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Topics: New Practitioners, PMO, Risk Management
How often should a risk assessment take place?
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How often should a risk assessment take place? What needs to be considered when carrying out a risk assessment?
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In every project amd Everything should be considered when doing risk assessment, thats why its called risk assessment and it should be done on monthly basis after the project starts to re-evaluate risks.
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Agree with Rami

every Month
every Change can impact your risk , so again
Some external events can impact your project be actively checking and reevaluate

Should be part of the monthly report!
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You should be doing quantitative assessments more often than qualitative assessments. Yes, I know qualitative assessments are easier than quantitative assessments.
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Risk assessment and re-assessment is performed as per the PMP.

You may ask how to define the frequency in PMP. In PMP it is defined after considering the organizational risk management processes, nature of the project (complex, R & T, simple repeat project etc), environment and industry, etc.

The aim of risk assessment is to understand the risk, related risk data (is it reliable, how was this data prepared, who prepared, what are the assumptions, etc), to assign priority for further quantitative analysis (there is nothing wrong in performing quantitative analysis for all risks if required; just that it takes more time), to assign responsibility (for example, minor risks may be assigned to a workpackage manger, significant risk may be assigned to PM, critical risk to program manager) and come-up with a better response plan and reserve.
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I agree with what most have said here.
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Thank you all for your inputs
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Risk Assessment is a continious process in project management. From the moment a Problem/Idea/Gap/Opportunity drives forward set up of a project, the risk assessment goes with it hand in hand. Every Project task can cause a potential risk, if it causes a negative impact on the Time, Cost and Effort for the project, hence each stakeholder has to perform a continious risk assessment from a very granular level and as a pyramid, it focus is pointed towards the Sponsor, under whom the Project Manager is hugely responsbile for Risk Management ( in association with a Risk member from project team, if available).

The schedule can vary.

Crucial Tasks with huge Predecessor and Successor dependencies, a generic risk assessment daily is useful.

On tasks with one way dependency, or just a project teask, a weekly assessment is sufficient.

The golden rule of risk management states that the risk assessment is a continious task, so any potential issue or risk are captured and management process commenced immediately
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1 reply by Anupam
Jan 02, 2017 10:23 AM
Anupam
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Thanks Chanu
Network:1709



The amount and type of risk assessment you do will depend on the project complexity, where you are in the project lifecycle and also the particular risk culture you are working in (e.g. risk tolerant or risk avoidant). A good rule of thumb with risk management is to figure out your optimal level of risk management and then be a little more conservative as we generally underestimate our approach to risk on a project.
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1 reply by Anupam
Jan 02, 2017 10:24 AM
Anupam
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Thanks Sean
Network:2935



Risk assessment is generally done for all projects. The steps involved are:
Identify Risks -- Perform Qualitative Risk Analysis -- Perform Quantitative Risk Analysis
When identifying risks, SWOT (Strengths, Weaknesses, Opportunities & Threats), Tree diagrams, Monte Carlo analysis and FMEA (Failure Mode & Effect analysis) are some methods used. The list of risks is documented in a Risk Register.
Qualitative risk analysis is done by prioritizing risks for further analysis based on the probability of their occurrence and impact.
Quantitative risk analysis is then performed by numerically analyzing the effect of the identified risks on overall project objectives.
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2 replies by Anupam and Stéphane Parent
Jan 02, 2017 10:25 AM
Anupam
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Thanks Sajeev
Jan 11, 2017 9:22 AM
Stéphane Parent
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I often skip the quantitative risk assessment for very small projects.
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Jan 01, 2017 6:02 PM
Replying to Chanu Rajagopala
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Risk Assessment is a continious process in project management. From the moment a Problem/Idea/Gap/Opportunity drives forward set up of a project, the risk assessment goes with it hand in hand. Every Project task can cause a potential risk, if it causes a negative impact on the Time, Cost and Effort for the project, hence each stakeholder has to perform a continious risk assessment from a very granular level and as a pyramid, it focus is pointed towards the Sponsor, under whom the Project Manager is hugely responsbile for Risk Management ( in association with a Risk member from project team, if available).

The schedule can vary.

Crucial Tasks with huge Predecessor and Successor dependencies, a generic risk assessment daily is useful.

On tasks with one way dependency, or just a project teask, a weekly assessment is sufficient.

The golden rule of risk management states that the risk assessment is a continious task, so any potential issue or risk are captured and management process commenced immediately
Thanks Chanu
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