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Why?
http://business.bournemouth.ac.uk/ 2
How?
http://business.bournemouth.ac.uk/ 3
How?
Workshops
Identify risks
Analyse [Measure]
Plan [Mitigate] & record
Manage
http://business.bournemouth.ac.uk/ 4
When?
http://business.bournemouth.ac.uk/ 5
Identify
http://business.bournemouth.ac.uk/ 6
Assess
Probability x Impact
1 = Very unlikely 1 = Minor
2 = Unlikely 2 = Significant
3 = Likely 3 = Serious
4 = Very likely 4 = Major
http://business.bournemouth.ac.uk/ 7
Risk management matrix
Assess
impact
probability
http://business.bournemouth.ac.uk/ 8
http://business.bournemouth.ac.uk/ 9
Plan
Threats Opportunities
Avoid Exploit
Transfer Share
Mitigate Enhance
Accept Accept
Share Share
Risk Consequence of Prob Impact Score Control Prob Impact Controlled Cost of Cost of
risk Action Score mitigati impact
(Mitigating on
Measures)
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Cost of Risk
Risk consequence impact Likelihood Best (value) Worst (value) Final (Agreed) Owner
Trip over cable Broken ankle Medium - time Medium 1,000 10,000 5,000 Contractor
on office floor off work and
may have to
employ
contract staff
http://business.bournemouth.ac.uk/ 13
Monitor & review
Monitor
&
review
Review risks regularly, when a risk is in close
proximity or at critical points in the project
lifecycle
Report progress to project board
Beware of continual good news!
Communication is critical
Have you done everything you reasonably
can?
http://business.bournemouth.ac.uk/ 14
http://business.bournemouth.ac.uk/ 15
WISH
What is the risk? (identify)
Identify an owner and assess the likelihood of the risk
occurring and the impact if it does (assess)
Support with a risk treatment plan and decide on the
appropriate response (the 4 Ts) What can be done to
minimise the harm and maximise the success? (plan)
Have a look at the risks periodically - they change with
time. Review at least quarterly. Execute the mitigation
plan and demonstrate how it is reducing the likelihood
and / or the impact. (monitor)
http://business.bournemouth.ac.uk/ 16
Test
http://business.bournemouth.ac.uk/ 17
The main outcome of risk identification, in a risk management process,
is to:
a. identify and determine the relative importance of the project risks.
b. identify and describe all risks that might occur on the project.
c. identify and determine the responses to the project risks.
d. identify and describe risks that have occurred on previous projects.
Which one of the following statements about the project risk register is
false?
a. It facilitates the review and monitoring of risks.
b. It facilitates the risk appetite.
c. It facilitates the recording of risk responses.
d. It facilitates the recording of risks.
http://business.bournemouth.ac.uk/ 18
Who has ultimate responsibility for project risk?
a. Steering group.
b. Risk owner.
c. Project sponsor.
d. Project manager.
The main aim of a project risk management process should be to:
a. identify project risks and then manage them appropriately.
b. identify all project risks and transfer them immediately.
c. identify all the things that are threats or opportunities on a project.
d. satisfy the organisations project management process.
http://business.bournemouth.ac.uk/ 19
Why undertake risk management on projects?
a. It is part of company management procedures
b. It reduces uncertainty in the cost and time estimates of the project
c. Without it, the project will fail to deliver to cost or time
d. Without it, communication will be poor between team members.
http://business.bournemouth.ac.uk/ 20
After analysing the risks what does risk management involve?
a. Responding to risks by either reducing or transferring them
b. Responding to all risks appropriately
c. Responding to risks by controlling them
d. Responding to risks by transferring them
http://business.bournemouth.ac.uk/ 21