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Saket - Risk Doubt

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sunildubai15
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Saket - Risk Doubt

Postby sunildubai15 Wed Jan 13, 2016 7:13 am

A Practical Scenario - Suppose one of the material on the critical path is delayed for 1 month with reference to its schedule (activity will start after 1 month) which was not identified previously so its a unknown unknown risk but . do we still add in the risk register and will analysis as still the activities not started or we will still do workaround.
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saket
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Re: Saket - Risk Doubt

Postby saket Wed Jan 13, 2016 10:02 am

it all depend on what all option Project Manager has, if he can apply workaround he must do that. but if he can not do anything , he may end up reaching to management for help (by way of reserve or change in scope etc).

In any case first the project manager should try to figure out some solution on his own, if he can't then he should come with options and ask management to pick the option based on risks and rewards. If nothing work... he may just go to management and say i surrender (escalate ... should be the last option)
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shaibajit
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Re: Saket - Risk Doubt

Postby shaibajit Mon Nov 20, 2017 9:52 pm

Dear Saket,

Risk Management is an iterative process. Throughout the project we do periodic Risk Reassessment and try to identify New Risks.

So While doing Risk Reassessment the PM finds a previously Unidentified Risk, means a New Risk. So if he is given following 2 options what should he do?

a) Qualitative Risk Analysis (The iterative nature of Risk Management tells me to select this option)
b) Workaround (The PMBOK 5 also says "Workarounds are required to deal with emerging risks that were previously unidentified")
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Re: Saket - Risk Doubt

Postby manishpn Wed Nov 22, 2017 7:59 pm

shaibajit wrote:Dear Saket,

Risk Management is an iterative process. Throughout the project we do periodic Risk Reassessment and try to identify New Risks.
Thats correct

So While doing Risk Reassessment the PM finds a previously Unidentified Risk, means a New Risk. So if he is given following 2 options what should he do?

a) Qualitative Risk Analysis (The iterative nature of Risk Management tells me to select this option)
This would be prefered option is PM has time in hand
b) Workaround (The PMBOK 5 also says "Workarounds are required to deal with emerging risks that were previously unidentified")
This is needed for secondary risks , for risks where primary contingency plan failed and also for new
ly identified risks which has already occurred ( In this case it will be unknown unkonwn and PM can use management reserve for the same)

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shaibajit
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Re: Saket - Risk Doubt

Postby shaibajit Wed Nov 22, 2017 8:07 pm

Thanks a lot!!!!

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