Here is a little checklist of what it means to do Risk Management during project management.
- Use a risk-discovery process to compile the risks lurking about to impact the project
- Make sure the entire core risks are represented on the risk register.
- All risks should be analyzed and be reviewed with the following information:
- A risk title and a unique number
- An early realistic indication of the risk becoming real. In other words find all transition indicators.
- An estimate to the cost and schedule impact of the risk occurrence.
- Estimate of the probability the risk will occur
- A calculation for the risk exposure to the schedule and budget for the risk.
- What contingency plans can be put into action if and when the transition occurs.
- What mitigation actions can be taken in advance to make the desired contingency action is feasible.
- Designate showstoppers as project assumptions. Please the assumptions on the risk register, negotiated the risk ownership to the appropriate management (this sometimes necessitates managing upwards)
- Make a first pass at schedule estimation by assuming that no risks will materialize with the group of individuals responsible for the work. The goal here is to determine the nano-perscent date, the earliest date by which you can't yet prove to yourself that you won't be done.
- Portray the uncertainty factions and use a monte carlo risk diagram with intersection at N.
- Express all commitments using risk diagrams, explicitly showing the uncertainty associated with each projected date and budget.
- Monitor all risks for materialization or expiration and execute contingency plans whenever materializations occur.
- Keeps the risk management process going through out the project to cope with late-apparent risks.
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