Hi everyone! I have a doubt/question.
I understood that risk analysis is carried out along the entire life cycle of a project with different purposes and types depending on the phase and the information available, but someone can make me some example or advice me something to read to better understand the aims of risk analysis during the initiating phase?
For instance, in the planning phase of a project its useful to make Risk Analysis in order to estimate the cost contingency with a risk base approach, something else?
I hope my question is clear.
Thank you in advance,
Teresa Saving Changes...
During the early stages of a project, risk analysis might look at identifying the overall risk profile of a project relative to others to decide whether it is worth continuing to invest in more detailed planning.
We may also analyze some very obvious risks which were identified during the chartering of the project.
It is not uncommon for a risk register to be populated quite early in the life of a project, and then progressively as more and more information becomes available.
Right from the initiation phase, you will identify some high-level risks, and certainly your sponsor and key stakeholders will also shed light on some risks that you will need to consider. It's one of the first documents I create when starting a project, as I talk to stakeholders and knowledge experts connected to the project. Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
I am having some difficulty with your premise that "risk analysis...with different purposes and types depending on the phase and the information available...".
The purpose of a risk management plan does not change - to identify, analyze the probability of an event that has an impact on the project occurring, the impact of the possible occurrence and the response should it occur. During the life of a project the possible events, the probability of the event, the impact of the event and the response may change, some identified events may pass by, some may actually occur. New events may become possible, etc. Different phases of the project lend themselves to different events, different impacts and different responses but the purpose of risk and/or benefit analysis remains the same - improve or enhance the probability of project success.
The costing of the impact of events on the project, both in terms of money, time and quality, are important throughout as are the costs of implementing mitigation measures.
As Sante wrote, start with a risk management plan at the very beginning of the project and keep it dynamic. Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
Teresa
I suggest and highly recommend you read the PMI Standard for Risk Management and Risk Management Knowledge Area in the PMBOK. It will give you a pretty good understanding of the process.
If you are a paid PMI member in good standing, you should have access to both resources for free.
Hope this helps.
RK Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Risk management is started before the project exists. It is taken by the business analyst because risks must be taken into account mainly before the business case is create and risks must be stated into the business case. The process progressess along the deliverables. The defined process for risk management is executed in interative mode along all the life cycle and after the project ends the process still remains and it is keeping alive by the business analyst while performing "solution analysis and monitoring" which is an activity that belongs to business analisys. Saving Changes...
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