Assignment: Analyzing Risks

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Assignment: Analyzing Risks

Assignment: Analyzing Risks

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Risk analysis and management is an important project management approach that ensures your project runs smoothly with the fewest possible surprises. 
While we will never be able to forecast the future with precision, we can use basic and streamlined risk management method to anticipate project risks and reduce their incidence or impact. 
This increases the likelihood of successful project completion and decreases the risks associated with it.

 

This article explains how Nokia Siemens Networks uses systematic Risk Management methodology to help avoid crisis situations and learn from past mistakes. 
It emphasizes that early and effective risk identification and management ensures the attainment of project goals, resulting in lower rework costs.

 

Introduction

 

Risks come in variety of flavors, and project team members at various levels detect and manage them. 
However, without defined risk management framework, this will be ineffective, as it will lead to:

 

Incomplete impact assessment, resulting in the loss of:

 

Understanding the overall influence on project goals such as scope, schedule, cost, and quality

 

Secondary or novel hazards detected as result of previously identified risks

 

Transparency is lacking, and there is communication gap both within and outside the team.

 

As result, any project organization must establish an effective risk management structure. 
Creating project team culture ensures the following:

 

Risk identification and management that is conscious and focused

 

Projects are progressing as planned, with the fewest possible deviations or surprises, and in accordance with project and organizational goals.

 

Communication of project challenges to the organization and project stakeholders at an early stage is critical.

 

Because team buy-in and acceptance are guaranteed, this is powerful team-building tool.

 

Risk management is an iterative process, as shown in Exhibit 1, and each aspect of risk management should be planned and followed at each step of the project.

 

Process of Risk Management

 

Process of Risk Management (Exhibit 1)

 

Nokia Siemens Networks follows risk management strategy that includes rules for:

 

Continuous risk assessment

 

Risk assessment

 

Definition of risk mitigation and contingency measures

 

Controlling and monitoring risks

 

Measurement of risk identification efficiency

 

There are various templates and tools included in the risk management framework, such as:

 

Each project should have risk register to keep track of the risks and hazards that have been discovered.

 

risk checklist is guideline for identifying hazards based on the phases of the project life cycle.

 

risk repository, which contains all of the hazards that have been recognized so far across projects.

 

Framework for Risk Management

 

Plan for Risk Management

 

When project is started, the risk management framework prescribed by the organization is reviewed and adjusted to develop the project risk management plan. 
These definitions and criteria are included in the risk management plan:

 

The following is list of potential risk sources and categories.

 

Matrix of impact and likelihood

 

Risk mitigation and strategy

 

Prepare backup plan

 

Metrics and risk thresholds

 

Identifying the Threat

 

Risks should be identified and addressed as early in the project as practicable. 
Identifying risks takes place throughout the project life cycle, with focus on major milestones.

 

One of the main issues discussed at frequent project status and reporting meetings is risk identification. 
Some risks will be obvious to the project team—known risks—while others will require more diligence to discover, but will still be predictable.

 

The risk register, which is kept on the central project server, is used to keep track of all recognized risks during the project.

 

The techniques and criteria listed below are used to detect hazards in structured and disciplined manner, ensuring that no substantial potential risk is missed.
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