Primary Post: What ranking process will work for your risk work this week? Why did you select that process? How can you integrate your risk threshold from your risk management plan as you work to determine what risks warrant a risk response?
For any two primary posts, what is effective about the prioritization? As a project stakeholder, what questions might you have for the project manager?
Hi Nicole! Someone already posted, so you can write a secondary post for below.Even there is only 1 primary post, but you need to write 2 secondary post for me~ Thank you Nicole~
As we have learned in Week 3, there are two methods of project risk analysis: Qualitative and Quantitative. Qualitative risk analysis is the process of assessing the impact and likelihood of identified risks while Quantitative risk analysis aims to analyze numerically the probability of each risk and its consequence on project objectives, as well as the extent of the overall project risk (PMBOK 2000).
As I look to apply both analysis to my project risks, I think the High, Medium and Low ranking process will work best for the risks I have identified thus far. I factored in the scope of the project, my identified project risks and the size of my project to conclude that this is the best approach. As we have learned in Week 2, risk identification is an iterative process so as I continue to monitor and control the overall project, if the number of risks continue to increase, I will reevaluate my approach of High, Medium and Low and perhaps change the scale to a 1-5 approach.
I think the best way to integrate my risk threshold from my risk management plan is to assess the probability and impact each identified risk has to the project objectives.
As a project manager, I would rely on my project team, and subject matter experts to discuss these identified risks during project meetings or even hold separate team meetings to discuss the risks that have been identified. As you continue to monitor and control the project, identified risks can change so it is important to revisit them to see how the course of the project has impacted (positive or negative) them, if any, so you can mitigate with an accurate plan so that you have an overall project success rate.
Reference:
A Guide To The Project Management Body Of Knowledge. 1st ed. Pennsylvania: Project Management Institute, 2000. Print.