{"pageinfo":[{"Stamp":"pgo_4fa75d2c34c0a","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":0,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"Risks Planning","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"Risks exists across project lifecycle right from project start to end. Stakeholders views risks in their perspective and safeguard their interest by planning course of action or monitor the same. For example, for a sponsor, the amount of investment is at stake until revenue and profit are earned, likewise, for a project team, uncertain fund flows will derail project progress. Risks has to be identified analysed both in terms of qualitative and quantitative aspects, have response plan and closely monitored. The risk management tools used for managing risks may differ across organization, customer or projects. Example, Failure Mode Effect Analysis(FMEA) or Probablity x Impact(PxI) can be a choice to evaluate risks levels and plan course of action. It is common to draw risks plan as per project lifecycle phases so that risks management can stay focussed.<\/font>"}],"Subject":{"Related":"Project risks importance, urgency, quality, response strategy, analysis "}},"Footer":{"PageNo":0,"Title":{"TitleText":"Risks management"}}},{"Stamp":"pgo_4fa75d2c34de1","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":1,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"Risks Sources","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"Risk sources can be many and it is always advisable to follow guidance set by PMO on risks management. Generally risks may vary across projects although similar in nature based on scenarios presented as constraints to projects or assumptions made. Contracts, SOW, customer or technical meetings, process, technological or domain knowledge, external constraints, policy, regulations etc. Identification of risk is by reference or discussion and creating a risk register document listing applicable risks. Experienced risks are stored as risks database from where applicable risks can also be referred.<\/font>"}],"Subject":{"Related":"Risks register, risks historical database, PMO advise, meeting and analysis"}},"Footer":{"PageNo":1,"Title":{"TitleText":"Risks management"}}},{"Stamp":"pgo_4fa75d2c34f30","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":2,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"Risks Analysis","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"Risks sourced are validated preferably qualitatively and quantitatively. In both cases we study its effect on project either in terms of threat or opportunity and the attention it demands to resolve. In qualitative analysis we may present probability and impact statement or matrix and conduct a risk assessment and vulnerability study to determine the risk factors (classify, grades, importance, priority, exposure etc). In quantitaive analysis we may map the risks with a cost. Quantification methods may differ across risk on hand or type of projects. Example, a stock market company using software may study money frauds or thefts or inaccessibility of system for trading in terms of Single Loss Expectancy(SLE), Annualized Rate of Occurrence (ARO), Annualized Loss Expectancy (ALE) and plan appropriate response. PERT analysis, Simulation techniques, decision analysis tool - e.g. Earned Monetary Value(EMV).<\/font>"}],"Subject":{"Related":"Qualify risks, Quantify cost "}},"Footer":{"PageNo":2,"Title":{"TitleText":"Risks management"}}},{"Stamp":"pgo_4fa75d2c350e7","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":3,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"Risks Response Control Plan","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"Risks response are those controls introduced to decrease vulnerability in case of threat and increase support in case of opportunity. It is also referred to as risks strategies for threat or opportunity. A perceived threat may have response plan as mitigate (minimize impact), avoid(not to try), transfer(as in insurance contracts but with premium). A perceived opportunity may have response plan as exploit (as in maximizing production capacity), enhance(add more resource to finish a job sooner), share (as in Joint-Venture for premium project). Despite fact of having these plans, chances are that it goes out of hand where-in Contingency Plan is used (appropriate contigency time or funds might be utilized). To safeguard even worst scenario Fall-back or alternate plan can be employed as control response.<\/font><\/font>"}],"Subject":{"Related":"Threat response, Opportunity response, Contingency, Fallback plans"}},"Footer":{"PageNo":3,"Title":{"TitleText":"Risks management"}}},{"Stamp":"pgo_4fa75d2c3527a","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":4,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"WIP time Risks montioring","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"To have an effective risks management in place, all risk action plan has to be closely monitored during project work in progress (WIP) and update risks status accordingly to risks realization. In some events expected risks may not have occurred while in some events risks might have occured. The response plans applied to risk events may have resulted as positive result (as expected, resolving the risk) or as negative result(as unexpected, unresolved). Residual risks are those risks that exists even after risks are attended. Secondary risks are those risks that arise as new risks when an existing risk is attended. Contingency reserves will be applied if risks strategies control plan does not help. Variance analysis on risks, mathematical and scientific models, time-series etc can be use to analyze trends, forecasts future risks in project.<\/font><\/font>"}],"Subject":{"Related":"Continuous re-evaluation of risks on hand, define new measure on demand"}},"Footer":{"PageNo":4,"Title":{"TitleText":"Risks management"}}},{"Stamp":"pgo_4faf334f9238b","Topic":"Risks Management","PageTo":"0","PageMark":"2","Header":{"PageNo":5,"Title":{"TitleText":"Risks management"}},"Sections":{"Title":{"TitleText":"PMBOK coverage","TitleAuthor":"K Srikanth, PMP"},"Matter":[{"Para":"Planning: Plan risks, Identify risks, Perform qualitative analysis, Perform quantitative analysis, Plan risks response

Monitoring & control: Monitor and control risks<\/font>"}],"Subject":{"Related":"PMBOK coverage"}},"Footer":{"PageNo":5,"Title":{"TitleText":"Risks management"}}}]}