Create A Pre-Read Document For The Risk Assessment Meeting
Create a pre read document for the risk assessment meeting
You met with your department manager, a few of the stakeholders, and the sponsor last week to review the list of possible risks. They accepted most of your risks and agreed that the next step was the assessment. There was some confusion, however, over how that step should be completed. Apparently, a prior project manager did a poor job with risk assessment and felt that it was an unnecessary activity. This resulted in the project encountering several risks and always being in fire-fighting mode.
Several of the stakeholders (who were impacted most by this mode) want a much more formal approach taken to risk assessment (as does the CEO). Assignment Guidelines: You have scheduled a risk assessment meeting for later this week. Create a pre read document for the meeting participants that will walk them through how you will run the meeting and what they should prepare in advance. In your 3–4 PAGE document, be sure to address the following:
- Who will you involve? (number of people, roles, and project responsibilities)
- How will you manage the group?
- What is your process for assessing the risks? What techniques will you use?
- Where will you start?
In preparation for the meeting and to help you focus on the upcoming task, review your list of risks. Practice the various techniques you will use by assessing at least 15 of your risks. Create a grid for this activity. Use a qualitative method to identify the high-priority and low-priority risks. Provide a rationale for your responses.
Then, using a semi-quantitative method, create a risk score and probability/impact matrix for the remaining risks. The columns should be organized as follows:
- Risk event
- Probability
- Rationale for probability
- Impact
- Rationale for impact
- Next steps (describe what you need to do with this risk event next: nothing, further analysis, or determine actions)
Your submitted assignment (140 points) must include the following:
- A 3–4 page typed pre read document
- A grid assessing the risks you had outlined in Unit 1 formatted to the requirements listed above
Please submit your assignment. Your assignment will be graded in accordance with the following criteria. For assistance with your assignment, please use your text, Web resources, and all course materials.
Paper For Above instruction
This document serves as a comprehensive pre-read material for the upcoming risk assessment meeting, designed to ensure all participants are aligned on the process, expectations, and preparatory tasks. The goal is to facilitate a structured, efficient, and thorough risk evaluation that moves away from the previous informal and reactive approaches, aiming instead for a proactive risk management strategy essential for project success.
Stakeholder Involvement and Roles
Effective risk assessment necessitates the involvement of a diverse group of stakeholders to capture a complete picture of potential risks from all perspectives. The core team should comprise key project members, including the project manager, subject matter experts, quality assurance personnel, and representatives from finance, operations, and client stakeholders. A suggested composition would be approximately 8-12 members, balancing expertise and manageable group size to facilitate meaningful discussion. Each participant's role should be clearly defined—whether they are responsible for identifying risks in their domain, evaluating risk impacts, or providing mitigation strategies. For example, subject matter experts can identify technical or operational risks, while finance can assess economic impacts.
Group Management Strategies
To ensure an organized, participative, and efficient meeting, a facilitator (likely the project manager) should lead the session, establishing ground rules for open communication and respecting time constraints. Utilizing techniques such as round-robin participation will ensure all voices are heard. Implementing visual aids like risk heat maps and decision matrices will aid in clarity. The facilitator should keep discussions focused on risk relevance, avoid dominance by any single participant, and guide the group through structured exercises such as mind mapping or brainstorming sessions. Setting clear objectives at the beginning, such as identifying high-priority risks for immediate mitigation plans, will help maintain focus. Encouraging a culture of transparency will also foster honest and comprehensive risk disclosures.
Risk Assessment Process and Techniques
The risk assessment will employ both qualitative and semi-quantitative techniques to ensure a balanced, thorough evaluation. Initially, a qualitative risk analysis will categorize risks based on likelihood and impact using a risk matrix. This process involves scoring risks as high, medium, or low priority depending on the combination of probability and impact, with at least 15 risks assessed to establish initial priority rankings. The qualitative method offers rapid insights and helps focus discussion on the most critical risks.
Following this, a semi-quantitative analysis will assign numerical scores to risks based on probability and impact, facilitating the creation of a risk score. The probability and impact scores will be mapped onto a matrix, enabling visualization of risk severity. This dual approach ensures that both subjective expert judgment and measurable data inform decision-making. Techniques such as Expert Judgment, Brainstorming, Delphi Method, and the Use of Risk Scores and matrices will be employed throughout this process.
Starting Point for Risk Evaluation
The risk evaluation will commence with reviewing the existing list of identified risks, focusing on those most critical or previously associated with project failures. The team will then perform a structured analysis on these risks, starting with the highest-priority ones based on initial qualitative assessments. This approach allows for targeted, effective use of meeting time and resources, ensuring that the most impactful risks are analyzed in greater depth early on, and that subsequent mitigation strategies can be developed accordingly.
Risk Assessment Grid and Rationale
| Risk Event | Probability | Rationale for Probability | Impact | Rationale for Impact | Next Steps |
|---|---|---|---|---|---|
| Supply chain disruption | Medium | Global logistics delays are common but manageable | High | Could delay project milestones significantly | Further analysis; develop contingency plans |
| Key personnel turnover | Low | Staff stability is generally good; occurrence less frequent | Medium | Impact projects' continuity and knowledge retention | Determine actions; establish succession plans |
| Technology failure or obsolescence | Medium | Rapid tech changes necessitate ongoing review | High | Could halt project operations or deliverables | Further analysis; upgrade and testing protocols |
| Regulatory changes | Low | Current regulations stable but subject to review | High | Potential to derail project or increase costs significantly | Determine actions; monitor regulatory landscape |
| Budget overruns | High | Historical project data shows risks of budget creep | High | Could jeopardize project completion and scope | Further analysis; enforce strict budget controls |
Conclusion
This pre-read document provides a comprehensive overview for participants to understand their roles, the systematic approach to risk assessment, and the dynamics of the upcoming meeting. Employing both qualitative and semi-quantitative methods will enable a balanced evaluation of risks, aligning with stakeholders’ desire for a more rigorous process. By proactively identifying, prioritizing, and planning next steps for potential risks, the project team can significantly improve the likelihood of project success and reduce the need for reactive firefighting. Clear engagement, well-structured facilitation, and diligent analysis are essential components of an effective risk management strategy that will be reinforced during the upcoming meeting.
References
- Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) — Sixth Edition. PMI.
- Harold Kerzner, (2017). Project Management: A Systems Approach to Planning, Scheduling, and Controlling. Wiley.