RISK ANALYSIS¶

Projects are always future-oriented, which means they are subject to unforeseeable problems or risks. On the one hand, it is practically impossible to implement a risk analysis [17]. On the other, it would be misguided not to. The project team analyses the project risks together in a workshop organised by the project manager.

Project risk analysis...
Date of risk analysis, participants.

Workshop procedure
Identify the work packages which are exposed to risks (R-WP) in the work breakdown structure (WBS).
Individual work: 15 min

List the R-WPs with reasons.
Team work: 15 min

Estimate probability of occurrence [%] and impact [CHF] (= risk value).
Individual work: 5 min

Work out averages and prepare tables and charts.
Team work: 20 min

Define measures for the highest R-WP.
Individual work: 15 min

Evaluate measures and include them in the WBS.
Team work: 20 min

Post-workshop planning procedures
Adapt the WBS, the WPs, the process/ time schedule, the cost and resource plan. Implement change management if necessary.

This kind of risk analysis is dependent on the team having an expert understanding and knowledge of the project. That's why it's a good idea to wait with the risk workshop until the WBS and process schedule have been prepared.

During the project implementation phase, the risk analysis should always be implemented after a critical project review at each phase transition. This ensures that the risk analysis can be used as a project managment tool.

Risks displayed in tabular form:

Risks displayed graphically: