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RMMM: Risk Projection and Refinement

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Varshitha Poloju
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8 views13 pages

RMMM: Risk Projection and Refinement

Uploaded by

Varshitha Poloju
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

RISK PROJECTION,

RISK REFINEMENT,
AND RMMM
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INTRODUCTION TO RISK
MANAGEMENT
 What is Risk Management?
 It’s the process of identifying potential problems that could happen in a
project and planning how to deal with them.
 - Why is it Important?
 - Helps prevent unexpected problems.
 - Saves time, money, and effort.
 - Keeps the project on track.
 -Main Steps:
 1. Find risks.
 2. Understand their impact.
 3. Decide how to handle them.
 - Add a simple flow diagram showing these steps.
RISK PROJECTION
 What is Risk Projection?

 This is about predicting what risks might happen, how likely they are, and how much
trouble they could cause.
 - Steps:
 1. List all possible risks.
 2. Rank them based on how likely they are.
 3. Understand how bad the impact would be.
 - Tools Used:

 - Risk Matrix (to rate risks as Low, Medium, or High).


 - Decision Trees (to see possible outcomes).
 - Example:
 - Risk: The team might not finish on time.
 - Likelihood: High
 - Impact: The project deadline will be missed.
EXAMPLE OF RISK
PROJECTION
Example Project: Building a new app.
- Risks Identified:
1. New features take more time than expected.
2. Team members get sick or leave.
3. The budget runs out early.
- How to Represent This:
Use a table or chart to show the risks, their likelihood, and impact
------------------------------------------------------------------
| Risk | Likelihood | Impact |
|---------------------------------|---------------- |------------ |
| New features delayed | High | High |
| Staff problems | Medium | High |
------------------------------------------------------------------
RISK REFINEMENT
 What is Risk Refinement?
 Breaking big risks into smaller, more manageable parts to understand them better.
 - Steps:
 1. Group risks into types (e.g., technical, financial, team).
 2. Break each risk into specific causes.
 3. Focus on the most serious or likely risks.
 - Why Do This?
 It makes the risks easier to solve.
 - Example:
 - Big Risk: Budget problems.
 - Refined Risks:
 - Unexpected tool costs.
 - Delayed payments from the client.
 - Hiring extra team members.
EXAMPLE OF RISK
REFINEMENT
 Scenario:
 Delayed project delivery.
 - Breakdown of Causes:
 - Unclear goals from the client.
 - The team lacks the right skills.
 - Software bugs that take time to fix.
 - Benefit of Refinement:
 Now, instead of "fixing delays," you can tackle specific problems like
better training or testing tools.
INTRODUCTION TO RMMM
 What is RMMM?
 A method to manage risks:
 - Mitigation: Reducing risks before they happen.
 - Monitoring:Keeping an eye on risks during the project.
 - Management: Adjusting plans to handle risks.
 - Why is it Important?
 - Helps avoid big problems.
 - Keeps the team and stakeholders confident.
 - Increases the chances of project success.
 - Example: Adding extra time to the schedule for unexpected delays.
RISK MITIGATION
STRATEGIES
 - What is Mitigation?
 Taking steps to reduce the chance of risks or their impact.
 - Examples:
 1. Use backup plans (like hiring extra help if needed).
 2. Train the team in advance.
 3. Allocate more time or budget for high-risk tasks.
 -Visual Idea: Show a flowchart with
 "Identify Risk" → "Plan Actions" → "Mitigate Risk."
RISK MONITORING PROCESS
 What is Monitoring?
 Watching for risks throughout the project and making changes as
needed.
 - Steps:
 1. Set goals for what success looks like (e.g., no delays).
 2. Track risks regularly (e.g., every week).
 3. Update plans if new risks appear.
 - Example:
 -If a team member is sick, adjust the task schedule to avoid delays.
RISK MANAGEMENT
FRAMEWORK
 What is a Framework?
 A structured way to handle risks in every project phase.
 - Main Components:
 1. Risk Register: A list of risks and how to handle them.
 2. Communication Plan: Regular updates to the team and stakeholders.
 3. Feedback: Adjust plans based on what’s working.
CASE STUDY:
IMPLEMENTING RMMM
 Scenario: Delivery Delay in a Software Project
 Risks Identified:

• - Delivery delayed by 5 days due to technical challenges.


• Customer dissatisfaction due to the missed deadline.
• Risk of further delays if issues persist.
 Mitigation Plan:

• Perform root cause analysis to address key technical issues.


• Reallocate resources and focus on high-priority tasks.
• Adjust scope to deliver core functionalities first.
- Outcome :
- The project was delivered within the revised 10-day timeline, maintaining customer
trust and satisfaction..
SUMMARY AND
CONCLUSION
Summary:
 - Risk Projection: Predict risks and their impact.
 - Risk Refinement: Break down risks for better understanding.
 - RMMM: Handle risks with mitigation, monitoring, and management.
 - Conclusion:
 Managing risks helps keep projects on track, reduces problems, and
ensures success.
Thank
You

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