Anticlue

Quick Little Risk Management Checklist

Here is a little checklist of what it means to do Risk Management during project management.

1. Use a risk-discovery process to compile the risks lurking about to impact the project
2. Make sure the entire core risks are represented on the risk register.
3. 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.
4. 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)
5. 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.
6. Portray the uncertainty factions and use a monte carlo risk diagram with intersection at N.
7. Express all commitments using risk diagrams, explicitly showing the uncertainty associated with each projected date and budget.
8. Monitor all risks for materialization or expiration and execute contingency plans whenever materializations occur.
9. Keeps the risk management process going through out the project to cope with late-apparent risks.