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Figure2.1.pdf
CHAPTER 2 • IDENTIFYING RISK 45
sources. Other sources of information for specific work activities might include subject matter experts, other project managers that have managed similar projects, organizational information archives, and state and local government agencies that would have information pertaining to specific work activities.
The emphasis with regard to sources for information gathering is that the information is reliable and accurate, as it will be used as the primary source of information to derive potential work activity risks.
Activity Information Checklist
The project manager is typically the primary resource who devel- ops the overall project management plan and is also responsible for developing the work breakdown structure, so it is advantageous that the project manager design a process that helps expedite and orga- nize the information gathering process. This can be in the form of an activity information checklist . The project manager must break down the primary project objective into its smallest components in order to understand each specific work package or activity, and in doing so, has a great deal of detailed information at her disposal. This information is typically used to understand what resources will be required, the overall duration estimate for each work activity, a budgetary estimate for the work activity, as well as a breakdown of all the specific work that has to be accomplished to complete each work activity. A power- ful tool the project manager can use is the activity information check- list that categorizes information for each project work activity and can allow for quick and easy assessment of potential risk. An example of an activity information checklist is shown in Figure 2.1 .
The activity information checklist consolidates a large amount of information into a single location for each work activity, enabling the project manager and project staff to quickly assess each work activ- ity. It has enough information to derive potential risks, but not an overwhelming amount of detail that requires an exhaustive amount of time to review. This type of tool is a perfect example of developing a project management process for information gathering that can be utilized in several aspects of developing a project management plan as well as a risk management plan.
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46 MASTERING RISK AND PROCUREMENT IN PROJECT MANAGEMENT
2.3 Identifying the Risks
After the project manager has identified who will be assisting in the information gathering process and has effectively communicated what type of information is required in order to evaluate if there is potential for risks and the sources from where this information can be
Name: (person collecting information) Date:
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:noitaruDemiTlatoT:tsoClatoT
:seitivitcArossecederP:sksiRrojaM 11 22 33
Activity Information Checklist Project Name:
Title of Work Activity:
Description of Deliverable:
Required Work Activities:
1 2 3 4
Required Human Resources:
Required Materials:
Required Equipment/ Facilities:
1 2 3 4
1 2 3 4
1 2 3 4
Figure 2.1 Activity Information Checklist
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CHAPTER 2 • IDENTIFYING RISK 47
gathered, it is time to evaluate the information and identify potential risks. It is important the project manager understand this phase of risk identification is vital in being able to spot problems and identify areas in work activity information that would suggest potential problems. Much like the importance of selecting qualified individuals to assist in the information gathering process, it’s vitally important to select qualified individuals in the risk identification process as well.
Resources to Help Identify Risks
Identifying potential problems on a project may fall on the proj- ect manager, as resources may simply not be available and she must understand the importance of having the ability to identify problems in work activities given the information that has been gathered. In most cases, within the organization there are individuals that might be available to interview specific work activities that are deemed to have a potential for severe risks, and further evaluation may be required to understand the details that will assist in the identifica- tion and response planning for a particular risk. Some of the valuable resources, tools, and techniques that can assist in the assessment of information to determine if potential risks exist include
• Subject matter experts— Can be used to help analyze work activity information to determine if potential risks might exist. These resources are typically individuals with specific back- ground or experience in the type of work performed on a spe- cific work activity and are able to give advice as to the types of problems that are likely to be associated with that work activity. Subject matter experts are considered to have valuable infor- mation, as in most cases their knowledge is based on first-hand experience. This type of knowledge is used not only in assess- ing potential risks, but can shed light on other details as to the severity and possible impact a risk might have, as well as response solutions. The project manager should seek out any subject matter experts that might be available, as they can pro- vide immediate information that is generally considered accu- rate and reliable, allowing the project manager to accomplish risk identification effectively and efficiently.
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48 MASTERING RISK AND PROCUREMENT IN PROJECT MANAGEMENT
• Brainstorming— Is a form of interviewing individuals knowl- edgeable on the subject matter in a group session where ideas are shared and comments from everyone are evaluated that can generate new ideas as to potential risks, severity, and impact to the project. Brainstorming can be a powerful tool, as it allows for all ideas, good or bad, to be put on the table, and in many cases this will spark other ideas that will in turn create new ideas that can yield information about potential risks that might not have been considered yet from the initial activity informa- tion evaluation.
• Delphi method— Is a simple and commonly used method of identifying potential problems on a project. The Delphi method was developed in 1969 by the RAND Corporation as a group consensus decision-making process. It incorporates the development of a group of subject matter experts (SME), man- agerial staff, and others internal or external to an organization who would have specific information regarding a project work activity and knowledge of corresponding problems that would be probable—as well as the best solution for that activity. The key element in the success of the Delphi method is the dialog between the panel of experts that results in the reconsidera- tion and narrowing-down process of potential risks to the “most probable risks” based on the consensus ( expert opinion ) of the panel.
• SWOT— Is another form of risk identification used in evaluat- ing work activity requirements compared to the plan that will be used to carry out the activities. The goal is to determine if there are inconsistencies or problems in the planning of an activity by evaluating the Strengths, Weaknesses, Opportunities, and Threats commonly referred to as a SWOT analysis. This type of evaluation yields weaknesses and threats in an activity plan that may reveal potential risks. As we know, risks can have both a negative and positive affect, and this analysis reveals strengths and opportunities that may not have been considered in the planning stage.
• Checklist— Is a unique tool that is usually developed from subject matter experts, management, and others who have
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