I came across this post on Business Process Management IQ that details a comprehensive outline for managing risk in any project as provided by PMBOK (the project management book of knowledge). I’ve copied the outline below. Enjoy!
Risk Management Outline
1. Risk Management Planning – approach to and plan for risk management as well as the approach an organization takes to execution of plans
2. Risk Identification – determining risks and identifying the characteristics of those risks
3. Qualitative Risk Analysis – prioritizing risks responses based on probability of occurrence and impact
4. Quantitative Risk Analysis – analyzing effect of risks should they come to fruition
5. Risk Response Planning – developing options and actions to minimize risks and their effects
6. Risk Monitoring & Control – tracking risks, monitoring residual risks, identifying new risks, executing risk response plans and evaluating effects of those plans
Note: PMBOK states some risks are positive and refers to them as Opportunities. Some risks are negative and are commonly referred to as Threats. I think it is a stretch to call a risk an “opportunity.” I prefer that you conduct a SWOT analysis.
Friday, December 12, 2008
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