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6: RISK MANAGEMENT PLANNING

Since the activities of risk assessment determines the essential risk positions of a project and their relative

priorities, we need a set of risk control functions to bring the risk elements under control.

The first step in this process is the development of the risk management plans that define the necessary

risk mitigation activities.

One way to do this is to identify the top 10 checklists of the most successful risk management techniques

for the most common risk.

Elements in a software project.

For example, the uncertainty in performance. The effect of software fault tolerance features is covered by

performance error in real time.

The appropriate risk management.

The techniques include simulation, benchmarking, modelling, prototyping, Instrumentation, and voting.

For example, suppose that a prototype of representative security features is the most cost-effective way to

determine and reduce the impact on system performance.

The next step in risk management planning is the development of an individual risk Management plan for

each risk position. Then you’d have to show the individual plan for Prototype fault tolerance functions

and determine their performance Impact. The plan is organized around a standard format for software

plans, oriented to answer the standard questions "why, what, when, who, where, how and how much.
“This organization of the plan makes them concise (e.g. suitable for one page), action-oriented, easy to

understand and simple to monitor.

The final step in risk management planning is the integration of the individual risk management plans for

each risk position among themselves and with the grand total of the project plan. Each of the other

positions of high risk or uncertain risk becomes a risk management Plan; For example, it may be that fault

tolerance Prototyped resources for this risk item can also be useful as part of the strategy to reduce

uncertainty at points A and B i.e. (software errors that destroy experience) or loss of critical experience

data).

Also in relation to the overall project plan, the need for a 10-week prototype development and exercise

should be in the overall plan for the project to keep it realistic.

6.1 Resolution and monitoring of risks

Once a good set of risk management plans has been established, the resolution process consists of the

implementation of prototypes, simulations, Benchmarks, surveys or other risk mitigation techniques in the

Plans. Risk monitoring ensures that it is a closed loop process tracking risk.

Reducing progress, and taking all necessary corrective actions to the risk-resolution process is on the right

track. Risk management offers managers a new and very effective management Technique for excess

projects under their control.


Design the top 10 risk items Persecution: This technique focuses the attention on high-risk

management, critical success factors with high leverage rather than flood management comments with

large amounts of low priority details

The Elements of Project Tracking involve the following steps:

• Ranking of the main risk positions of the project.

• Establish a regular schedule for senior management exams progress of the project. The review shall be

based on the equivalent of the head or project manager. For large projects (more than 20 people), it should

occur monthly.

• Beginning each project meeting with a summary of progress in the top 10 risk elements. (The number

could be 7 or 12 without loss of the summary and should include the current top 10 individual exposures.

Check the ranking in the previous review, to ascertain how many times the risk element was in the top-10

list and a summary of the progress in solving the risk position since the last review.

• Focusing the project meeting to deal with problems in Exploitation of risk positions. A top-1 project list

for the Space Experience project, from the 3rd month of the project. The top of the project Risk element

in month 3 is a critical personnel problem. Mark it monthly. The review meeting will encourage a

discussion on staff options through the project Team, boss and Staff (Note: make the "unavailable" key

person available, rearrange) and also, look for new people inside or outside the organization). This can
lead to an association of action elements to the preferences Options, including possible actions of the

project manager.

Risk element # 2: Target Delays for Hardware Delivery, is also one in which a Project Manager can help

accelerate a solution for example, by bureaucracy or by climbing Suppliers delay problems with increased

supplier management.

Some exposures have a lower priority on the list while others grow up or join the list. The only on the list,

such as the V & V employee project, fault tolerance prototypes, User interface prototyping still needs to

be monitored, but often, You do not need a special management action.

Those who go up or down the list, like Changes in the design of the data bus and the settings of the tested

interface are usually those who need more attention to solve them fast. As can be seen from this example,

the list of the top 10 risk elements is an effective way to focus management's attention on critical design

Factors of success.

It is also very efficient in terms of administrative time; to the usual monthly check and spends. most of

the time, they are things the top manager cannot do something about. In addition, if the senior manager

has an additional concern, it’s easy to add it to the list of top 10 risk items to highlight in future revisions.

6.2 risk monitoring and control

Let us first discuss the importance of having risk monitoring and control. It is required to ensure risk

plans, as well as evaluation of their effectiveness, is executed satisfactorily towards the reduction of the

risk. It helps in keeping the track of the risk identified and helps in monitoring trigger conditions for
contingencies, updating of the organizational process assets as well as monitoring the residual risks and

identifying risks that arise during project execution.

The purpose of risk monitoring is identified: these are questions of “if the risk implementation of risk

responses has been done as planned, if there is still validity in project assumptions, if the risk response is

effective as required, if the changes in the risk exposures are effective as requires, if there is an

occurrence of risk trigger, if proper procedures and policies are followed and if the newly identified risks

have occurred that were previously identified”.

What are some of the inputs to risk monitoring and control? The first input is risk management plan,

next, we have risk register that contains the output of other processes such as risk responses, identified

risks & owners, triggers, as well as warning signs.

Next, we have the approval of change requests. Some of the approved changes involve modifications

such as the method of work, scope, schedule or even the contract terms. New risk analysis is required in

considering the impact on the existing plan and identification of new risks and corresponding responses.

Next, we have work performance information. Performance reports, as well as project status, is needed

to monitor and control the risk.

What are the tools and techniques for monitoring and controlling risks?

First, there is risk reassessment: where there is a major reviewing of the major milestones as well as

reviewing the project risk at all team meetings. There may be changes in risk ratings and prioritization
during the lifecycle of a project. These changes may need additional quantitative and qualitative risk

analysis.

Second, we have risk audits. There should be effective examination and documentation of the risk

response plan to enable control risks and the effectiveness of the risk owner.

Third, there is variance and trend analysis. This technique is very useful in monitoring of the whole

project cost and schedule performance against a baseline plan. When there is the occurrence of significant

deviation, it means an update of risk identification and analysis needs to be performed. This is what is

referred to technical performance measurement.

Next, we have reserve analysis. Some of the risk events may occur with either a positive or negative

impact as the execution progresses on the schedule contingency reserves or costs. Reserve analysis

creates comparability between the available reserves with the amount of risk remaining and this helps in

evaluating whether reserves are sufficient.

Next, we have status meetings. Addressing risk management can be done regularly by involving the

subject in project meetings.

What are the outputs of risk monitoring and control?

First, we have risk register updates. The risk register updates can be done to include outcomes of

audits, risk reassessment, and risk review. Updating can cause effects to risk probability, rank, response,

as well as impact. Risks actual outcome and risk responses that become part of the project file should be

utilized in the future projects.


Second, we have a corrective action which includes performing a workaround or the contingency plan.

Workarounds are responses that are unplanned to the emerging risks. They must be documented and

incorporated into the risk response plan as well as in the project plan.

Next, we have recommended preventive actions which are used in directing the project towards the

project management plan compliance.

Next, we have project change. It is important to note that risk management process changes during

planning and executing.

Next, we have risk response plan updates. It is of great importance to re-evaluate plans and see if there

is any need for adjusting and correcting any identified risks. There would also be other updates such as

checklists, and risk database.