Critical Success Factors RMP
Risk response planning CSFs planning 1- Timing & Risk Response
- Agreed upon Response should be integrated to plan therefor assigned for execution- Responses depend on conditions monitoring
4- perform iterative qualitative risk analysis
- through out the project life cycle periodically - impossible to know all risks at specific points - frequency is included in plan risk management
Risk response planning CSFs people 1- Communicate
- various stakeholders open and appropriate- Approval Obtained- organizational cause of risk should addressed openly involving high levels management
2- probability and impact agreed up on definitions
1- Each risk realistic assessment 2- communicating the results
Quantitative Analysis Critical Success Factors
1- after identify risks and qualitative process & prioritized Risks list are considered 2- Appropriate project model 3- collecting high quality Data 4- unbiased Data 5- overall Risks derived from individual Risks 6- interrelationship between Risks in Quantitative Risk Analysis
3-organization polices and practices compliance
1- feasibility of risk management plan depend on organization features 2-the rules and guidelines of risk plan should compatible withe organization value , objectives and capabilities (people and facilities )3-risk plan contribute to the organization effective governance.4-risk plan take into account the EEFs
Control Risk CSFs
1- integrated Risk Monitor with project monitor 2- continuously monitor Trigger conditions 3-maintain Risk Awareness
Critical Success Factors of Qualitative Risk Analysis
1- stakeholders agreement is fundamental criterion approach 2- definitions 3- high quality data 4-iteration
2-stakeholders involvement
1-Use their skills 2-ensure risk plan understanding 3-resolve disagreement 4-stakeholders involvement in risk analysis to facilitate their acceptance on risk response
Critical Success Factors for Plan Risk Management
1-barriers identifications 2-stakeholders involvement 3-organization polices compliance
1-barriers identifications
1-risk management value /benefits 2-project objectives definitions 3-OPAs availability 4- risk plan integration
1- use agreed upon approach (factors impact the priority or importance of risks)
A-probability B-impact C-proximity (urgency)(closer) D-manageability E-impact of external project
Control Risk
-
Identify Risks
-
Plan Risk Management
-
Plan Risk Response
-
Qualitative Risk Analysis
-
Quantitative Risk Analysis
-
Risk response planning CSFs ســــؤال
-
SWOT analysis (strengths, weaknesses, opportunities, threats )
strength focus in both threats and opportunity focus on internal and external related to organization weaknesses focus on organizational only ,exclude external risks tends to high level not specific project risk CSFs good facilitation strict adherence to the technique to avoid confusing
Risk response planning CSFs planning 2- provide resources,Budget,Time for responses
- Detailed description for response ,integrated into plan- Estimating and updating Budget and schedule- Approval obtaining- commitment obtaining- Vital support to project manager and resource authorizing
criteria
- Organizational values (objectives ,Expectations)- Feasibility- Stakeholders Ability to carry out the actions ( Achievable )- Balance on overall objectives impact
Risk response planning CSFs people 2- roles and responsibilities
- full support and involvement of Team & stakeholders- Key roles (Risk owner & Risk Action owner)- people awareness what expected of them- senior management might be Risk Owner due to Political or Organizational causes
Risk response planning CSFs Analysis 3- Address both threats &opportunity
- integration plan combine both threats and opportunity otherwise plan risk response will fail
3- collect high quality data about risks
- not available in lesson learn -Gathered by interview with expert judgement - subject to BIAS due to interview individuals * BIAS should be avoided * unbiased source should be used
Risk response planning CSFs Analysis 1- Address risk response interaction
- risk related to (AREA cause and affect or common root cause) combined in single response - categorization ( RBS , Affinity diagram, ....) - minor Aggregated Risks should considered and combined then develop a comprehensive risk response or generic response - holistic view for risk response plan and over looked
Risk response planning CSFs Analysis 2- Ensure Appropriate Timely ,Effective and Agreed -Upon Response
Appropriate Timely Cost Effective Feasible Achievable Agreed -upon Assigned Accepted
Control Risk Tools - 1- Risk Reassessment
Strength Regularly scheduled ,repeated depend on progresses of its objectives strengths address both probability and impact weaknesses if no historical information it will be difficult calibrate probability and impact is ambiguous words impacts level are more uncertain ,need extra analysis CSFs - agreed up on definitions reflect risk thresholds - defined levels values in organization should match with the assessed levels value - access to SME Subject Matter Exper
Meetings
Strength core team involvement weaknesses depend on participants experience CSFs risk plan templates,stakeholders analysis ,existing organizational guidelines
Critical Success Factors of identify risks
early identification maintain project risk strategy give time to plan and implement responses less cost than ones taken later iterative identification identification for all risks at one point is not practical frequency determined through risk plan repeated as key milestone significant impact emergent identification identification done at any time comprehensive identification all resources of uncertainties are considered explicit identification of opportunity ensure identification properly multiple perspectives all perspectives are considered risk linked to project objectives impact on cost schedule scope quality complete risk statement detailed description is required to proper response ownership and detail level in order to assign risk owner effectively objectivity to avoid Bias Bias should be recognized source of bias should be discovered minimize subjectivity and allow honest identification
Delphi Techniques
