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Continuous Risk Management
October 16, 2008 | Author: PM Hut | Filed under: Risk Identification, Risk Management, Risk Quantification & Analysis, Risk Response & Control
Continuous Risk Management
By Phil Sabelhaus, National Aeronautics and Space Administration (NASA)
Risk identification is an ongoing activity that takes place during the routine project workflow. Project activities such as programmatic and technical meetings, telecons, reviews, and other forms of communication often bring to light project risks. When this occurs, we record and analyze the risk on a Risk Information Sheet. The process outlined below helps the project team identify and cope with project risks throughout the life of the project.
Procedure
- Team identifies list of potential risk items. Not all items identified are accepted. Risks can be current problems or potential future problems.
- Risk Mitigation plan with action items and due dates is developed for each accepted risk item.
- Team meets regularly (every 2 weeks for us) to assess risks and add new risk items, if necessary. See Status section on the Risk Information Sheet below1.
- Risks are closed when all the actions to close the risk have been taken. Some risk items are closed quickly; others are open for a long time. Some are considered watch items and the action plan doesn’t kick in until certain negative events happen.
- Action plans include second sources of some items, requirements redirection, different technologies, etc.
- Closed risks remain in the base for future learning.
1An example of a Risk Information Sheet (PDF).
Reprinted with permission from NASA. This article first appeared in NASA’s ASK Magazine, the NASA source for Project Management and Engineering Excellence.
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