Review Assessment And Conclusion

Given the top four mistakes that are made in maintaining a risk management system, the following questions can be arrived at, asked of the project team, and documented as to the responses to them. In addition to asking the questions, a walk-through should be performed to observe key risk management components. The major questions are as follows:

Have the benefits of risk management been properly communicated to business owners?

Has adequate time been provided for a risk assessment phase of the project?

Has a specific individual been assigned to ensure that project risk management is completed?

Has project scope been finalized and documented through either a prototype or a JAD session?

Have project schedules been reviewed by an independent party for symptoms of schedule optimism (e.g., preset deadlines)?

Based on the tasks at hand in the project, have the appropriate personnel been assigned, both at the project manager level and at the project task level?

Have employee satisfaction techniques been employed, such as career counseling and acknowledgement programs?

Have major vendor and technology decisions been based on a quantitative, documented decision analysis?

Does a risk management tracking system exist?

If yes, does the system contain all of the critical risk tracking elements (see the table of key elements in Exhibit 2)?

Are risks segregated into those that can be resolved by the project team and those by the business owners?

How often are risks and their proposed solutions monitored?

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