Risk Tracking

Kinza Hussain BSSE-F10-M-006 Madiha Malik BSSE-F10-M-017 Sanam Imtiaz BSSE-F10-M-022 Saeed Aalam BSSE-F10-M-016 Waseem Anjum BSSE-F10-M-020 Bilal Afzal BSSE-F09-M-034

Group Members:

Risk Management Process Why Tracking Risk Risk Tracking A Moving Target Tracking Risk Response Plan

Agenda:

Risk Management Process

Tracking involves reevaluation of all the risk attributes. The risk might have changed its attributes

Tracking risk intensity or exposure means that we assess risk probability and impact periodically

Both these characteristics may change with time

Why Tracking Risk?

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If the risk occurred, we record it. If it has not occurred, we reassess the time of occurrence.

If the risk has been escalated or transferred, we trace the risk and check its status.

The risk tracking step monitors three main changes:

Trigger values - If a trigger becomes true, the contingency plan needs to be executed. 

The risk's condition, consequences, probability, and impact - If any of these change (or are found to be inaccurate), they need to be reevaluated. 

The progress of a mitigation plan - If the plan is behind schedule or is not having the desired effect, it needs to be reevaluated. 

Risk Tracking

This step monitors the above changes on three main time frames:

Constant - Many risks in operations can be monitored constantly or at least many times each day. For example, automated tools can monitor a Web server's bandwidth usage every few seconds. 

Periodic - IT operations stakeholders, especially those in the Service Role Cluster, periodically review the top risks list, looking for changes in the major elements. This often happens at staff meetings, change advisory board meetings, OMRs, and so on. 

As-needed - In some cases, someone simply notices that part of a risk has changed. This should still be tracked and recorded. 

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Risk is a moving target. It has to be tracked After mitigation, risks do not go away The following steps help in tracking risks:

Phase-end risk reviews Risk audits Risk surveys Project closure reviews Risk-based estimation Risk-based planning

A Moving Target

Designing the mitigation plan and actually mitigating the risk can be dramatically different

Mitigation brings us closer to risk The true risk is seen only during mitigation and the true

colors of perceived risks emerge during mitigation When we track risks, we track the fusion of risk and risk

perceptions

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The goal of risk response planning is to come up with options and plans which will allow an organization to face threats which can reduce the likelihood of the project succeeding

Risk response options can be broken down into four methods, and these are:

Transfer Mitigation Acceptance Avoidance

Responsibility of the project manager to decide the conditions for which strategies will need be used

Tracking Risk Response Plan

Risk response plans compete with the core project plans, unless both are integrated.

During tracking, we collect the following data: Number of open risks Number of plans that have not yet started Number of plans in active progress Number of completed plans

A simple form for tracking risk mitigation plans is given as follows:

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Risk mitigation plan tracking