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Often Project Managers consider the following triangle of stresses on a project, but forget that Risk underlies all stresses!
To take full advantage of Project Risk Profiling, Prudentia recommends that the Risk Management Structure mirrors the Work Break-down Structure chosen for each project. The value of the Work Break-down Structure is its ability to scope and define work that needs to be done for any project. Similarly, the Risk Management Structure can be developed to overlay the Project Schedule developed for the project. This Structure (i.e. Risk Profiles) can be used to identify, assess and prioritise the risks faced by the same project.
The risk management techniques and software tools best suited can be adopted to effectively manage risk and schedule from early in the project life-cycle. While contingency can be added to project plans where relevant, it is ineffective to model risks in a project scheduling tool (e.g. MS Project). Prudentia assists clients with the adoption of this approach, including providing training.
The Project Risk Profiles and Project Schedule should be maintained throughout the project, so that the Project Manager is able to manage potential risk impact in a preventive manner. The Project Manager is then better positioned to forewarn their client of any negative impact and together may be able to even stop the event that from occurring or at least minimise its impact. The nature of projects means that some unforeseen event generally occurs during the project (e.g. resignation of key project team member etc.), but the Project Manager is likely to be better prepared if some formal Risk Profiling has already been done.
Different Project Risk Categories can be considered including those competencies explained in the PMI 'A Guide to Project Management Body of Knowledge' (PMBOK 4th Edition ® 2008):
- Integration Management
- Scope Management
- Schedule (Time) Management
- Cost Management
- Quality Management
- Human Resource Management
- (Human) Communication Management
- Risk Management, and
- Procurement Management
Project Risk Assessments should be conducted as part of Project Planning during the Project Life-Cycle. Prudentia can conduct Project Risk Assessment for client organisations. Examples of when an Assessment should be conducted include:
- For major project deliverables (e.g. Business Cases, Requirements Specifications)
- At key project milestones - also called Project Health Checks
- At the completion of a project - also called Post Implementation Reviews
Prudentia works with client organisations to introduce techniques for:
- Introduction of Risk Management
- Identification of project risks
- Qualitative Risk Analysis
- Quantitative Risk Analysis
- Risk Response Planning
- Risk Monitoring and Control
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