RISK IDENTIFICATION PROCESS EXERCISE

RISK IDENTIFICATION PROCESS EXERCISE

Part 1

Part 2

To develop a risk identification strategy, there are different strategies that can be used:

-          Checklist Analysis, it is a technique that is used to identify and so allows to manage the risk in a properly way. This technique works with a list of items, tasks or ither steps. Having this list in front of you, should be easy to identify a risk and check if a procedure was completed in the right way.

-          Documentation review or analysis is another technique that can be used to analyze risks. This technique works with a review of all project documents. If you find uncertainty, inconsistency or ambiguity in documents, could be possible that there is a risk in the project.

-          Information gathering techniques, are divided in; brainstorming (this technique is so important because regrouping team ideas, helps to have something special and that can better fit with the project), Delphi technique (that work with forecasts from a group of individuals, this allows you to be more accurate), interviewing (this technique works interviewing experts, stakeholders and others involved in the project) and last but not least root cause analysis (this technique is used to find underlying causes that lead to a problem).

-          Assumptions analysis, that is an assumption of what can put in risk the project. Usually assumption are incorporated in the scope baseline.

-          Diagramming techniques:  these techniques are used to identify risk using diagrams. As I learned, I can use cause and effect diagram, process flow and influence diagrams.

-          Swot Analysis:  This analysis, analyzed the risk through its strengths, weaknesses, opportunities and threats.

-          Expert Judgement : A group of experts, will be identified by the project manager because their knowledge.

For my dream House construction project, I will use the expert judgment technique. I will use this approach because I need someone that knows Canadian constructions laws to avoid any delay in the project. I will use the experts help from the first steps of the initiation through execution. Once I will move on monitor and controlling the expert judgement will be enough.

Secondly I would use the checklist technique that helps me to be organized as PM and avoid any missed item or step. This technique can be used from the initiation and will be updated during execution, and then will be very helpful during monitor, controlling and closing.

Part 3:

Threats examples: Increase competition or a development in technology may change the market beyond the company ability to adapt itself.

Gaps in the company categories, missing external referrals.

Missing of business networks.

Opportunities examples: Training in the company, consultants recruitment.

In my RBS, development in technology that can change the market, is associated with unstable technical situation, where I can have huge issue if I do not identify the risk.

Regarding opportunities, Consultants recruitment is associated with inadequate designers, and lack of experienced staff. Having good consultants will help me to avoid risks.

Part 4:

Scenario to analyze:

In this case, I will transfer the risk to the contractor company. I do not think will be a good idea just to transfer the risk to an insurance company so in my opinion, the best option is to transfer the risk in solid to the demolish company.

Alice Mosolo MGT5085