Archive for the ‘Risk Management’ tag
Some thoughts on Risk Management
I was reading a great article from Harwinder of Deep Fried Brain on 20 Common Project Risk Management Terms Explained. The other two terms that are quite important in the risk Management domain are Risk Probability and Risk Impact.
These are usually quantitative and provide guidance on correctly prioritizing risks (and therefore allocating the planned contingency budgets). One other term that I usually recommend when talking about Risk is “Risk Clarity Date” – a term I use to describe the possible date when more information about the risk becomes known to re-evaluate it.
Typically, projects look at the Risk log every x weeks to go through all the risks and figure out if something needs to be changed – this is not very realistic, since many risks are either time-based or event-based.
For example, if there is a Risk that a software component being developed will not be on time, but this is not going to change unless more information on the actual progress is available.
How do you do risk management? At Project levels only or do you have a Enterprise-wide Risk Management process? Share with us.
