Identifying and Assessing Project Risks

In this video, Professor Yael Grushka-Cockayne discusses creating a risk management plan. As you watch this video, think about a risk management plan for one of your recent or current projects. If you were to create a Risk Register, what are some of the possible risks that could occur in your project?

Next, think about assessing those risks that you’ve identified. How likely are they to occur, and what is the impact if they do occur? Is it going to end up being minor and not affect your project? Or will it be catastrophic, not only for our project, but perhaps to your entire company?

As Professor Yael Grushka-Cockayne mentions, many people use a matrix that views likelihood or the probability that a risk will occur on the ‘y’ axis and the columns represent the impact. This type of matrix tells us how likely the risks are to occur and the impact if they do.

In addition, as Professor Yael Grushka-Cockayne explains how to calculate a risk score, think about using a risk score that allows you to prioritize your risks in the Risk Register. Which risks are the most extreme that require immediate attention, and which ones are not high priority?

Then, how might you plan the strategy to deal with those risks? Who can you identify to be responsible for tracking and monitoring how things are going?