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Friday, June 29, 2007

Risk management activities as applied to project management

Planning how risk management will be held in the particular project. Plan should include risk management tasks, responsibilities, activities and budget.

Assigning risk officer - a team member other than a project manager who is responsible for foreseeing potential project problems. Typical characteristic of risk officer is a healthy skepticism.

Maintaining live project risk database. Each risk should have the following attributes: opening date, title, short description, probability and importance. Optionally risk can have assigned person responsible for its resolution and date till then risk still can be resolved.

Creating anonymous risk reporting channel. Each team member should have possibility to report risk that he foresees in the project.

Preparing mitigation plans for risks that are chosen to be mitigated. The purpose of the mitigation plan is to describe how this particular risk will be handled – what, when, by who and how will be done to avoid it or minimize consequences if it becomes a liability.

Summarizing planned and faced risks, effectiveness of mitigation activities and effort spend for the risk management.

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