take pieces of information from other members views.
Scenario based questions are great for feeding the mind :) Saving Changes...
I often start with the "known unknowns". Often projects involve solving some problem(s) before we know what the solution will look like. This can be requirements that are unknown, analysis or testing that must be done to determine capabilities, etc. Solving those problems and answering the unknown questions is part of the plan. The risk is getting an answer we were hoping not to find, but needed to know.
As we try to solve those problems, we learn things that steer the course of the project. We can then compile a list of risks like "What if it fails the test?" and "What if meeting that requirement will take longer than we can absorb?" Saving Changes...
Stéphane ParentSelf Employed / Semi-retired| Leader MakerPrince Edward Island, Canada
Don't forget that you can come full circle with your assumptions. When you identify risks with low probability and low impact, you can make the assumption they will not happen. Saving Changes...
