Assume you have just been assigned to a project risk team of five members. Becau

Question

Assume you have just been assigned to a project risk team of five members. 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 their proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information:

Team objectives
Process for handling risk events
Team activities
Team outputs

Explanation / Answer

Risk Management

Team objectives

Process for handling risk events

The following five tips will help in handling risk events:-

1: Identify potential risks

The key to success in identifying potential risks to your project is to involve the right people. Everyone has a different perspective and interest in a project, and that unique view of the world can be used to uncover a robust collection of risks that you might not otherwise identify. Here are some of the roles to consider tapping into:

2: Brainstorm

My favorite technique for uncovering risks is to have an open brainstorming session with all the interested parties involved. This is not for the faint of heart. The only way to do it effectively is to have a skilled facilitator running the session. Drill down into each suggested risk only as deep as needed to properly describe it and to determine whether it is valid for the scope of the project. Don't take the time during this session to evaluate the significance of each risk.

3: Analyze

All risks are not created equal. Each risk should be evaluated for the likelihood it will happen, as well as for how big an impact it will have if realized. You can do this over multiple sessions with smaller groups. This will allow you rank the risks and determine which ones will be worth further time and energy to address.

4: Mitigate

You should come up with a strategy to prevent each risk from being realized or for compensating in the event it does occur (create a "plan B"). Ideally, you want to do this for every identified risk. But if time and resources are limited, use the results from your analysis (tip #3) to determine which risks should make the short list for mitigation.

5: Review and Revisit

Once you're "done," you're not done. Situations change over time. New risks arise, old ones disappear, and mitigations that seemed like a good idea at the time may need to be rethought. The risks that have been identified should be reviewed on a regular basis and updated accordingly. New perspectives on the project could have a profound effect on the risk profile of the project. Also, make sure that the mitigations that seemed like a good idea when you started the list are still viable and appropriate.

Team activities

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