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- What are Scrum Ceremonies : The Ultimate Guide with Expert’s Top Picks
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- Learn Burndown Charts With Jira : Comprehensive Guide [ For Freshers and Experience ]
- What Is Scrum XP? : Step-By-Step Process with REAL-TIME Examples
- Phases of Project Management | Step-By-Step Process | Expert’s Top Picks
- Project Manager Salary in India – How much does a PM earn? [ Job & Future ]
- Why Do Scrum Masters Get Paid so Much? [For Freshers and Experience]
- What Best Describes a Scrum Team? All you need to know [ OverView ]
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- Anti-patterns of a Scrum Master : Step-By-Step Process
- SCM Tools and Frameworks | A Complete Guide with Best Practices
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- DMAIC Process and Methods | All you need to know [ OverView ]
- Agile Scrum Vs Kanban | Know the difference
- Deming vs Juran vs Crosby
- What is Project Scope Management and Why It’s Important?
- The Basic Principles of Project Management
- Top PMP Exam Questions and Answers for 2020
- Risk Management Strategies
- Roles and Responsibilities of A Scrum Master
- ROM Estimate Vs Definitive Estimate
- Guidelines for Creating and Maintaining a WBS Dictionary
- How to Become a Certified ScrumMaster?
- Top Professional Skills for 2020
- Fast Tracking Vs Crashing
- PMP Vs PRINCE2 Vs CAPM
- PMP Earned Value Management (EVM) And Formulas
- What is Certified Scrum Professional (CSM)?
- Top Leadership Theories Every Manager Should Know
- What is Deliverables in Project Management?
- How To Prepare For TOEFL
- History and evolution of the PMP Certification
- What Is Float In Microsoft Project?
- Rules to set you up for success in project
- What is Scrum Project Management?
- What Is Estimating Activity Duration in Project Management?
- What Are The PMP Terminologies Relating To Cost Knowledge Area?
- What is Project Scope Management processes?
- What Are The Types of Organization In PMP?
- Books to Beat the Scrum Master Certification
- Agile Coach Vs Agile Consultant
- What is the cost of quality in project management?
- Signs Your Career May Be Stagnation and Tips to Overcome Downturn
- Certified ScrumMaster (CSM) Certification
- Lean Six Sigma Black Belt Certification
- What is schedule Activity in project management?
- Why Do We Need a Project Charter?
- PMP Certification Exam Preparation Mind Map
- Why Quality Professionals Should Use Infographics In Project Management?
- Role of Earned Value Technique in Project Management
- What is Project Quality Management?
- Tools and Techniques to Estimate Project Cost
- What is a Project Charter And Project Scope in Project Management?
- Why Should You Conduct Project Status Meetings with Your Team?
- The 7 R’s of Change Management
- What Are The Categories and sources of risk in your project?
- What Is a Network Diagram in Project Management?
- What are The Types of Contracts In PMP?
- Residual Risk Vs Secondary Risk
- Impact of the stakeholders on the projects
- Effort Vs Duration Vs Elapsed Time
- Agile vs Scrum
- What Is Six Sigma Quality Assurance?
- How to Close a Project?
- What Qualifications Do You Need to be a Project Manager?
- Project Management Vs General Operations Management
- Enterprise Environmental Factors & Organizational Process Assets
- What is a project manager?
- Important Questions for PMP Certification Exam
- How is the PMP Exam changing, in 2015 & 2020?
- How To Renew Your PMP Certification?
- The Importance of Having Project Acceptance Criteria in Your Projects
- Tips for PMP Exam Preparation
- What is requirement traceability matrix RTM in Project Management?
- Poor Performance Appraisal? Here are the tips to turn any negative feedback into positive.
- How to build a successful Career in Agile and Scrum?
- Importance of Tuckman ladder model in HR management
- How To Apply For The PMP® Exam In Easy Steps
- How to Write a Six Sigma Problem Statement
- What is a lessons learned document in PMI?
- Perform Quality Assurance Vs Perform Quality Control
- How to Improve Quality Management Consistently?
- Interactive Vs Push Vs Pull Communication
- what is risk management?
- Key Appraisal Questions to Prepare For
- What are the MSP Certifications?
- What Is A Six Sigma Control Plan?
- How to Create a Project Plan in Excel?
- Agile Prioritization Techniques
- Tips to Help Millennials Climb the Corporate Ladder
- What is an Issue Log?
- Advantages of PMP over MBA
- Top Successful Project Estimation Techniques
- PMP Examination Preparation – ITTO’s
- Employee Training Rewards That Actually Improve Learning
- Lean principles
- What Does It Take to Become a Successful Agile Coach
- Projects VS Programs
- The Role of Six Sigma in Manufacturing
- The Top Formulas to Memorize Before Your PMP Exam
- Roadmap to CSM (Certified Scrum Master) Certification
- What are Some Qualities of a Good Manager and Good Leader?
- How to Handle Project Monitoring and Controlling Processes?
- Top Free Agile Tools For Any Project Manager
- Risk Assessment in Project Management
- The Concept of Zero Defects in Quality Management
- The Importance of Work Packages in Project Scope Management
- How to Get Project Management Experience for PMP Certification
- Different Ways to Calculate the Estimate at Completion (EAC)
- What Is a ScrumMaster?
- What is Risk Register?
- Agile Certifications
- Top-down Approach Vs Bottom-up Approach
- Leadership Vs Management
- What is Feasibility Study and Its Importance in Project Management?
- What Is a Project Management Plan?
