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Sunday, February 14, 2010

This is Project Management question of MB0033 assignment of SMU MBA. The question is – “How can risks be prioritized in a Project Management? Give any suitable example.” In this category, we already have discussed about Deming’s philosophy relevant to Project Management.

To identify risks, we must first define risk. Risks are potential problems, ones that are not guaranteed to occur. When people performing risk identification they often start by listing known problems. Known problems are not risks. During risk identification, you might notice some problems. If so, just move them to a problem list and concentrate on future potential problems.

Risk identification can be done using a brainstorming session. The brainstorm typically takes 13-30 minutes. Be sure to invite anyone who can help you think risks. Invite the project team, customer, people who have been a similar projects, and experts in the subject area of the project, limit the group size to nine people. In the brainstorming session, people call out potential problems that they think could hurt the project. New ideas are generated based on the items on the brainstorm list. A project manager can also use the process to refer to a database of risk obtained from past.

The information obtained from such databases can help the project manager to evaluate and asses the nature of the risk and its impact on he project. Also to a great extent the judgment of the project manager based upon his post experience comes very handy in dealing with risks. Another important method is to generate alternative solution or methodology to deal with risk. Generate solution by means of group review meetings or a brainstorm session.

During the brainstorm, consider the following items:

Selection of weak areas in a project, such as unknown technology being used or to be used:

Things, that is critical or extremely important to the effort, such as the timely delivery of a vendor’s database software, creation of translators, or a user interface that meets the customer needs.


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