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Risk Management in Project Teams

The document outlines a mini-module on Risk Management from 'Project Team Leadership and Communication' by Samuel Malachowsky, focusing on risk identification, analysis, and response. It emphasizes the importance of involving all stakeholders in identifying risks using tools like SWOT analysis, estimating probabilities and impacts, and documenting them in a risk register. Additionally, it discusses various risk response strategies such as avoidance, transfer, and acceptance, along with a practical activity for group discussion on managing risks in a charitable event scenario.

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21 views6 pages

Risk Management in Project Teams

The document outlines a mini-module on Risk Management from 'Project Team Leadership and Communication' by Samuel Malachowsky, focusing on risk identification, analysis, and response. It emphasizes the importance of involving all stakeholders in identifying risks using tools like SWOT analysis, estimating probabilities and impacts, and documenting them in a risk register. Additionally, it discusses various risk response strategies such as avoidance, transfer, and acceptance, along with a practical activity for group discussion on managing risks in a charitable event scenario.

Uploaded by

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

Mini-Module:

Risk Management

Designed for chapter 3, section 3.7, pages 97-102 of Project Team Leadership and Communication by Samuel Malachowsky, ISBN 9781732378902, 9781732378919.
Risk Identification
• “Risks are problems that haven’t happened yet”
– They’re uncertain ( 0%<100% chance)
– They would result in a loss to the project (typically time or resources)
– The project can do something to manage them (within the scope of the project)
• Everyone should be involved in identifying risks, and they come from multiple places
– The team, stakeholders, organization, environment, finances, etc.
• Use SWOT analysis to identify risks:
– Internal weaknesses and external
threats represent potential risks

Diagram: Malachowsky, Samuel. Project Team Leadership and Communication. Lintwood Press. 2018. p. 98.
Risk Analysis
• Risks may or may not occur, and their impact on the project is variable
– Project teams estimate the probability of the risk as well as possible
• Very Unlikely (15%), Unlikely (30%), Neutral (50%), Likely (70%) Very Likely (85%)
– The potential impact of the risk is also estimated
• Loss of 2 weeks, additional expenditures of $3,800, etc.
– These numbers are multiplied to calculate risk exposure. (30% X 2 weeks = 0.6 weeks)
• Identified risks and their probabilities, impacts, and exposures are recorded in a risk
register
– Risks with the highest risk
exposure are placed at the top
of the list and are highest
priority

Diagram: Malachowsky, Samuel. Project Team Leadership and Communication. Lintwood Press. 2018. p. 100.
Risk Response
• Risk “mitigation” or management: an intentional response to an identified risk
– Avoid – remove the risky part of the project
– Learn more – acquire additional knowledge on how to deal with the risk (research, prototype,
etc.)
– Transfer – move the risk to a less vital part of the schedule (off the critical path) or to another
entity more capable of handling it (a trained team, purchase insurance, etc.)
– Accept – Accept the risk as is, but formulate a way of lessening its impact or handling it if it
occurs (a mitigation strategy)
• Risk responses are reflected in
the project schedule/budget
– Total risk exposure is added to
the final schedule length

Diagram: Malachowsky, Samuel. Project Team Leadership and Communication. Lintwood Press. 2018. p. 101.
Activity – A Risky Scenario
In groups of 3-4, consider the following scenario:

A local charitable organization has decided to host a ‘pot luck’ social dinner, where
everyone is expected to bring a prepared dish to share. A main objective is raising
awareness of the charity, with a secondary objective of soliciting donations or
support from the community.

• What are 5 basic risks the organization should consider?


• For each, what are 2 basic mitigation or management strategies they could employ?
Questions / Discussion

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