Risk Management – The Overlooked First Process of Project Planning - Part 6 of 6

PART 6 of 6 - Risk follow-up as the project progresses through the phases

I mentioned earlier that to be effective in controlling risks, the Risk Log must be reviewed at frequent intervals; first to determine if there are any new or developing risks, second to determine if assigned responses (actions) are being pursued, and third to make sure that risks are being controlled so that they do not become issues. It is critical that risks be controlled before they become issues – issues may have the potential of destroying momentum and may result in failure of the project..

Conclusion

All comments are welcome.  Please take the time to share your experience with Risk Management (both good and bad) and, of course, your opinion and comments of what I have said.

Thanks,

Charles.

(E. Charles E. Moone)

February, 2012

Risk Management – The Overlooked First Process of Project Planning - Part 5 of 6

Part 5 of 6 – Conducting the Risk Workshop

In Part 3, “The Missing Something”, I recommended holding an initial Risk Workshop at the beginning of the project.

Risk Workshops provide early identification of risks.  The workshop is conducted as a brainstorming facilitated meeting with a Facilitator and note taker.  The Kickoff Workshop should be conducted with representatives from all affected groups – from Senior Management to workers (Vice Presidents, Directors, CIO, line managers, solution specialists, production supervisors, etc.).  The reason for having such a broad group is to ensure that the project risks and environment are articulated from across the organization.  The discussion in such a disparate group will awaken awareness and possibly bring forward risks which may have been overlooked.

For example, I held a Kickoff Risk Workshop at the Headquarters of a major shipping company.  The scope involved an overhaul of worldwide shipping activities by replacing and updating processes and the infrastructure needed to achieve the goals.  Participants included C-level executives as well as operations and technical managers – all were subject matter experts in their areas of expertise.  During a roundtable discussion, I asked what the impact would be if this project didn’t work or was not delivered on time.  The CIO answered “I will lose my job” – an unexpected answer but one that focused all participants.

The activities of a Risk Workshop are

·        Identify the Risks

·        Quantify and prioritize the risks

·        Develop risk responses

·        Assign Actions and Owners

·        Establish Periodic Reviews