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Portfolio risk is not just the sum of the individual project or program-level risks.
I'd recommend downloading and reading PMI's Standard for Risk Management in Portfolios, Programs, and Projects (https://www.pmi.org/pmbok-guide-standards/...isk-management) as it will provide a lot of guidance on this in section 5.
Look at http://www.spiderproject.com/images/img/pd...%20Problems.pdf
There are some ideas that can be useful.
good discussion.....Teresa I am not sure degree of difficulty is justification for not doing RM on all of the projects....they must be unique in some way therefore there could be unique risks
Portfolio is not about projects at least you are talking about project portfolio. That´s is critical to understand because portfolio exceeds to project and programs and project portfolios. So, creating risks for company portfolios is an activity that must be than with enough level of abstraction to instantiate it into project portfolio risks.
You can derive many metrics for your portfolio depending on your need. For example:
(1) Number of risky projects - a simple measure
(2) Number of cross-project risks - those risks that are capable of causing risks in other projects
(3) Depth of related risks tree - if you have (2), then you can estimate how deep a risk trigger could go
I understand that some project risks could also be portfolio level risks. But, the PM has to ensure success of each projects. Therefore, I don't think that there is a way out of risk assessment for each project within the portfolio.
1. Elevate critical risks from individual projects & programs for visibility at the portfolio level.
2. Add cross-portfolio risks such as change management risks of concurrent projects having "go lives" all around the same time, the financial impact of failure to multiple projects, and cross-business risks (i.e. projects - operations and operations - projects).
Does your company have an established enterprise risk committee? I served on one when I led the EPMO for a government agency and we had leaders from each major division who'd share the risks in their areas and I'd present the risks from our portfolio to their areas.
I agree with Kiron
I am developing the risk management process using Oracle Primavera Cloud (OPC). Oracle integrated Primavera Risk Analysis in this product. You can call the risk level at the portfolio level but the risk analysis is done at the project level. My approach is to create risk templates by project type to quickly and easily apply the template to the project. Only minor adjustments that are unique to a project need be made before running the analysis.
The key to developing a risk management process is that you must have enough data to identify risks, actions, probability of occurrence, cost and time impact probabilities, etc. A lot of the data can come from subject matter experts, field engineers, and project managers.
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