Risk Analysis and Issue Management
An important part of any complete project management methodology is prevention, identification, and mitigation of potential business or project related risks and issues. Project delivery can be significantly affected if organizations do not adopt best-practice risk and issue management processes to stay informed and in control.
Our business services organization can help you:
• Define a standard way to assess risk for new initiatives.
Risk ratings, along with strategic value and financial value, are the main variables used to assess projects during portfolio selection analysis. Organizations need a consistent approach to deriving risk scores and weights for proposed initiatives.
• Standardize project risk collection and management.
To successfully manage project risk, project managers require centralized and standardized methods for capturing risk information and document mitigation strategies throughout the project life cycle. A centralized log of all project risks makes risk easier to manage and provides the necessary transparency to leadership and project teams.
• Establish proper issue resolution and escalation.
No matter how well planned and managed a project is, unexpected events can arise. As with risk management, a centralized and accessible location for capturing all project issues provides the project manager and the team with the necessary tools to effectively manage issues and to reach resolutions. The Microsoft EPM Solution supports risk identification from the earliest stage of portfolio analysis through the final stages of project execution and benefit realization. Project Server 2010 provides a central location for effectively identifying and managing issues and risks. It promotes use of standard processes for definition, assessment, escalation, and resolution of issues and risks.
Using the tools provided by Project Server 2010 we will help you to determine level of risk involved in your project and to standardize risk factors for all projects across the entire organization.
Portfolio Risk Management
At the portfolio level, risk represents the level of uncertainty involved in the overall success of the endeavor. The factors that determine risk tolerance vary according to the needs of the organization. By using a standard methodology to assess risks, we will have a solid, credible method for decision making during portfolio selection and in later analysis of the portfolio. We will have the ability to capture a risk score and weight for competing projects. We can use custom fields to allow the user to subjectively capture a risk score—for example, between 0 and 100—or even to simply specify a risk rating, such as High, Medium, or Low. Using InfoPath Forms Services, administrators can define objective online risk assessment questionnaires that are included within the business case for each project. By answering all risk questions, a risk score and weight can be automatically derived and used to analyze projects during portfolio selection. Risk metrics are also available to include in a variety of visual reports, like scorecard s and bubble charts.
Project Risk Management
Project Server 2010 helps standardize risk identification and management across the enterprise and contributes to the overall successful delivery of projects with less harmful effect from unforeseen or poorly managed events. Project Server 2010 provides a standardized risk collection mechanism to identify, manage, track, and mitigate risks throughout the project or program life cycle. A Risk list is included in the Project Site template. A project risk can be defined as a potential event that, if it occurs, might have a negative impact on a project’s success. Proactive risk management involves identifying and qualifying risks related to a project using industry-standard probability/impact definitions and fields. It is important that organizations identify and manage risks at all appropriate levels: project, program, and portfolio.
Regardless of how comprehensive and proactive project and risk management processes are, unpredictable scenarios and events outside of our control still occur. Project Server 2010 provides a standardized issues collection mechanism that helps organizations identify, manage, track, and resolve issues throughout the project or program life cycle. An Issues list is included in the standard Project Site template. Having a centralized log of all project-related issues provides a designated location where everyone can contribute and review. Using the Issues list, project managers can review the issues, assign appropriate individuals to work on resolutions, and set deadlines to drive dates and decrease the impact on a project’s success.