At Turtle Technology we believe that the management of risk is essential to ensure that the project is delivered on time, on budget and to a high quality.
Risks will be identified by anyone involved in the project and where appropriate, communicated, mitigated, monitored and escalated. Project risks are:
1 Probability is High / Medium / Low
2 Proximity is Imminent / During project / After project
3 Impact may relate to cost, time, quality, scope and benefits
4 Mitigation is the actions required to manage the risk. A decision may be taken to replan to avoid the risk. Alternatively actions may be taken to lessen probability or impact. A fallback plan may also be devised should the risk occur.
Sometimes risks can be positive - they can be opportunities. Opportunities are managed in a similar way but with the goal of invoking them rather than avoiding them. In this case the mitigation may be to replan to realise the opportunity. Or actions may be taken to increase the likelihood or benefit.
Sample project risks include: