Project Risk Management Page 2
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17INPUTS TO RISK MANAGEMENT: What is needed in order to
begin the risk process.
Project
Detailed information about the project, what other companies are
background
doing, articles and other such information will help you identify more
information
risks
Historical
Will tell you risks from past projects
information
Past lessons
Will tell you what past teams would do if they could do their projects
learned
again
Will help you identify, mitigate and manage risks on your project
Project charter
Helps you see if the overall project objectives are generally risky or not
Helps identify risks based in what is and what is not included
Scope statement
Tells you the complexity of the project and helps you compare your
team’s knowledge and experience to what is required
The project manager cannot identify all the risks alone. A group
Team
approach and the ability to split up risk management activities make
the risk management process more accurate and timely.
Stakeholders
They will be able to see risks that the team cannot. Their involvement
helps continue proper stakeholder management
WBS
Risks are identified by task as well as by project
Network diagram
Shows path convergence (where paths converge) and thus helps to
better analyze the risks of each task
Cost and time
High-level time and cost requirements help identify time and cost risk.
estimates
Staffing plan
Helps you understand what resources are available
Organizational
policies and
Provide a foundation or standardization for your risk activities
templates
There is a strong connection between contracts (or procurement) and
risk. One of the ways to mitigate risk may be to have certain terms
Procurement plan
and conditions added to a contract or to have the entire risky work
outsourced. You would give it to someone for whom it is less risky,
and thus less costly.
Stakeholder risk
Knowing where and how much risk tolerance stakeholders have helps
tolerances
identify the impact of risks and which risk mitigation techniques you
would use
RISK MANAGEMENT PROCESS: This is an important topic. The risk
management process includes six steps:
1. Risk Management Planning
2. Risk Identification
3. Qualitative Risk Analysis
4. Quantitative Risk Analysis
5. Risk Response Planning
6. Risk Monitoring and Control
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