Typical Problems

As with any project management process, there are always challenges and things to be on the lookout for. Let's first review the four general problems that are typical with managing project risk:

caution

In some cases, organizations knowingly accept the risk of abbreviating the project definition and planning steps to meet other objectives.

In addition to the major problems typically found, there are a number of other smaller issues that are common to the risk management process we discussed earlier. Table 14.5 summarizes those common gaps.

Table 14.5. Summary of Common Risk Management Gaps

Risk Management Process

Common Gaps

Risk Management Planning

No risk management plan.

Risk management plan equals risk response plan.

Risk Identification

Performed only once and not proactively managed.

Process is incomplete.

Missing entire types/categories of risk.

Confusing issues with risks.

Risk Qualitative Analysis

The organization has not established standard practices/tools.

The probability of occurrence is not calculated for each risk.

The impact of each risk is not determined.

Risks are not prioritized.

Risk Quantitative Analysis is not limited to high-priority risks.

Risk Response Planning

Response strategies are not documented.

No risk response plan.

Response strategies are not appropriate for risk severity.

The project plan is not updated to implement and monitor responses.

Risk Monitoring and Control

The risk response plan is not maintained.

Risk identification is not continued.

The project plan is not updated to implement and monitor responses.

Responses are not reevaluated.

Progress is not tracked, or task owners are not held accountable.

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