- Task 1: Create a risk identification checklist.
Procedure
1. Refer to the risk response plan that you created in Lab 5.1.
2. Apply risk monitoring PMBOK tools and techniques to identify secondary and residual risks. Identify new risks and verify whether the risks mentioned in the risk register still exist. Identify at least five such secondary, residual, or new risks.
3. For the newly identified risks, prepare a risk identification checklist by using the template on page 205 in the textbook Project Manager's Spotlight on Risk Management.
4. Submit the completed risk identification checklist to your instructor for evaluation.
- Task 2: Update risk management documents.
Procedure
1. Read the scenario explained on pages 189-190 in the textbook Project Manager's Spotlight on Risk Management.
2. Refer to the following risk management documents prepared in the previous lab exercises:
o The risk management plan created in Lab 2.1
o The risk register created in Lab 3.1
o The risk response plan created in Lab 5.1
3. Identify the risk management documents that you need to change in order to incorporate the outcome of the analysis. Refer to Section 11.6.3 in the PMBOK guide for guidelines on how to identify the risk management documents that may need to be updated.
4. According to the given scenario, update the risk management plan, risk register, and risk response plan that you created in the previous labs. Refer to Figure 18.5, on page 240, in the textbook Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements. Highlight the updates that you make to the documents so that the instructor can readily identify them.
5. Submit the updated documents to your instructor for evaluation.
Case Study
Emily Lewis understands the importance of monitoring the project and the project environment for risk triggers and risk events. Emily knows the sooner the team responds to a risk event, the more likely they'll be able to reduce the impact of the risk event. A few team meetings ago, a new risk was added to the risk list and a response plan was prepared. The risk was subcontractor failure. The vendor working on the CRM implementation outsourced the programming services to help keep the project on track. As the risk response predicted, the subcontractor failed to perform according to the contract standards.
Maria was assigned the owner of this risk. She works in the procurement area. However, it was actually a project team member who alerted Maria and Emily to the risk trigger. When the team member asked the vendor to provide the specifics of one of the database tables, the vendor couldn't provide the answer. The team member knew that the database table should have already been created and told Maria and Emily.
Emily contacted the primary vendor and insisted that they track down exactly where the subcontractor was according to the project schedule. Unfortunately, the subcontractor wasn't on track. Maria and Emily together determined that the risk response plan should be put into action. They required the primary vendor to hire another subcontractor and insisted that the subcontractors work on location. This caused a residual risk because the additional contractors required space to perform their work at Emily's company. Although they brought their own laptops and cell phones, they still needed desks and chairs somewhere in close proximity to the rest of the team. Requiring the subcontractor to work on-site was an addition to the original response plan that turned out to be extremely successful. The project
team was able to monitor the work of the subcontractor and had a much better understanding of the amount of work completed to date than what they received via the vendor's status report.
The project proceeded from there according to plan and enjoyed a successful implementation. Emily took the time to perform a risk audit and review with her team members and key stakeholders. She documented the risk events that occurred, the effectiveness of the response plans, and the
suggestions for improvements. She also documented the contingencies, workarounds, and changes to response plans-such as the previous one-that were put into place. No unidentified risks occurred during the project, and the team concluded it had done a fairly decent job of identifying, analyzing, monitoring, and implementing risk processes. As Emily and team were celebrating the project success at a pizza party, Bill, the project sponsor, walked over and tapped her on the elbow. "Great job, Emily. I'm thrilled with the success of this project." "Thank you. I had a great team of folks to work with, and this project wouldn't have been a success without them." "Ah, that's good to hear. Now for my question. The executive team has decided to upgrade the PBX system. I know the CRM system interfaces with the PBX; after all, you can't take a customer call without a telephone," he chuckles. "I'd like for you to head up this project. Are you interested?" Emily, armed with the lessons learned and risk audit reviews from the CRM project, knows the answer without thinking. "Absolutely."
Risk Identification Checklist
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I. General Information
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II. Checklist
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ACTION ITEM
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DESCRIPTION
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COMPLETED
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Examine historical information.
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Review project planning documents and prior projects that are similar in scope and complexity to the current project.
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Review constraints.
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Constraints restrict or dictate the actions of the project team and may have inherent risks associated with them.
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Perform assumptions analysis.
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Review assumptions for validity.
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Determine risk categories.
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Create risk categories, or use organization- or industry-defined categories.
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Perform
information-gathering techniques.
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Determine the best method for identifying risks, and conduct the process.
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Document risks.
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Document risks with an unique ID number, category, risk name, and description number.
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