Assume you have just been assigned to a project risk team composed of five membe

Question

Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited to, the following information:

Who should do the prioritization of the project risks?

Explanation / Answer

It is the risk manager who characterizes, identifies, determines, assesses, and, prioritizes risks. Risk registers prioritize risks by severity of impact if it occurs, and, likelihood of occuring. The project manager has access to mean or expected value of a risk in terms of timing, or, cost; and, the numerical probability of a risk occuring.

When the information is not available,risk managers qualitatively rank impact of the risk from 1 to 5 - very low, and, very high probability respectively. The expected impact of the risk is also ranked from 1 to 5 - very low to very high respectively. The two numbers are multiplied for an unmitigated risk score with a value between 1, and, 25. The risk scores are used to prioritize the risks.

Aggressive risk management is required for project management. The team members should list events, risks associated with events, assign value between 1 to 5 for unmitigated impact, and, unmitigated likelihood to get the unmitigated risk score. Brainstorm on risks, and, assign them risk scores. Plan & identify risks; prepare a risk register. Track new potential risks as the project progresses, and, impact scores change.

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