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Difference between revisions of "IS480 Team wiki: 2012T1 Team Gratitude Risk Management"

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====<font color="#2554C7">'''Timing'''</font>====
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The project manager is to initiate a weekly project meeting with the project team. During the meeting, team members are to inform and discuss any new potential risks they may have encountered or envisioned during project execution. The project team must decide the actions to be taken to counter these risks. All new potential risks and its response strategies should be documented in the risk register for future risk evaluations. The WBS should be reviewed periodically to ensure that the progress of the project is not affected by any new potential risks.
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====<font color="#2554C7">'''Risk Documentation'''</font>====
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A risk register, which documents the risk response strategies, is made accessible to all team members through a shared folder on Tortoise Subversion. Team members are to access the risk register when an identified risk event occurs and take response strategies according to the document. They are to inform the project manager about the event and update the risk register accordingly.
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However, if an unidentified risk event has occurred, the project manager must be informed immediately and a project meeting must be initiated to decide on the response strategies that should be taken. The risk register should be updated after the project meeting.
 
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Revision as of 14:56, 7 November 2012

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Risk Management

Key Assumptions

When developing the risk management plan and risk register, it is assumed that:

  • All identified risks can be categorized into the five categories stated in the risk management plan.
  • There are no risks that will not occur and have a probability rating of 0.
  • There are no risks that will certainly occur and have a probability rating of 1.
  • Risks will only impact four factors; cost, time, scope and quality of the deliverables.

Risk Management Plan

Risk Identification

The project team will review all project documentations and information that has been gathered from the stakeholders and conduct an evaluation against similar past projects. Through the evaluation, potential risks that may affect the project are identified. Information gathering techniques such as brainstorming, interviewing and SWOT analysis will also be used to further identify risks. As potential risks may change over time in accordance to the project environment, additional stakeholder meetings may be organized periodically to keep the risk management plan up-to-date.

Roles and Responsibilities

The project manager will oversee the risk management plan. He will also be responsible for managing most of the risks related to project management. On the other hand, the rest of the project team will be responsible for managing risks that are related to their project roles. Tasks are delegated in such a way so as to instill a sense of responsibility and accountability among all team members and to ensure that risks are identified early so that response strategies can be executed in a timely manner.

Time Buffers

The project team will review each tasks listed in the work breakdown structure (WBS) and identify tasks with severe risks to it. A 10% time buffers will also be added to each of the risk-related activities.

Risk Categories

The risks identified in the project will be categorized into five main categories namely business requirement risk, external risk, technical risk, organizational risk and project management risk. The following table shows how different types of risk are being categorized into the various risk categories.

Risk Categories Description
Business Requirement Risk Risk that is related to the business requirements of the system.
External Risk Risk that is related to external stakeholders.
Technical Risk Risk that is related to the technological aspect of the project.
Project Management Risk Risk that is related to the management of the project related to issues such as costs and schedule.
Organizational Risk Risk that is related to the organization support provided by the key stakeholders.

Risk Probability and Impact

Every identified risk will be assessed and assigned with a probability and impact rating using the following matrices. They will then be ranked according to the overall score, which is computed by multiplying both probability and impact ratings.

Probability Ratings
Probability Level Description
Lesser than 0.21 Risk that is highly unlikely to occur.
0.21 – 0.40 Risk that is unlikely to occur.
0.41 – 0.60 Risk that is likely to occur.
0.61 – 0.80 Risk that is highly likely to occur.
More than 0.80 Risk that will almost certainly occur.

Impact Ratings
Impact Level Time Scope Quality
1 Insignificant time increase Insignificant area of scope impacted Insignificant degree of quality impacted
2 < 5% time increase Minor area of scope impacted Minor degree of quality impacted
3 5-10% of time increase Moderate area of scope impacted Moderate degree of quality impacted
4 10-20% of time increase Significant area of scope impacted Significant degree of quality impacted
5 > 20% of time increase Project end product is useless Project end product is useless

Timing

The project manager is to initiate a weekly project meeting with the project team. During the meeting, team members are to inform and discuss any new potential risks they may have encountered or envisioned during project execution. The project team must decide the actions to be taken to counter these risks. All new potential risks and its response strategies should be documented in the risk register for future risk evaluations. The WBS should be reviewed periodically to ensure that the progress of the project is not affected by any new potential risks.

Risk Documentation

A risk register, which documents the risk response strategies, is made accessible to all team members through a shared folder on Tortoise Subversion. Team members are to access the risk register when an identified risk event occurs and take response strategies according to the document. They are to inform the project manager about the event and update the risk register accordingly. However, if an unidentified risk event has occurred, the project manager must be informed immediately and a project meeting must be initiated to decide on the response strategies that should be taken. The risk register should be updated after the project meeting.

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