Detail your risk management work in the Starting the Project phase of the project. How does risk management play into your decision process as part of the Initiating Process Group? What were the activities, tasks, milestones, and deliverables relative to the Starting the Project phase of work? How do these tasks align with PMI® standards? What findings and recommendations can you offer? Saving Changes...
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Elizabeth HarrinDirector| RebelsGuideToPM.comLondon, England, United Kingdom
Paulette, there are a lot of questions here! We brainstorm potential risks and document current issues in the project initiation document. These form the basis of the risk log, which is then looked at and maintained as one of the project artefacts through the life of the project. Saving Changes...
Sunando ChaudhuriDirector - PMO & Governance| ModonDist: Burdwan, West Bengal, India
Yes, I agree with Elizabeth that there are multiple questions and a lot of activities that happen upfront mostly during the initiation and planning phases. Risks need to be assessed by various mechanisms; lot of organizations use standard tools like FMEA, qualitative/ quantitative analysis or other risk management tools to prioritize risks once they are brainstormed within the team and beyond. Also there needs to numerous risk planning sessions to ensure we capture most of them and risk management being an iterative process right through the project, keep looking and updating them as appropriate. Happy to add some more if you find useful. Thanks. Saving Changes...
Josh NankivelEngineering Project Manager| AppleSioux Falls, Sd, United States
Risk management in the beginning of a project usually focuses more on programmatic and architecture-related risks...many of which tend to get avoided by adopting an alternate approach for design or implementation as it makes sense to do so.
As Elizabeth stated, this kicks off the risk log and risk management process, which is continued through the duration of the project. If working on a very large project, it can be very helpful to manage risk at different levels of your project as well. In this way, individual teams can manage the smaller risks effectively, and "bubble up" those risks they have no control over or are large enough to require more attention. For example in my current project, we have 4 separate levels of risk management that occur.
Subsystems >> Systems >> Ground System/Flight Segement >> Mission Segment
Risk management, along with many other aspects of project management, should be built into your processes and how you work.
Wai Mun KooPMO Director| Intergraph PP&MSingapore, Singapore
I agree with Sunando that risk management is an iterative and continuous process. Usually, we set several checkpoints in different stages in the project to review the risk log - identify new risks, upgrade or downgrade certain risks. The entire risk management process usually starts with risk identification, followed by qualitative risk analysis and quantitative risk analysis, risk planning and risk monitoring and control. Saving Changes...
Paulette:
What kind of project is this for your organization? Operational and repeatable or brand new initiative to launch an enterprise-wide project and/or small, medium or large and/or spans many remote site, states or global. You need to take these into consideration to determine the right methodology, process and templates required for your project.
Are there historical lessons learned to review, have you engaged your team and stakeholders to flush out the risks for this project and do you have a good list of risks developed during the initiation phase?
As a project manager, you should carefully assess the risks and make sure they aren't constraints or really just issues. You'll need to follow whatever risk methodology that makes sense for your culture, your project size and complexity and use tools that help you to manage and report these risks throughout the life of the project.
Lots of other good tips here; just consider the fit for the methodology and tools you'll use. Saving Changes...
