Risk Management Is Project Management for Adults

Sep 10, 2013

📄 Contents

␡

Risk: The Temporary Definition
Risks and Problems
Risk Transitions and Transition Indicators
Mitigation
Example: Risk Management in a School
Component Activities of Risk Management
Once More Over the Same Ground
The Special Challenge of Unthinkable Risk

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Waltzing with Bears: Managing Risk on Software Projects

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Component Activities of Risk Management

Abstracting backward from this single example, we see five main activities that make up the practice of risk management:

risk discovery: your initial risk brainstorm and subsequent triage, plus whatever mechanism you put in place to keep the process going
exposure analysis: quantification of each risk in terms of its probability of materializing and its potential impact
contingency planning: what you expect to do if and when the risk materializes
mitigation: steps that must be taken before transition in order to make the planned contingency actions possible and effective when required
ongoing transition monitoring: tracking of managed risks, looking for materialization

The first of these is an overall activity, while all the others are done on a per-risk basis.

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