strength Expert careful selection Bias reduce generate Expert consensus weaknesses limited to technical risks depend on actual experience iteration take more time for consensus CSFs Expert selection scope clear definition
Prompt List
strength cover all types of risks stimulate creatively weaknesses topics are very high level CSFs selection of list (related to the project environment)
force field analysis technique
strength deep understanding for project objectives produce level of reliability quantitatively best to apply risk responses weaknesses Time consume complex technique for single Prioritized objective CSFs objectives prioritization
Interview
strength detailed risk address generate stakeholders engagement "Experienced practitioners can provide both new ideas and act as "devil's advocate" for potential responses" weaknesses Time consume require filtrating due to worries and non risks issues CSFs question and interview good quality trust and confidently between interviewer interviewee preparation open relationship
questionnaire
strength encourage broad thinking to identify risks present the headings from a prompt list weaknesses depend on questions quality limited to questions topics simple checklist CSFs clear ,unambiguous questions detailed briefing of participants
Nominal Group Technique (NGT) voting ,ranking enhance brainstorming ideas ,
strength encourage participant contribute different level of competent provide ideal base for affinity diagram used in RBS To large documenting Useful as a creativity technique for generating novel responses weaknesses leads to frustration time moving slowly CSFs Strict facilitation good brief for all participant
RBS hierarchical risk categorizes representation
strength ensure covering all types of risks provide framework to other identification techniques discover blind points weaknesses CSFs requires a comprehensive RBS
WBS Review
strength ensure scope verification Provide risk levels due to work package level weaknesses Exclude external risks out of WBS CSFs good WBS
Documentation Reviews including the project charter, statement of work, contract terms and conditions, subcontracts, technical specifications, regulatory requirements, legal stipulations
strength exposes detailed project risks weaknesses limited to project documents CSFs understanding prior experience
Influence Diagram
strength exposes risk drivers generate UN expected ideas weaknesses requires disciplined thinking difficult to determine a proper structure CSFs identify key areas to address
system dynamics
strength exposes unexpected interrelation between elements feed back and forward loops generate UN expected ideas showing overall project risk impact sensitivity to a specific event weaknesses requires a special software and expert focus on impacts and neglect opportunities CSFs feed back and outputs understanding system model quality data accuracy and quality
Root Cause Analysis (RCA)
strength identifications for additional risks organization risk identification related one cause reduce complexity - address the fundamental causes of risks for efficient and effective responses - leading for risk response strategies - identifying symptoms for use as trigger conditions for contingent responses - distinguish between risks and issues CAUSES weaknesses organization is not conductivity for identify root causes hide existence of potential risks, due to focus on other root causes no available strategy for addressing root causes CSFs ability for risk identification management willingness to accept and address root causes rather than workarounds adopting
Industry Knowledge base special case for check list
strength previous experience bench-marking weaknesses limited to previous experience exclude project specific risks CSFs access to related information
Checklist
strength previous experience detailed list of risks weaknesses unwieldy غير عملى can grow risks out of list will be missed depend on threats ,opportunity missing CSFs regular maintenance and review is required RBS assist
Lesson Learned
strength previous experience prevent repeating mistakes OPA enhance weaknesses limited to previous experience incomplete detailed resolutions neglect failure lesson learn CSFs well lesson learn data base participation of previous team good brief for all participant
Diagramming Techniques (cause and effect, ishikawa ,fish-bone diagram )
strength promotes structured thinking weaknesses quickly become over complex CSFs effective selection of critical impact by sensitivity analysis
assumptions and constraints analysis
strength simple approach listed in project charter generate specific risks weaknesses hidden assumption or constraints are missed CSFs comprehensive list of assumption or constraints
brainstorming
strength stakeholders contribution involvement generation ideas weaknesses difficult to arrange and cost prone to group thinking and group dynamic عرضة للتفكير الجماعى وديناميكية المجموعة Bias occurrence not well facilitated, generates non-risks and duplicates, requires filtering CSFs needs representative group of stakeholders each group has representative honesty preparation good facilitation RBS use
Failure Mode and Effects Analysis (FMEA) / Fault Tree Analysis
strength well understood by engineers produce level of reliability quantitatively weaknesses focus on threats not useful for opportunity expert is required CSFs require detailed description
Contingency Response strategies CSFs
strengths - Ensure actions availability to address Events before occurrence - Allow rapid and focus response - improve project professionalism image- weaknesses -false feeling of avoid actions CSFs -Trigger conditions should be clear and monitored - plans periodically validated - organization willingness for actions
Risk Reassessment CSFs
strengths - Review necessary Risks - keep Risk register up to date weaknesses consume Time & Efforts CSFs well -documentation
Contingency Reserve CSFs
strengths - provide a reason for reserves - basis for constructive discussion with sponsor weaknesses reserves visible therefor able to reduced CSFs clear policy for reserve management approved by senior management
Multi criteria Selection Technique CSFs
strengths - provide means to support project objectives weaknesses unexpected Results CSFs need weighted success criteria
Scenario Analysis CSFs
strengths - provide potential view of risks - force participant to analyze strategies - help to identify secondary risks weaknesses added to assumption list ,consume Time CSFs good understanding to project plan
Analytic Hierarchy Process (AHP)
strengths - reflects the organization's priorities for time, cost, scope and quality for the project. -assist overall risks list creation from priority individual list weaknesses organizational decisions made by committees and Difficult to gather the information about pair-wise comparison of the objectives from high-level management CSFs - Expert facilitator - management agreement of objectives priority - AHP software availability
Critical chain project management (CCPM) CSFs
strengths - resolve resource availability during scheduling - use Buffers to avoid schedule Risk - mitigate financial risks (work in process) - Buffer End consider Trigger condition and threshold - software availability weaknesses start date & end date is inaccurate assumption is 50% confident- not all resources scheduled CSFs required fully resourced schedule 50 % confident level should accepted by senior management sharing the buffers
Expected monetary value analysis
strengths - weighed average ,expected outcomes through simple calculation - Decision Tree Analysis the best used estimates of the potential benefits of the responses - incorporate probability and impact of uncertain events weaknesses probability and impact assessment is difficult to make need more information Than EMV to depend on some scenarios need Mont Carol CSFs - identification of all events - access to Expert and historical information - understanding the difference between EMV & Mont Carlo analysis
Plan Risk Responses - Tools 15- Decision Tree Analysis
strengths Allow Accurate calculation of EMV various responses weaknesses start date & end date is inaccurate assumption is 50% confident - not all resources scheduled CSFs required fully resourced schedule 50 % confident should accepted by senior mangement sharing the buffers
Plan Risk Responses - Tools 10-Brainstorming 11-check list 12- Delphi 13-EMV 15-Force Field Analysis 16- Industry Knowledge base 17-interview 18 nominal group 19 -post-project review 20 - prompt list 21-quantitative analysis 22- root cause analysis
strengths Delphi Expert involve EMV accurate Estimate related to benefits Force Field Analysis diagram where best response Industry Knowledge base Standard Risk Response سؤالinterview experience both generate and response devil's advocate nominal group generate responses post-project review leverage previous experience prompt list stimulate creatively root cause analysis provide an identification symptoms use for Trigger condition ســـــؤال
- Critical chain project management CSFs
strengths USE Buffers Penetration as a Trigger action weaknesses CSFs
Risk Reassessment
strengths address both probability and impact . ensure effective control . risk register remains up-to-date" weaknesses if no historical information it will be difficult calibrate probability and impact is ambiguous words impacts level are more uncertain ,need extra analysis Consume more Time CSFs - agreed up on definitions reflect risk thresholds - defined levels values in organization should match with the assessed levels value- access to SME Subject Matter Expert
probability and impact assessment Technique
strengths address both probability and impact weaknesses if no historical information it will be difficult calibrate probability and impact is ambiguous words impacts level are more uncertain ,need extra analysis CSFs - agreed up on definitions reflect risk thresholds - defined levels values in organization should match with the assessed levels value - access to SME Subject Matter Expert
Decision Tree Analysis
strengths decision support against uncertainty calculation of EMV weaknesses difficult to create organization doesn't depend on (resistance ) need Expert and software CSFs - all events identifications - high quality data experts , experience - utility function use - software availability
Trend Analysis CSFs
strengths earlier provide Risk Response effectiveness indication Trigger condition for response weaknesses Requires understanding for significant or non-significant variance CSFs Regular Reporting analysis
Variance Analysis CSFs
strengths forecasting actual Risk impact Trigger condition Earned value to be compared w quantitative analysis weaknesses doesn't show earlier data CSFs Threshold of significant Variance definition
Risk Audit CSFs
strengths formal assessment compliance with Rules approaches specified in risk plan ســــؤال Sensitivity to the burdenعبيء ثقيل it places on the project team weaknesses Affect on the Team can be disruptive to the project and taken as too judgmental to the project team CSFs well -Detailed Risk management plan Team sensitivity considered
Status Meeting CSFs
strengths information of Risks status (active ,occurred ,retired) maintain team understanding weaknesses seems unnecessary to participants CSFs good meeting prepare
probability and impact Matrix or (look-up table)
strengths reflect organization's level of risk tolerance Risk prioritization weaknesses ONLY for probability & impact ,not for urgency or others CSFs - P×I Matrix requires clear probability and impact assessing level - effective estimation of impacts and likelihood - organization matrix should be careful and accurate combinations and reflect organization risk attitude -organization definitions should be the same assessed and reflect organization utility functions (stakeholders attitude )seek ,averse ,neutral
Reserve Analysis CSFs
strengths tracking spend contingency amount early warning to additional fund from sponsor or organization weaknesses unwarranted focus on cost تركيز غير مبرر على التكلفة CSFs - Detailed Reserve planning - accurate size contingency to related risks
Monte Carlo M.C. Or Latin Hypercube L.H.C CSFs
strengths use schedule & cost to develop strategic decision simulate Overall risks which occurs together provide answers : schedule ,cost and contingency weaknesses complex ,need Expert ,need software data quality should be accurate reviewed by Expert produce unrealistic results when exclude opportunity CSFs -accurate model - high quality data by experts - correct simulation
