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It’s quite significant to note that, based on our Pulse of the Profession® research, inaccurate requirements gathering consistently ranks among the top three causes of project failure. Surprisingly, only half of organizations have the necessary resources in place to execute this function properly.
Absolutely, now is the opportune moment to evolve into the certified expert your organization requires. If you actively engage with stakeholders in defining requirements, shaping project outputs, and steering towards intended business outcomes, attaining the PMI Professional in Business Analysis (PMI-PBA)® certification will illuminate your invaluable skills.
Perform a preliminary document analysis
Gather and review documents
- Give examples of preliminary documents to review prior to risk identification includes industry benchmarks (if available), previous lessons learned, historical data, and the sources of the above information.
Determine and assign who is responsible for the preliminary document analysis (e.g., project manager, risk manager, financial controller)
Establish documents relevant to the risk process
Assess project environment for threats and opportunities
Determine which OPA / EEF / project methodology is needed (e.g., agile, waterfall, hybrid, etc.)
Analyze the different environmental factors to be considered in the planning phase (e.g., PESTLE, SWOT analysis)
Determine the organizational and cultural risk appetite
- Analyze environment for risk culture maturity
Evaluate the project management information system process and data
Conduct a stakeholder analysis
Analyze constraints to risk management
- Government, market laws/rules, organizational, environmental, and technical risks
Focus stakeholders on creating a culture of risk awareness
Determine business driver of project, including key assumptions, benefits, and materialization of project.
Confirm risk thresholds based on risk appetites
Align project risk thresholds to organizational risk appetite
Calculate the risk the organization can absorb (e.g., financial, scope, environmental, technical, legal, schedule, quality, contract, etc.)
Discuss risk thresholds
Lead conflict resolutions between stakeholders in agreeing on risk appetite
Establish risk management strategy
Establish risk processes and tools
Provide risk management templates/forms
Determine risk metrics
Identify risk categories
Coach/mentor team on risk management best practices (servant leadership)
Lead stakeholders to adopt the risk strategy
Document the risk management plan
Define organizational risk roles and responsibilities
- Align roles and responsibilities with a project RAM (e.g., RACI) chart
Prepare a list of the key artifacts/resources that will be used to compile a risk management plan
Outline the list of key risk management activities (e.g., who, what, when, where, how)
Explain how the Risk Breakdown Structure (RBS) can be used to support the risk management plan
Define a risk communication plan
Define risk prioritization criteria
Define stakeholder empowerment and education strategy
Plan and lead risk management activities with stakeholders
Collaborate with the team that would conduct the risk planning on the project
Leverage stakeholder analysis done by the project manager
Manage stakeholder risk appetite and attitudes
Engage stakeholders in the risk prioritization process
Set appropriate expectations with stakeholders on the rules of engagement
Tailor risk communication for stakeholders
Lead stakeholder empowerment for risk strategies in the risk management plan
Train, coach, and educate stakeholders in risk principles and processes in order to create shared understanding of principles and processes, and foster engagement in risk management
Conduct risk identification exercises
Conduct meetings, interviews, focus groups, and other SME support activities
Perform detailed analyses of risk identification exercise results
Analyze documents, audio transcripts, telemetry data, etc. and understand business context of information
Indicate risks as threats or opportunities
Examine assumption and constraint analyses
Leverage the results of the assumption and constraint analysis
Categorize assumptions and constraints
Assess the risk associated with each assumption and/or constraint
Recognize the relationship between assumptions and/or constraints, and project objectives (e.g., predict the cascade effect of project stakeholder holiday schedules on project timelines)
Encourage stakeholders to challenge assumptions and constraints
Document risk triggers and thresholds based on context/environment
Assess, confirm, and document risk compliance thresholds, and categories against updated risk data
Assess and document risk triggers, causes and timing
Assess and document risk consequences and/or impact
Empower stakeholders to challenge existing thresholds
Develop risk register
Analyze the validity of identified risks and triggers
Examine the risk attributes like probability, impact, urgency
Establish risk origin and ownership e.g., internal/external
Classify risks as threats or opportunities
Perform qualitative analysis
Perform a nominal classification or risks in the RBS using classifications from the risk management plan (e.g., environment, organizational, project management, technical, etc.)
Estimate the impact of risk on project schedule, budget, resources, and scope
Prioritize the risk based on impact, and urgency
Apply the risk matrices
- Agreed-upon assessment approach, Historical information, Definitions of probability and impact, Risk categories, Pre-established criteria
Perform an ordinal classification
Coach stakeholders on risk categorization strategies
Perform quantitative analysis
Analyze risk data and process performance information against established metrics
Analyze a project's general risks
Perform a forecast and trend analysis on new and historical information
Perform sensitivity analysis
- Monte Carlo, decision trees, critical path, expected monetary value, etc.
Perform risk weighting and calculate risk priority
Identify threats and opportunities
Assess project risk complexity
- SWOT analysis, Ishikawa, Tree Diagram
Perform an impact analysis on project objectives
- project scopes, schedule cost, and resources, quality, and stakeholders
Assess project compliance objectives against organizational strategic objectives
- procedures, project plans, corporate, and project governance, regulatory governance
Empower stakeholders to independently identify threats and opportunities
Plan risk response
Determine appropriate risk response strategy
- avoid, accept, mitigate, enhance, contingency planning etc.
Decide the risk response actions (time bound) based on the risk response strategies and identify action owners
Assess the effectiveness of the risk response actions against the identified strategy and the project objectives impact
- cost/schedule/environment etc., effect of the action on the probability or the risk impact
Illustrate and communicate effectiveness of the risk response strategies
- risk burndown chart, dot plots
Determine the work around
Allocate responsibilities
Outline an appropriate responsibility matrix for a metricized project environment
Re-evaluate organizational risks
Implement risk response
Execute the risk response plan(s)
Execute the contingency plan(s)
Encourage stakeholders to provide feedback on the risk response
Evaluate and react to secondary and residual risks from the response implementation
- Improvise as needed
Gather and analyze performance data
Reconcile performance data & reports from risk relevant work packages
Analyze data to determine the completion status against the baseline
Perform a variance analysis
Monitor impact against overall project risk exposure to enterprise
Monitor residual & secondary risks
Monitor risk response and document residual risk
Monitor risk response for secondary risks
Assess impact of residual and secondary risks on project objectives
Update and communicate impact of residual and secondary risks
Provide information required to update relevant project documents
Aggregate and summarize risk data, and update project documents
- risk register, lessons learned, project management plan, change logs etc.
Monitor and close out expired risks
Monitor project risk levels
- Assess project risk level
- Prepare reports for different stakeholders
- Communicate risk levels to key stakeholders