- The Professional Advantages of the CAPM Certification
- PRINCE2 Vs PMP
- Rita Mulcahy’s PMP Prep and PMBOK® Guide
- What is Project Cycle Management?
- What is Project and Process Metrics?
- PMBOK® Sixth Edition is Here! What Project Managers Should Know?
- CAPM Certification
- Top Project Selection Methods for Project Managers
- Free Float Vs Total Float
- What is Critical Chain Project Management?
- How to Build a Career in Project Management?
- Scrum Master or Product Owner: What Suits You Better?
- Project Documentation and its Importance
- What is Performance Reporting in the Project Management?
- Top Highest Paying Tech Jobs in India

Risk Assessment in Project Management
Last updated on 30th Sep 2020, Artciles, Blog, Project Management
Risk Analysis and Management is a key project management practice to ensure that the least number of surprises occur while your project is underway. While we can never predict the future with certainty, we can apply a simple and streamlined risk management process to predict the uncertainties in the projects and minimize the occurrence or impact of these uncertainties. This improves the chance of successful project completion and reduces the consequences of those risks.
Project team members at various levels identify and handle risks in different flavours. However, this will be ineffective without a structured risk management framework, as this leads to:
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Incomplete impact evaluation, leading to loss of:
- Knowledge of the overall impact on the project objectives, like scope, time, cost, and quality
- Identification of secondary or new risks arising from the already identified risks
- Lack of transparency and a communication gap within and outside the team
Thus, it is very important for any project organization to set up an effective risk management framework. The key elements of a risk management program include:
- Process
- Integration
- Culture
- Infrastructure
These elements of a risk management program are flexible. They have to be, because strategies, organizational structures, operating philosophies and risk profiles vary in complexity across industries and firms.
Step 1: Identify Risk
An enterprise risk assessment process identifies and prioritizes a company’s risks, providing quality inputs to decision makers to help them formulate effective risk responses, including information about the current state of capabilities around managing the priority risks.
Risk assessment spans the entire organization, including critical business units and functional areas. Effectively applied using business strategy as a context, risk assessment considers attributes such as:
- Impact
- Likelihood
- Velocity
- Persistence
Step 2: Source Risk
Once priority risks are identified, they are traced to their root causes. If management understands the drivers of risk, it is easier to design risk metrics and proactive risk responses at the source. Will this step present challenges? Almost certainly. Overcoming them is key to success.
Step 3: Measure Risk
There is an old adage that says, “If you can’t measure something, you can’t manage it.” Because not all risks are quantifiable, increasing transparency by developing quantitative and qualitative risk measures is common practice.
Measurement methodologies may be simple and basic. Here are some examples of how to measure risk:
- Risk rating or scoring
- Claims exposure and cost analysis
- Sensitivity analysis
- Stress testing
- Tracking key variables relating to an identified exposure
More complex methodologies for companies with more advanced capabilities could differ — and might be more complicated. But remember: ignoring risk won’t make it go away. Other risk management methodologies might include analyzing these complex factors:
- Earnings at risk
- Rigorous analytics that are proprietary to the company
- Risk-adjusted performance measurement
- Examining value at risk
Step 4: Evaluate Risk
Based on the priority risks identified, their drivers or root causes and their susceptibility to measurement, the next step requires that management choose the appropriate risk response.
There are four categories of risk responses:
- Avoid
- Accept
- Reduce
- Share
These responses can be applied to groups of related risks consisting of natural families of risks that share fundamental characteristics (like common drivers, positive or negative correlations, etc.) consistent with a portfolio view.
The organization first decides whether to accept or reject a risk based on an assessment of whether the risk is desirable or undesirable. A desirable risk is one that is inherent in the entity’s business model or normal future operations and that the company believes it can monitor and manage effectively. An undesirable risk is one that is off-strategy, offers unattractive rewards or cannot be monitored or managed effectively.
If an entity chooses to accept a risk, it can accept it at its present level, reduce its severity and/or its likelihood of occurrence (typically through internal controls), or share it with a financially capable, independent party (typically through insurance or a hedging arrangement).
Step 5: Mitigate Risk
Depending on the risk response selected, management identifies any gaps in risk management capabilities and improves those capabilities as necessary to implement the risk response. Over time, the effectiveness of risk mitigation activities should be monitored.
Step 6: Monitor Risk
Models, risk analytics and web-enabled technologies make it possible to aggregate information about risks using common data elements to support the creation of a risk management dashboard or scorecard for use by risk owners, unit managers and executive management.
Dashboard and scorecard reporting should be flexible enough to enable the design of reports to address specific needs, including reporting to the board of directors. Examples of dashboard reporting, which often features “heat maps” or “traffic light” indicators, are provided in the Application Techniques of the COSO Enterprise Risk Management Integrated Framework. Monitoring also includes activities of an internal audit function.
The purpose of the risk management process varies from company to company, e.g., reduce risk or performance variability to an acceptable level, prevent unwanted surprises, facilitate taking more risk in the pursuit of value creation opportunities, etc. Regardless of purpose, the good news is that a large body of knowledge on the risk management process is readily available so that companies can adopt a process view that best fits their circumstances.
Conclusion
Risk management is becoming the most challenging aspect of managing software projects. While we can never predict the future with certainty, we can apply a simple and streamlined risk management process to predict the uncertainties in the projects and minimize the occurrence or impact of these uncertainties.
Risk management not only helps in avoiding crisis situations but also aids in remembering and learning from past mistakes. This improves the chance of successful project completion and reduces the consequences of those risks.
This certainly is not the end of the journey for us on effective risk management. It is a constant learning process to be able to constantly improve our practices to increase our process efficiency.