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Managing Project Risks and Issues Computers Articles | March 27 Jordan Scarlett Black Jersey , 2005
What is the difference between a project risk and a project issue and what different types can I expect to encounter? What tools can I use to manage the risks and issues on a Project? This article offers some possible answers, drawn from experience on Intranet Portal deployments and the PRINCE methodology.


Inherent (or Business) Risk


Inherent Risk is the risk that exists in the environment around your portal project. It will tend to be unique to your organisation; it's culture and politics. For example, if you have a fragmented business (either geographical or functional), then this will create a higher inherent risk of poor communication.


Project (Specific) Risk


Project Risk is the risk specific to your project. Some Project Risk stems from the nature of what you are doing; there are certain risks common to any project (e.g. the unfamiliarity to users of the technology you are deploying). However Christian Miller Black Jersey , most project risk is under your direct influence; for example the skills of the project team, the level of governance effectiveness and so on.


Stage Risk


Finally, there is 'stage risk' which is the risk associated with the particular activity of any given phase of the project plan.


The Risk Log & Risk Plan


In order to stay in control of the risks to your portal project, it makes sense to have a formal log of all risks Will Grier Black Jersey , to which anyone involved with the project is entitled to add. You might use a formal workshop to first populate the log.


Assessing Risks


Each risk (however derived) can be assessed using a simple methodology, whereby the probability of the risk being realised ('likelihood') and the size of the impact on the project objectives ('severity') can be measured.


The simplest system (based on the PRINCE project management method) is to give a score of 1-3 for likelihood and severity (where 1 is low and 3 is high). From these scores, the importance of each risk can be measured as the product of likelihood and severity.


Clearly, any risk of importance 9 demands immediate attention Greg Little Black Jersey , followed by risks rated 6 and so on.


Risk Counter-measures


The importance of each risk should be regularly maintained, based on the extent to which the likelihood and severity of impact change over time.For each risk, one should enter a counter-measure in the risk plan. Where a risk can be eliminated, then this will be the counter-measure. Where it cannot be fully eliminated Brian Burns Black Jersey , then risk