RISK MANAGEMENT STEPS Lecture 2
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1 RISK MANAGEMENT STEPS Lecture 2 1
2 RISK MANAGEMENT STEPS Identification Updating Assessment Analysis Mitigation 2
3 RISK IDENTIFICATION Risk identification is a critical phase The result of this phase will have an effect on the succeeding phases; If this stage misses any risk consequently phases will not take it into account. If risk is not identified it will not be evaluated and managed. 3
4 OBJECTIVES OF RISK IDENTIFICATION Identify risks that could affect project Assess how risks should be classified and grouped for evaluation The outcome of risk identification is a list of risks that can be assigned to a team member. 4
5 RISK IDENTIFICATION DOCUMENTS 5 PROJECT-SPECIFIC DOCUMENTS Project description Work breakdown structure Cost estimate Construction schedule Procurement plan Listing of team s issues and concerns PROGRAMMATIC DOCUMENTS Historic data Checklists Final project reports Risk response plans Organized lessons Learned Published commercial databases
6 RISK IDENTIFICATION TECHNIQUES Brainstorming SWOT analysis Delphi methods Expert interviews Root cause identification Checklist analysis Assumptions Analysis Diagramming techniques 6
7 BRAINSTORMING Brainstorming involves getting subject matter experts, team members, risk management team members, and anyone else who might benefit the process in a room and asking them to start identifying possible risk events. The trick here is that one person s idea might start another idea, and so on, so that by the end of the session you ve identified all the possible risks. 7
8 SWOT ANALYSIS S Strengths W Weaknesses O Opportunities T Threats Opportunities-external Strengths-Internal Threats-external Weaknesses-Internal
9 DELPHI TECHNIQUE The Delphi technique is a lot like brainstorming. People participating in this technique don t all have to be located in the same place. You can use to facilitate the Delphi technique easily. Experts from both inside and outside the company are invited. Ask them via a questionnaire to identify potential risks. 9
10 DELPHI TECHNIQUE All the responses are organized by content and sent back to the Delphi members for further input, additions, or comments. The participants then send their comments back again. The facilitator compiles a final list of risks. This prevents one person from influencing others in the group and thus prevents bias in the outcome. 10
11 EXPERT INTERVIEWING Interviews are question-and-answer sessions held with project managers, stakeholders, customers, the management team, team members, and users. Ask them to tell you about any risks that they ve experienced or that they think might happen on your project. 11
12 ROOT CAUSE IDENTIFICATION Root cause identification involves digging deeper than the risk itself and looking at what the cause of the risk is. This helps define the risk more clearly, and it also helps you later when it s time to develop the response plan for the risk. 12
13 CHECKLIST ANALYSIS Checklists used during the Risk Identification process are usually developed based on historical information and previous project team experience. If you typically work on projects that are similar in nature, begin to compile a list of risks. You can then convert this to a checklist that will allow you to identify risks on future projects easily. 13
14 ASSUMPTIONS ANALYSIS Assumptions analysis is validating the assumptions that identified during the project Planning processes. All assumptions are tested against two factors: The strength and validity of the assumption The consequences on the project if the assumption fails All false assumptions should be evaluated and scored just as risks. 14
15 DIAGRAMMING TECHNIQUES Three types of diagramming techniques are used in Risk Identification: Cause-and-effect System or process flowcharts Influence diagrams. 15
16 CAUSE-AND-EFFECT DIAGRAM Cause-and-effect (fishbone) diagrams show the relationship between the effects of problems and their causes. This diagram shows every potential cause and of a problem and the effect that each proposed solution will have on the problem. 16
17 SYSTEM OR PROCESS FLOWCHART The system or process flowchart shows the logical steps needed to accomplish an objective, how the elements of a system relate to each other, and what actions cause what responses. 17
18 INFLUENCE DIAGRAMMING Influence diagrams show the casual influences among project variables, the timing or time ordering of events, and the relationships among other project variables and their outcomes. Simply put, they visually show risks, uncertainties or impacts, and how they influence each other. 18
19 TYPES OF RISKS Known-Known Known source and known impact Known-unknowns Known source but unknown impact Favorable (Opportunity) Unknowns Unfavorable (Risk) Unknown-unknowns Unknown source and unknown impact 19
20 TYPES OF RISKS Controllable risk VS Uncontrollable risk Dependent risk VS Independent risk Dynamic risk VS Static risk 20
21 MAIN RISK CATEGORIES Administrative Logistical Construction Physical Design Financial Management Contractual Political Disasters 21
22 RISK CATEGORIES 22 Administrative Delay in possesses of site Limited working hours Troubles with public services Logistical Shortage or late supply of resources Site remoteness problems Communications
23 RISK CATEGORIES 23 Construction Ground problems Limited work space Equipment breakdown Physical Placing fill in dry season High tides, temperature, etc. River diversion in time of low flow.
24 RISK CATEGORIES 24 Design Incompleteness Design changes Design errors Financial Inflation Exchange rate fluctuation Availability of funds Delay payments by client
25 RISK CATEGORIES 25 Management Space congestion Scheduling errors Estimating based on standards Contractual Contract type Liability to others Co-ordination of work
26 RISK CATEGORIES 26 Political Change in local laws Import restrictions Use of local resources Disasters Floods Fire Landslip Earthquakes
27 THANK YOU
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