20-08-2012, 11:46 AM
A Risk Management methodology for project risk dependencies
A Risk Management.pptx (Size: 860.97 KB / Downloads: 26)
INTRODUCTION
As no IT project can ever be risk free, many methodologies have been applied.
Today’s current risk management approaches is to consider risks as “Independent Events”.
But , since risk is not independent from other risks “Explicit Identification of Risk Dependencies would be important in both initial and ongoing process.
Definition Of Project Risk
A Risk is a “Potential Event” that will adversely affect the ability of a system to perform it’s mission.
Risk could also be told as NEGATIVE event.
Opportunity is called as POSITIVE event.
A Risk has 2 basic Attributes:
1)Probability (P)
2)Impact (I)
Thus Risk ‘Rx’ can mathematically be defined as :
Rx=f(Px,Ix)
Definition of risk dependency
The Risk Dependency Refers to an “Effect due to the Occurrence of a Risk” and this effect increase or decrease the probability of occurrence of other risk(s).
Ex: If a technical report prepared is poor , and at the same time he can’t recruit any expert leads to Risk Dependency.
Conclusion
RD’s can either be favorable or unfavorable.
Risks can be identified more in number ,if it was identified by Different groups of Stakeholders.
The Enhanced Practices showed Supportive Results.
Communication between Projects were also improved at working levels.
Future Work
Case Studies only focused on Risks , But not the Opportunities.
Risk Response Strategy through “Posterior Risks & Risk Dependencies” were not integrated.
We have considered the case studies with the minimal RD’s , so new methodologies need to be proposed.