Aejaz ShaikhPM I| Alyx Technologies India Pvt LtdPune, Maharshatra, India
How often in a project Risk register should be updated or is this just prepared once during the Identify risk process.
Who all can contribute the risk?
Who and how the risk will be evaluated to be a real risk? Saving Changes...
The sensitivity of your project depend to freeze the interval between the updates of Risk register. No specific duration, I my option,
preferably, minimum once a month, the risk registers shall be updated (other than Agile projects). All the stake holders can positively contribute on the risk register. The project team members shall have better input for the risk register and on its updates. The evaluation of risk or Qualitative analysis of risk shall be again under main stake holders including project team, with available experts. Saving Changes...
I agree that it might depend on the type, priority and criticallity of the project. Anyways, the risk register is a live document, that should be updated frequently, reviewing the impact and probabily (i.e. exposure) as well as the mitigation and contigency plans where applicable.
Normally, I include as part of my internal status meetings, a section to review existing risks/constraints/dependencies and discuss with all team members whether there are others that should be added for future tracking. I prefer to keep everyone aware of what risks we are facing (what we are doing to minimize them, and what we'll do in case they materialize) than getting an ugly surprise afterwards.
Anyways, one thing that I learned is that even on the best creativity, there might be some issue coming up that no one previously foresaw ... One quote I like is this: "“Expect the best, plan for the worst, and prepare to be surprised”. - Denis Waitley
Hope this helps, regards,
Griselda
...
1 reply by Sungjoon Park
Apr 17, 2017 4:41 AM
Sungjoon Park
...
There is nobody to effectively plan the future without updates as needed.
I agree that it might depend on the type, priority and criticallity of the project. Anyways, the risk register is a live document, that should be updated frequently, reviewing the impact and probabily (i.e. exposure) as well as the mitigation and contigency plans where applicable.
Normally, I include as part of my internal status meetings, a section to review existing risks/constraints/dependencies and discuss with all team members whether there are others that should be added for future tracking. I prefer to keep everyone aware of what risks we are facing (what we are doing to minimize them, and what we'll do in case they materialize) than getting an ugly surprise afterwards.
Anyways, one thing that I learned is that even on the best creativity, there might be some issue coming up that no one previously foresaw ... One quote I like is this: "“Expect the best, plan for the worst, and prepare to be surprised”. - Denis Waitley
Hope this helps, regards,
Griselda
There is nobody to effectively plan the future without updates as needed. Saving Changes...
Last week, I attended a conference session on Risk Management, where Terri Carbone presented a chapter from her book titled "Winning Strategies for Executive Leaders." I'm not going to outline her entire risk management process, but to answer the questions:
* Once the risk register is created, it can be added to at any time by any stakeholder.
* It should be reviewed whenever the project schedule is reviewed - tasks resulting from risk analysis should be added to the project schedule.
* The risk owner determines whether or not and how to address the risk.
...
1 reply by Vincent Guerard
Apr 17, 2017 4:43 PM
Vincent Guerard
...
Aaron, I don't agree the the Risk owner Solely decide. The PM should at least be involve.
Last week, I attended a conference session on Risk Management, where Terri Carbone presented a chapter from her book titled "Winning Strategies for Executive Leaders." I'm not going to outline her entire risk management process, but to answer the questions:
* Once the risk register is created, it can be added to at any time by any stakeholder.
* It should be reviewed whenever the project schedule is reviewed - tasks resulting from risk analysis should be added to the project schedule.
* The risk owner determines whether or not and how to address the risk.
Aaron, I don't agree the the Risk owner Solely decide. The PM should at least be involve.
...
1 reply by Aaron Porter
Apr 17, 2017 5:34 PM
Aaron Porter
...
The PM has to be involved - it's part of the project. But, what do you mean by involved?
Whether the person responsible for the risk says it doesn't matter and can be ignored, or it is critical and has to be fixed, what is the role of the project manager?
Is it the PM's job to say who will resolve a risk, or how?
According to the process, all stakeholders, including the PM, can give input into the probability and impact of the risk. The risk owner is the person with the authority to make decisions about the risk, and accountable for the risk and any impact that comes as a result of whether or not/how the risk is dealt with. That decision can be revisited if others still have concerns.
If the risk owner does not have authority or is not accountable, you probably have the wrong risk owner.
Aaron, I don't agree the the Risk owner Solely decide. The PM should at least be involve.
The PM has to be involved - it's part of the project. But, what do you mean by involved?
Whether the person responsible for the risk says it doesn't matter and can be ignored, or it is critical and has to be fixed, what is the role of the project manager?
Is it the PM's job to say who will resolve a risk, or how?
According to the process, all stakeholders, including the PM, can give input into the probability and impact of the risk. The risk owner is the person with the authority to make decisions about the risk, and accountable for the risk and any impact that comes as a result of whether or not/how the risk is dealt with. That decision can be revisited if others still have concerns.
If the risk owner does not have authority or is not accountable, you probably have the wrong risk owner. Saving Changes...
Deepesh RammoorthyICT Project Manager ( PMP®AgilePM®Certified ScrumMaster® (CSM®))| Australian Red Cross Blood ServiceTarneit, Vic, Australia
How often in a project Risk register should be updated or is this just prepared once during the Identify risk process.
Living document getting updated as soon as new Risk is identified , doesn't matter which phase of the project. Also updated if a risk rating is increased.
Who all can contribute the risk?
any stakeholder can contribute the risk. They may just be providing it as a statement . eg delay in project work because of XYZ factors. This affects the schedule and the Project Manager can highlight this as a risk in the Register.
Who and how the risk will be evaluated to be a real risk?
Ideally the PM should discuss this with the Project Team and the Stakeholder who raised this risk either in the team meeting or a workshop if there are several such risks identified specifically in very large projects. Saving Changes...
Aejaz ShaikhPM I| Alyx Technologies India Pvt LtdPune, Maharshatra, India
Thanks for the discussion on this topic. Saving Changes...
Community Champion
