Predictive Risk Assessment & Management allows us to answer four key questions that Project Risk Management is focused on: Are you ready to run a project? Is the project setup for success? How well are your projects doing? Are your people aligned toward success?
Risk Management
Assessment & Control
This method describes how to deliver a baseline predictive risk assessment of a project in order to reduce cost and schedule. It enables the early identification and quantification of risks and impacts along with prioritized sequenced resolution of problems that impede efficiency and effectiveness.
”Risk is just an expensive
Adrian Slywotzky
substitute for information
Method Overview
This method consists of four main process phases, described in more details below:
Discovery
Analysis
Reporting
Sustain
Discovery
This phase consists of a set of activities that are performed to gather facts on how the project is operating. The purpose of this phase is to gather facts and formulate hypotheses that will drive analyses in the next phase. Goal of this phase is to dig deep into the details of what is actually occurring on the project.
Analysis
This phase consists of a set of activities that are performed to analyze the data and facts from the Discovery phase. The purpose of this phase is to determine the impact of risks and the project environment to project success which will lead to recommendations in the Reporting phase. Analysis is the process that determines the impact (positive or negative) to the project success given how the project is currently operating. Residual, predictive and discrete risks are identified.
Reporting
This phase is where the recommendations are developed, and the report is built. The purpose of this phase is to develop recommendations and the final report to the client. Reporting is the culmination of the findings portion of the engagement. The team can determine what needs to be done to improve the chances of project success (risk response).
Sustain
This phase is where the recommendations are implemented, and additional assessments are defined. The purpose of this phase is to implement the recommendations of the report and to define additional assessments as required. The implementation results in a new baseline plan for the project which is the new basis for performance reporting.