Facebook Project Management Plan Managing Projects

Project Members:
GOKUL Basker GOPI Vinu Kirthey GOEL Pragya HAN Limin SA Jingpeng

Project Risk Management

Risk is an event that delays or destroys the project, thus affecting the cost. Planning and managing the risks are intended to help a team to understand and manage the uncertainty during the development process. Thus plans are made not only to understand the risk uncertainty but also to minimize the impact when things go wrong. Risk management is one of the most critical project management practices to ensure a project be successfully completed (Ref: E.g. Turner, J.R., 1999, Chapman, C., 1997). Royer (Ref: Royer, P.S., 2000) stated: Experience has shown that risk management must be of critical concern to project managers, as unmanaged or unmitigated risks are one of the primary causes of project failure. Risk management is thus in direct relation to the successful project completion. Steps involved in risk management are: 1) Risk identification to determine what events are risks to the project 2) Assessment to analysing and assess the risk and determine its impact on the project 3) Prioritization - Ranking the risk according to the probability of occurrence and impact i.e. determining in which order the risks will be addressed 4) Monitor and report - watch and report on the effectiveness of the risk mitigation The work product of Risk management is called as Risk mitigation, Monitoring and Management plan (RMMM). Risk Categories: Categories represent a structure that ensures a comprehensive process of systematically identifying risks to a consistent level and value.
Category Technical Sub-category Scope Definition/Objective, Requirement Definition, Technical Process, Technology, Technical User/Interfaces, Technology Scaling, Performance, Reliability/Safety/Security, Testing Project Management, Resources, Communication, Interdependencies Culture, Sponsorship, Business Process, Acceptance, Supportability Contractual Terms and Conditions, Funding/Financial, Vendor Stability, Internal Procurement, Subcontractors, Applicable Laws, Contractor Experience Legislative/Regulatory, Political, Pressure Groups, Weather, Force Majeure

Management Organizational Commercial

External

Risk Probability and Impact: values and calculations to be used to quantify risk exposure. The probability and impact of risks to the project will be quantified according to the risk value in the table. The combination of the impact and probability will determine the risk value. Item Probability Definition The probability of occurrence Risk Value 1, 2 or 3 (1 Unlikely to occur - L 2 May or may not occur - M 3 Likely to occur - H) Impact The impact to the project objectives if the risk 1, 2 or 3 occurs. Refer to the Project Management Body of (1 Minimal impact - L Knowledge, Section 11.1.3 for additional examples 2 Moderate impact - M of impact definitions. 3 Significant impact - H) The calculation of Probability times Impact Impact = H Likelihood = H Likelihood = M Likelihood = L Priority = 1 Priority = 1 Priority = 2 Impact = M Priority = 1 Priority = 1 Priority = 2 1 through 9 Impact = L Priority = 2 Priority = 2 Priority = 3

Total Risk

Total Risk of 1-3 is low or green. Total Risk of 4-6 is medium or yellow. Total Risk of 7-9 is high or red.

The Risk Register captures the results of a qualitative and quantitative risk analysis and the results of planning for response. Risk ID No. Description Cause, Event, Effect statement Category Technical, Management, Organizational Commercial, External 1 2 Probability 1 - Unlikely Impact 1-Minimal Score Risk Response Status Open, In Progress, Resolved, Closed Owner Team Member

2 May or 2-Moderate may not 3- Significant occur 3 Likely to occur

Product of Watch, Probability x Accept, Impact Transfer, 1-3 Green 4-6 Yellow 7-9 - Red Mitigate, Avoid