I have made a basic risk register for one of the company's projects. I want some experienced PM to take a look at it since I need help regarding probability and impact calculation and identifying risk triggers.
Thanks. Saving Changes...
¿Wagar, can you upload an image or part of the calculations of the file to Google Drive, and share the link? So, we can check and provide the feedback you require...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
I think a little background would help as well. How did you go about developing the register? What is purpose in the development? Do you have a Risk Management Plan as well? What is the stakeholder risk tolerance?
Locale of the project, experience of the team, lessons learned, etc. will have significant influence on risk probability and impact as well as possible mitigating measures. The forum may be of assistance in your general approach but only you and your team including significant stakeholders can determine and apply the details.
A peer review can only be done with total access to the information available to you. There is too much room for misdirection without such. Saving Changes...
¿Wagar, can you upload an image or part of the calculations of the file to Google Drive, and share the link? So, we can check and provide the feedback you require...
Risk management is a technique that requires the collaboration of all teams and stakeholders. My recommendation is to call a meeting, explain to them the basic techniques and leave them to calculate the probability and impact estimation. Also, leave the team to decide who will be responsible for the action/mitigation based on each members capabilities and responsibilities. Usually, we provide the team with the guidelines of range, (1-5) both for probability and impact.
Risk management depends on the type of business, context affectation and the organization strategy. So, my recommendation is to use a typical template and make progressively the adjustment that better suit your needs.
I like Excel because I can split the different sort of activities that I wish to track in terms of what activity affect and the type of impact. As you know risk score = P x I, where P: the probability of occurrence and I is the impact.
Since the impacts measure results in terms of time, cost, image, quality, operation reliability, etc., they are rated according to how they affect the achievement of the goals.
For example, if one of the main goals of the project is the return of the investment, impacts that will increase the budget are classified with a high weighted index. (Table 1 to X, depending on the goals of the project).
The aim is to split according to the prioritization of the goals of the project over the outcomes to assess how a materialization of risk can affect them. So, the impact is broken down to track what is the impacted activity and how much the impact is. This enables to provide weight to the impact according to the prioritization of goals. Finally, it builds a table to group the risk score. For example:
5 = extremely critical,
4 = critical,
3 = medium,
2 = minor,
1 = minimum. Saving Changes...
