• Make or Break: Why Accurate Cost Estimation Is Key

  December 2, 2008

  
  

• Lessons Learned for Project Managers - Part XIII

  December 2, 2008

  
  

• Project Implementation - Training

  December 1, 2008

  
  

• Risk Characteristics

  December 1, 2008

  
  

• Clarity - MS Project Best Practices

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• Reasons for not Having the Right Project Sponsorship

  November 30, 2008

  
  

• Operations and Maintenance - Lessons Learned from Major Programs

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• Lessons Learned for Project Managers - Part XII

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• Quality Control in Project Management

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• Categorization of Risks in Project Risk Management

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Risk Management 101: Risk Assessment and Prioritisation

March 28, 2008 | Author: admin | Filed under: Risk Management, Risk Quantification & Analysis, Risk Response & Control

Risk Management 101: Risk Assessment and Prioritisation (#9 in the series Risk Management 101)
By Craig Brown

Prioritisation is a tool to communicate and agree on what risks are to be actioned most urgently. It sets expectations and allows for people to understand where a particular risk falls in the project’s workload.

If there is disagreements about priorities the likelihood and impacts can be revisited, and maybe a risk can be re-prioritised. This is likely in many projects as the uncertainty of the future diminishes and the likelihood of risk events occurring is better understood.

The diagram below is a typical tool for representing a project’s risks at a strategic level. You may identify several dozen risks and the number of risks (or the risk reference numbers) can be listed in the boxes representing each likelihood/impact assessment. This then gives an overview of the risk profile of the project. It also highlights which things are priorties to be dealt with.

Craig Brown has worked as a project manager and business analyst mainly in the Australian ITC and the banking industries. He has also worked in the law, education and welfare industries, including starting a law firm. Craig now has a Master’s degree in project management from RMIT university, and is currently working with a Melbourne based IT consulting firm called OptimiseIT. Craig’s personal blog can be found at http://www.betterprojects.net.

Related Articles

• Evolution of the Owner's Role in Program Management - Activity: Risk Assessment & Contingency
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• Metrics to Reduce Risk in Product Ship Decisions - Part VIII - Case Study: DataFinder - Assessment of the Metrics
• Change Impact Assessment (CIA) - Lessons Learned from Major Programs
• How To Successfully Create An Internal Project Management Certification Program For Your State - Part V - What kind of assessment should be used to certify the participants?

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