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Executing Process Group in Project Management

The document discusses risk and issue management for projects. It defines the differences between risks, which are uncertain future events, and issues, which are events already occurring. It recommends using a Risk Interview Questionnaire to identify risks throughout the project lifecycle, and a Risk Management Worksheet to record and prioritize risks. The worksheet should be reviewed weekly to ensure an accurate picture of project risks. For risk management to be successful, a project must be committed to the process, carry out risk activities, and verify that risk response plans are effective.

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151 views3 pages

Executing Process Group in Project Management

The document discusses risk and issue management for projects. It defines the differences between risks, which are uncertain future events, and issues, which are events already occurring. It recommends using a Risk Interview Questionnaire to identify risks throughout the project lifecycle, and a Risk Management Worksheet to record and prioritize risks. The worksheet should be reviewed weekly to ensure an accurate picture of project risks. For risk management to be successful, a project must be committed to the process, carry out risk activities, and verify that risk response plans are effective.

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rita8791
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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The process group chosen for improvement is the Executing Process Group, the process is Direct and Manage

Project Execution, and the specific activities in the group discussed are risk and issue management. This paper is a brief study of risk and issue management; identifying the differences between risk and issues, and tools that can be used to manage them. The recommendations made are part of the overall plan to create a new methodology consisting of a framework that uses best-practice processes and procedures. Risks are uncertainties which, if they occur, would negatively affect achieving objectives (Bena, Podean, and Mircean 2011). A risk is a future event while an issue is an event already in progress. Focus must be placed on the risks and issues, not the responsible person or group. With this premise, risks and issues can be reported by any project stakeholder or an individual external to the project. Reporting a risks and issues surrounding a project can be perceived negatively as an attempt to determine responsible parties and place blame. There is no room in a project for placing blame in regards to risk. It is critical that this reporting of potential risks be allowed to occur in a non-threatening environment. The benefit of this process is that more individuals will take an active role in identifying potential risks for the project. It is also one of the reasons projects are successful (Raz and Michael, 1999). A Risk Management Plan is one of the key project management processes (Raz, Michael, 1999). Risk and issue management are outlined in the Risk Management Plan. The plan defines the roles and responsibilities, how risks and issues should be assessed, scored, and ranked. The recommended tools include a Risk Interview Questionnaire, and a Risk Management Worksheet. The questionnaire is a document with a list of generic risk related questions that can be used anytime throughout the project life cycle to gather risk information (Hoyt, Dumm, and McCullough, 2010). Additional risks may present themselves during the execution of the project, and in order to capture, analyze and monitor these risks, regular revisiting the

questionnaire should be part of meetings that occur on a recurring basis, followed by communications to project stakeholders (Bena, et al., 2011). Another tool that can be used is the Risk Management Worksheet a record of risk variables, impact, probability, date of impact, and level of priority and risk response actions which is continuously monitored and updated (Hallows, 2005). The Risk Management Worksheet is integrated into the status reporting process, and should be reviewed and updated weekly. Because the Risk Management Worksheet places risks in order according to their priority level (Raz & Michael, 1999), it is important to update all quantifiable fields to portray an accurate risk landscape. The risk probabilities may have changed; the expected level of impact may be different, or the date of impact may be sooner or later than originally anticipated all of these variables determine which risks the Project Team will concentrate on first. In order to be successful at risk and issue management, the project must make a commitment to perform risk and issue management, carryout the activities to perform it and verify that the response plan for each of the risks and issues has been effective (Hoyt, et. al, 2010). A project manager will actively engage in risk and issue management by identifying potential risks, prioritizing them, developing risk response plans and openly communicating these items to the project stakeholders. Early reporting of risks allows reporting, reviewing and responding in an effective, timely manner. Risks that are not identified and communicated until after they have reached a critical state become issues. Waiting until a risk is in a critical state or becomes an issue usually requires more drastic intervention as opposed to a risk identified early with adequate time and analysis available to develop an appropriate response.

References Bena, D., Podean, I., & Mircean, C. (2011). On Best Practices for Risk Management in Complex Projects. Informatica Economica, 15(2), 142-152. Hallows, J. (2005). Chapter 4: Planning the Project. In , Information Systems Project Management (pp. 93-188). American Management Association International. Hoyt, R. E., Dumm, R. E., & McCullough, K. A. (2010). Risk Management Case Project. Risk Management & Insurance Review, 13(1), 147-159. doi:10.1111/j.1540-6296.2010.01179.x

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