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Risk assessment meeting

You met with your department manager, a few of the stakeholders, and the sponsor last week to review the list of possible risks. They accepted most of your risks and agreed that the next step was the assessment. There was some confusion, however, over how that step should be completed. Apparently, a prior project manager did a poor job with risk assessment and felt that it was an unnecessary activity. This resulted in the project encountering several risks and always being in "fire-fighting" mode. Several of the stakeholders (who were impacted most by this mode) want a much more formal approach taken to risk assessment (as does the CEO).

You have scheduled a risk assessment meeting for later this week. Create a pre-read document for the meeting participants that will walk them through how you will run the meeting and what they should prepare in advance. In your one- to three-page document, be sure to address the following:

Who will you involve? (number of people, roles, project responsibilities)
How will you manage the group?
What is your process for assessing the risks? What techniques will you use?
Where will you start?
In preparation for the meeting and to help you focus on the upcoming task, review your list of risks. Practice the various techniques you will use by assessing at least fifteen of your risks. Create a grid for this activity. Use a qualitative method to identify the high priority and low priority risks. Provide a rationale for your responses. Then, using a semi-quantitative method, create a risk score and probability/impact matrix for the remaining risks. The columns should be organized as follows:

Risk event
Probability
Rationale for probability
Impact
Rationale for impact
Next steps (describe what you need to do with this risk event next: nothing, further analysis, or determine actions)
Be sure to include both your pre-read document and your risk worksheet.

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Solution Preview

Pre Read document:

Who will you involve? (number of people, roles, project responsibilities)
All the team members in the project will be involved in the whole process. The project manager and the quality manager, along with assistance from the CEO will oversee all issues with respect to the process. Apart from the core team comprising of the project manager and the quality manager, two other peoople will be involved to identify, analyze and assess all the risks and then suggest suitable actions to remove and mitigate the probable risks. These two persons will be entrusted with the responsibility of overseeing the whole risk mangement process and report to project manager and quality manager with respect to any probable risk during the project. They will carefully analyze the activities ...

Solution Summary

Risk assessment meeting

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