Page 29 - Guide Book

What is Risk Management?
• A project risk is an uncertain event or condition that if it occurs, has a negative effect on the delivery of the project.
• Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk.
• A risk mitigation plan is designed to eliminate or minimise the impact of the risk , should it arise.
• An issue essentially a risk that has happened.
The following steps should be taken when creating a risk assessment:
2.1 Create a risk overview
2.2 Carry out a risk workshop
2.3 Identify mitigation strategies
2.4 Assign actions and action owners as relevant
2.5 Update the risk overview
• A risk is something that has not yet occurred, whereas an issue has already happened and has impacted or is currently impacting the project objectives.
• Issues require a different response to risks. Project managers respond to risks with different strategies: avoid, mitigate, accept, or transfer. Issues require corrective action to bring project performance in to alignment with the project management plan.
Risk Assessment
Likely
(50-90% chance)
Moderate
(10-50% chance)
Unlikely
(3-10% chance)
Improbable
(<3% chance)
Minor
(easily handled by normal day processes)
Potential Project Risks
Moderate
(some disruption possible)
Major
(requires significant time/ resource)
Critical
(impact to product/ process)
Almost certain
(>90% chance)
1.
2.
3.
4.
Risk
Mitigation
5.
6.
7.
8.
9.
<ENTER PROJECT NAME HERE>
10.
What causes the step, change or feature to go wrong? (how could it occur?)
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Process/Product Name: Prepared By:
FMEA Date (Orig.):
FMEA Date (Rev): Version
What controls exist that either prevent or detect the failure?
Process Step
Potential Failure Mode
Potential Causes
Current Controls
Action Recommended
Resp.
What is the process step, change or feature under investigation?
In what ways could the step, change or feature go wrong?
What is the impact on the customer/end user if this failure is not prevented or corrected?
What are the recommended actions for reducing the occurrence of the cause or improving detection?
Who is responsible for making sure the actions are completed?
Potential Failure Effects
00 00 00 00 00 00 00 00 00 00 00 00 00 00
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SEVERITY (1 - 10)
OCCURRENCE (1 - 10)
DETECTION (1 - 10) RPN
SEVERITY (1 - 10)
OCCURRENCE (1 - 10)
DETECTION (1 - 10) RPN