Artifact: Risk Assessment |  |

Risk Assessment Document
Work Product Kinds: Assessment

Purpose

Risk Assessment and mitigate Risk

Relationships

Roles

Responsible:

Modified By:

- Analyst
- Project Manager

Tasks

Input To:

- Develop Postmorten Analysis
- Risk Assessment

Output From:

- Risk Assessment

Process Usage

- Foundation > Risk Assessment > Risk Assessment
- Postmorten > