Risk Management

What are the risks related to IT project from BA/QA and PM perspective?

(see slide #11)

collaboration with other BA's

3 BAs, all of them were business consultants

Are you involved in Risk Management activities on your project? What risk types you would mention? how to group the risks?

4. Compliance and Legal Risks These risks involve the potential for legal or regulatory sanctions, financial loss, or damage to reputation due to non-compliance with laws, regulations, or internal policies. Regulatory Risk: Changes in laws or regulations impacting the business. Litigation Risk: The risk of legal actions being taken against the company. 5. Project Risks Risks specifically associated with individual projects within the organization. Scope Risk: Changes in project scope impacting deliverables or timelines. Schedule Risk: Delays in project timelines. Resource Risk: Inadequate allocation of resources, including budget, personnel, and materials. 6. Environmental Risks These risks are related to environmental factors and sustainability. 9. Reputational Risks Risks related to the organization's reputation and public perception. Brand Risk: Negative impacts on brand value due to poor product quality, scandals, or customer dissatisfaction. Risk management is a systematic process of identifying, analyzing, and responding to risks. Effective risk management activities help organizations minimize the impact of negative events and capitalize on opportunities. Here are the key risk management activities from a business analysis perspective:

What is the difference between an issue and a risk?

An issue and a risk differ primarily in their temporal and probabilistic nature: a risk is a potential future event that may or may not occur, carrying both uncertainty and the possibility of either positive or negative impacts on a project, whereas an issue is a current problem or obstacle that has already materialized and requires immediate resolution. While risks are identified, analyzed, and planned for with potential mitigation or exploitation strategies, issues are managed through corrective actions to address their immediate effects on the project's progress and outcomes.

what's the challenge of combining BA and SM roles on the same project?

For me it's not a challenge, only if there is some reporting that takes much time to prepare

what's BA role in scrum? (the expected answer was to mentioned that BA can also be a (proxy)PO)

In SCRUM, the role of a Business Analyst (BA) often overlaps with that of the Product Owner or serves as a bridge between the development team and stakeholders. The BA is responsible for gathering and clarifying requirements, ensuring they are well-understood and feasible, and translating them into user stories with clear acceptance criteria. They work closely with stakeholders to prioritize the product backlog based on business value and collaborate with the SCRUM team during sprints to refine requirements, provide ongoing clarifications, and ensure the delivered increments meet the business needs. This continuous engagement helps maintain alignment between the project's goals and stakeholder expectations throughout the development process.

Situation, you managed to finalize the requirements just in 1 day instead of planned 6. Is that a risk, how you would handle it for the future?

It is a risk of missed requirements, bugs, mistakes. I would prepara as much as possible ahead.

What is the current reporting approach you use to communicate the statuses of current tasks to the customer? how frequently/what format, what to include? Is there anything you think may be changed in this approach to improve it?

Meetings with PO, Issue management meetings, sprint review

Have you ever dealt with positive risks; how can you manage such risks?

Positive risks, also known as opportunities, are uncertainties that could have beneficial effects on a project's objectives if they occur. Managing positive risks involves identifying, analyzing, and implementing strategies to maximize their potential benefits. Manage Positive Risks Identify Positive Risks Analyze Positive Risks Prioritize Positive Risks Risk Matrix: Plot opportunities on a matrix to prioritize them based on their impact and likelihood. Benefit-Cost Analysis: Compare the potential benefits of opportunities against the costs and resources required to pursue them. Develop Response Strategies Enhance: Increase the probability or impact of the opportunity. Share: Partner with others to share the benefits and increase the likelihood of the opportunity. Example: Form a strategic alliance with another company. Accept: Acknowledge the opportunity without taking proactive measures, but be prepared to capitalize on it if it occurs. Implement Response Plans Action Plans: Develop detailed action plans for each opportunity, specifying tasks, responsibilities, and timelines. Allocate Resources: Assign necessary resources, including budget, personnel, and equipment, to pursue opportunities. Monitor and Review Track Progress: Monitor the implementation of response plans and track the progress of opportunities. Review Outcomes: Regularly review the outcomes of opportunities and adjust strategies as needed. Update Risk Register: Keep the risk register updated with the status of opportunities and any changes in their analysis.(slide 12)

how would you prepare for the pre-sales?

Research the Customer Gather information about the potential customer's industry, company, and specific needs. Identify key decision-makers and stakeholders involved in the purchasing process. Understand Customer Needs Conduct meetings or calls to discuss and understand the customer's pain points, goals, and requirements. Ask detailed questions to clarify their challenges and what they seek in a solution. Prepare the Solution Tailor your product or service offerings to address the specific needs and challenges of the customer. Develop customized solutions or packages that align with their requirements. Create a Presentation Prepare a presentation that highlights how your product or service meets the customer's needs. Include case studies, testimonials, and examples of successful implementations to build credibility. Develop a Demonstration Plan a live demonstration of your product or service to showcase its features and benefits. Craft a Proposal Write a detailed proposal that outlines the solution, benefits, implementation plan, and pricing. Highlight the value proposition and return on investment (ROI) for the customer. Anticipate Objections Prepare responses to common objections or concerns the customer might raise. Engage with the Customer Schedule meetings or presentations to discuss the proposal and demonstrate the solution. Follow-Up Send follow-up emails or calls to address any additional questions or concerns.

Risk MAnagement

Risk management: 1. Risk Identification Brainstorming: Engage stakeholders in generating a list of potential risks. SWOT Analysis: Analyze strengths, weaknesses, opportunities, and threats to identify risks. Checklists: Use standard lists of common risks as a starting point. Interviews: Conduct interviews with experts and stakeholders to uncover risks. Document Reviews: Examine project documents, contracts, and historical data for potential risks. 2. Risk Assessment Qualitative Risk Analysis: Evaluate risks based on their probability of occurrence and impact. Quantitative Risk Analysis: Use numerical methods, such as Monte Carlo simulations, to quantify risks. Risk Matrix: Plot risks on a matrix to prioritize them based on their severity and likelihood. Risk Appetite and Tolerance: Determine the organization's willingness to accept certain levels of risk. 3. Risk Prioritization Risk Ranking: Rank risks based on their potential impact and likelihood. Pareto Analysis: Identify the most significant risks that require immediate attention. Critical Path Method: Focus on risks that affect the critical path of a project. 4. Risk Response Planning Avoidance: Change plans to eliminate the risk. Mitigation: Implement actions to reduce the likelihood or impact of the risk. Transfer: Shift the risk to a third party (e.g., insurance, outsourcing). Acceptance: Acknowledge the risk and decide to accept it without proactive measures. Contingency Planning: Develop fallback plans for when a risk event occurs. 5. Risk Communication 6. Risk Monitoring and Control 7. Risk Review and Improvement

change management process and how to apply it

The change management process involves a series of steps designed to manage the transition of individuals, teams, and organizations from a current state to a desired future state. Here are the key steps: Identify the Change: Recognize the need for change and define its scope and objectives. Assess the Impact: Evaluate the potential effects of the change on various stakeholders and business processes. Develop a Change Plan: Create a detailed plan outlining the steps, timeline, resources, and communication strategy needed to implement the change. Communicate the Change: Inform all relevant stakeholders about the change, its benefits, and how it will be implemented. Implement the Change: Execute the change according to the plan, providing support and resources to those affected. Monitor and Review: Track the progress of the change, address any issues or resistance, and make necessary adjustments. Evaluate and Sustain: Assess the outcomes of the change against the objectives and ensure the changes are integrated and sustained within the organization.

what's the goal for pre-sale phase

The goal of the pre-sales phase is to engage with potential customers to understand their needs and challenges, demonstrate how the product or service can address these needs, and build a strong value proposition to persuade the customer to make a purchase. This phase involves activities such as needs assessment, solution presentations, demonstrations, proposal development, and handling objections, all aimed at establishing trust and credibility, differentiating from competitors, and ultimately securing a commitment from the customer to move forward with a sale.

validation & verification of reqs

Validation and verification of requirements are essential processes in ensuring that the intended outcomes of a project align with stakeholders' needs and expectations. Verification involves confirming that the requirements are accurately documented, complete, consistent, and feasible, ensuring that they meet the project's objectives. This typically involves techniques such as reviews, inspections, and walkthroughs to identify and correct any errors or ambiguities. Validation, on the other hand, focuses on ensuring that the requirements actually fulfill the stakeholders' needs and will result in the desired outcomes. This process involves engaging stakeholders to confirm that the requirements accurately capture their expectations and conducting simulations or prototypes to validate the functionality and usability of the proposed solution. Together, verification and validation help mitigate the risk of project failure by ensuring that the final deliverables meet stakeholders' needs and expectations.

how do you manage risks on the project

discuss posible risks with stakeholders, with team, document them, provide a plan for handleling risks, monitore, report

discovery phase experience

had a couple of them for several streams