Thomas AndrewsProject & Risk Management Consultant| PM/RM WorksLong Beach WA, United States
Is it necessary to have a documented risk response plan with defined actions and milestones to address the risk? Saving Changes...
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Mohamed SobairPrincipal Solution Architecture| FreelanceRiyadh, Riyadh, Saudi Arabia
As we All know that bad risks causes the Project time & Money!
Hence, the documentation of a Risk response Plan with defined actions is mandatory.
If the Risk Cant be avoided before it happens (eliminating threats before it happens), then at least Risk mitigation is required.
Doing some thing to reduce the probability and impact of a threat when it happens is better than accepting the risk.
The Risk Response Plan includes all of the following:
1- If possible, Eliminate the risk (Threat) before it happens).
2- reduce the probability & impact of risk (threat) if it happens.
3- do some thing or increase the probability of risk (Opportunity) to happen. Saving Changes...
Michael AdamsSolutions Architect| LANLLos Alamos, Nm, United States
Great question Andrew, It just so happens that I've been working on an article directly related to this. I'll try to finish that article quickly and post a link to it here.
In short, however, I say yes, it is necessary to engage in formal risk identification, analysis, and response planning. I recommend that you do those tasks with a team, and really get into the weeds.
It doesn't take a lot of time with a team to uncover a whole series of risks and generate risk responses. Don't settle for generic risks either, for example if you have a project where you plan to use college students or high school students as workers, don't settle for a risk like, "Students aren't available to work when needed." Rather examine that, what could prevent them from being available, like maybe they don't have a car (risk 1), maybe there is no public transit on the day you want the work done (risk 2), maybe they have to study for a test or complete a large assignment (risk 3). Each of these has different strategies for avoidance. In one case, maybe you rent a car, in another maybe you schedule the work for a different day of the same week, in the third maybe you change the plan for students to work in a complete different week or you get a different work force. Saving Changes...
Michael AdamsSolutions Architect| LANLLos Alamos, Nm, United States
Hi Thomas, here is the article I promised. This is the first part, where I explore the implications of ignoring risk analysis and planning. In the followup article, I'll explore what I learned in an advanced risk training I attended a while back. I hope this is helpful to you:
http://www.projectmanagement.com/blog/PM-Interface/11357/ Saving Changes...
Thomas AndrewsProject & Risk Management Consultant| PM/RM WorksLong Beach WA, United States
Good article Michael. Thanks for posting it. I enjoyed reading it. Looking forward to your next one. Saving Changes...
