Dinah YoungProject Manager / Software Asset Manager| Prince William CountySpringfield, Va, United States
My current company has been sporadic with there management of risks. I am working on changing that.
In terms of tools, for risk identification we rely heavily on Brainstorming, Expert Analysis, and Lessons learned from previous projects.
For Qualitative analysis, we use a Probability/Impact matrix to score all of our risks after we categorize them.
We have not done any Quantitative Analysis yet.
And for Risk Responses, all we use is Brainstorming.
As I said we are still relatively new to Risk Management. My job over the next year is to get people comfortable with the basics and then we can look at additional tools to support the process.
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1 reply by Viktor Kim
Mar 30, 2018 4:05 PM
Viktor Kim
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Thank you for your reply. How deep you are involving your subcontractors into risk management process? Are they involved into brainstorming discussions on project activities? just interested to know how you are doing the business abroad. Sometimes, there might be a situation when we don't have enough technical knowledge to ensure e.g. compliance with local legislation requirement (which by the way represent the huge risk). But, from another point of view, we also cannot completely rely on subcontractors' knowledge, which might be lower than ours.
Saving Changes...
Viktor KimQuality Coordinator| Mauser Packaging Solutions INCAtyrau, Atyrau Region, Kazakhstan
Mar 30, 2018 9:37 AM
Replying to Dinah Young
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My current company has been sporadic with there management of risks. I am working on changing that.
In terms of tools, for risk identification we rely heavily on Brainstorming, Expert Analysis, and Lessons learned from previous projects.
For Qualitative analysis, we use a Probability/Impact matrix to score all of our risks after we categorize them.
We have not done any Quantitative Analysis yet.
And for Risk Responses, all we use is Brainstorming.
As I said we are still relatively new to Risk Management. My job over the next year is to get people comfortable with the basics and then we can look at additional tools to support the process.
Thank you for your reply. How deep you are involving your subcontractors into risk management process? Are they involved into brainstorming discussions on project activities? just interested to know how you are doing the business abroad. Sometimes, there might be a situation when we don't have enough technical knowledge to ensure e.g. compliance with local legislation requirement (which by the way represent the huge risk). But, from another point of view, we also cannot completely rely on subcontractors' knowledge, which might be lower than ours. Saving Changes...
Dinah YoungProject Manager / Software Asset Manager| Prince William CountySpringfield, Va, United States
My company is a local government so we do not have some of the risks you are experiencing with doing business abroad.
If we do have contractors in, we would definitely involve them in the Risk process. However, the project manager is ultimately the one responsible for the risks on the project. So any risk that is identified should be reviewed by the project manager. If he does not have the proper expertise, he will need to find industry experts to get feedback from. Saving Changes...
I use an excel based tool at my org. It is created using excel VBA. What is your expectation with this question. I think if you share your need or problem, you may get a better and relevant feedback.
I believe you can easily create Risk management tool based on excel, or use online tools if they suits your need. Saving Changes...
If you want something basic check smart sheets Saving Changes...
Viktor KimQuality Coordinator| Mauser Packaging Solutions INCAtyrau, Atyrau Region, Kazakhstan
Hi to everybody. Thank you for sharing your feedback. The only reason that I had when I asked my question is to understand which RMs tool PM use in general. Does anybody have a typical risk register to share with me? May be I can do the same with you. My own risk register is completely based on legislative requirements. Thank you Saving Changes...
Failure Modes and Effects Analysis (FMEA). It utilises common physics of failure logic to identify potential failure modes and their effects based on experience with similar processes or products. It is widely used in product designs, engineering processes and manufacturing of products in various phases of the product life cycle.
After identifying each risk, use the Risk Priority Number (RPN) calculation to calculate the risk priority and then sort the risks from highest to lowest. The RPN is calculated by multiplying the three scoring factors: Severity, Occurrence and Detection. RPN = Severity x Occurrence x Detection
Decide the corrective actions for each identified major failure mode and develop the execution plans based on group discussion and decision. Develop a control plan to manage the product and process risks. Saving Changes...
