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| <title>openup&#92;guidances&#92;guidelines&#92;&#92;risk_management.xmi</title> |
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| Element Name: risk_management.xmi<br/><br/> |
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| <!-- START:presentationName,_VNxL4ACsEdu8m4dIntu6jA CRC: 4140598971 -->Managing Risks<!-- END:presentationName,_VNxL4ACsEdu8m4dIntu6jA --> |
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| <!-- START:briefDescription,_VNxL4ACsEdu8m4dIntu6jA CRC: 1944800072 -->This is a fundamental practice that project managers should consider in their projects. Identifying and minimizing risks early in the project lifecycle is key factor for project success.<!-- END:briefDescription,_VNxL4ACsEdu8m4dIntu6jA --> |
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| <!-- START:mainDescription,-HhGIkAPjHSIxnPzI3cyDnQ CRC: 3203729641 --><h3> |
| Introduction to Risk Management |
| </h3> |
| <p> |
| Every project contains some measure of uncertainty. <strong>Risk Management</strong> deals with this uncertainty, |
| trying to understand its potential influence on the project. The purpose of Risk Management is to increase the |
| probability and impact of positive events and decrease the probability and impact of events adverse to the project [<a class="elementLinkWithUserText" href="./../../../openup/guidances/supportingmaterials/references_6CCF393.html#PMI04" guid="_9ToeIB83Edqsvps02rpOOg">PMI04</a>]. The project manager, team, and stakeholders should be involved in risk |
| management. |
| </p> |
| <h3> |
| Identify Risks |
| </h3> |
| <p> |
| Identify risks as soon as the project starts and document them in the <a class="elementLink" href="./../../../openup/workproducts/risk_list_C4B6F290.html" guid="_Ckay8Cc_EduIsqH1Q6ZuqA">Risk List</a>. Continue |
| identifying and managing risks throughout the project. A common mistake is to identify risks only at the beginning of |
| the project and then only track the status of these initial risks. The <a class="elementLink" href="./../../../openup/workproducts/risk_list_C4B6F290.html" guid="_Ckay8Cc_EduIsqH1Q6ZuqA">Risk List</a> should be |
| revisited weekly, or as a minimum when performing task <a class="elementLink" href="./../../../openup/tasks/plan_iteration_957C90DC.html" guid="_0keUEMlgEdmt3adZL5Dmdw">Plan Iteration</a>, to add any |
| newly discovered risks. |
| </p> |
| <h3> |
| Prioritize Risks |
| </h3> |
| <p> |
| Prioritize risks for further analysis or action. A good approach for prioritizing risks is to have an attribute called |
| risk magnitude, a combination of the risk probability and the risk impact. Each iteration provides a chance for |
| better understanding of stakeholder needs, the team capabilities, the technology at hand, and so on. Capture, qualify |
| and prioritize risks as they arise. High magnitude risks are attacked first, thus improving the chances of |
| project success and minimizing uncertainty. See <a class="elementLinkWithType" href="./../../../openup/guidances/templates/risk_list_33A6AE1E.html" guid="_MIUO0C8FEduzydamRseoUw">Template: Risk List</a> for more information. |
| </p> |
| <h3> |
| Select Risk Response Strategies |
| </h3> |
| <p> |
| You are trying to mitigate or tackle the high priority risks as early as possible in the project. In order to achieve |
| this you need to get a good grip on the risks the project is faced with, and have clear strategies on how to mitigate |
| or deal with them. Once you have chosen a set of risks to focus on, develop options and determine actions to |
| enhance opportunities and reduce threats, selecting a strategy, as described in <a class="elementLinkWithType" href="./../../../openup/guidances/concepts/risk_AF5840DA.html" guid="_0bsLgMlgEdmt3adZL5Dmdw">Concept: Risk</a>. Sometimes |
| strategies can be determined for each cause, rather than each risk, eliminating many risks at once. |
| </p> |
| <h3> |
| Plan Risk Response |
| </h3> |
| <p> |
| For each selected strategy, identify and assign tasks to apply the strategy to the given risk. Place those tasks on the |
| <a class="elementLink" href="./../../../openup/workproducts/work_items_list_39D03CC8.html" guid="_rGNWsCbSEdqh1LYUOGRh2A">Work Items List</a> so they can be assigned to iterations. Keep a reference to |
| the risk for traceability. The effort must be appropriate to the magniture of the risk. Avoid spending more preventing |
| a threat than the impact from the risk if it occurs. |
| </p> |
| <h3> |
| Monitor Risks |
| </h3> |
| <p id="comment_text_4"> |
| Follow up regularly on risk-mitigation/enhancing actions. Risk reviews should be held when performing task <a class="elementLink" href="./../../../openup/tasks/assess_results_EC34D88D.html" guid="_0l53cMlgEdmt3adZL5Dmdw">Assess Results</a> to determine whether the information about project risks is up to date, and to assess whether any |
| changes are necessary. The team may decide to try another strategy if the chosen strategy does not reduce/increase the |
| magnitude of a risk. |
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