| <?xml version="1.0" encoding="UTF-8"?> |
| <org.eclipse.epf.uma:ContentDescription xmi:version="2.0" |
| xmlns:xmi="http://www.omg.org/XMI" xmlns:org.eclipse.epf.uma="http://www.eclipse.org/epf/uma/1.0.5/uma.ecore" |
| xmlns:epf="http://www.eclipse.org/epf" epf:version="1.5.0" xmi:id="-HhGIkAPjHSIxnPzI3cyDnQ" |
| name="new_concept,_VNxL4ACsEdu8m4dIntu6jA" guid="-HhGIkAPjHSIxnPzI3cyDnQ" changeDate="2007-06-25T11:39:22.190-0700" |
| changeDescription="moved first paragraph with risk definition to Concept-risk; replaced quantify by qualify"> |
| <mainDescription><h3>
 |
| Introduction to Risk Management
 |
| </h3>
 |
| <p>
 |
| Every project contains some measure of uncertainty. <strong>Risk Management</strong>&nbsp;deals with this uncertainty,
 |
| trying to understand its&nbsp;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>.&nbsp;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>&nbsp; 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&nbsp;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&nbsp;attacked first, thus&nbsp;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>&nbsp;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.&nbsp; 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>&nbsp;so they can be assigned to iterations. Keep a&nbsp;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&nbsp;when performing task <a class="elementLink" href="./../../../openup/tasks/assess_results_EC34D88D.html" guid="_0l53cMlgEdmt3adZL5Dmdw">Assess Results</a>&nbsp;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.
 |
| </p></mainDescription> |
| </org.eclipse.epf.uma:ContentDescription> |
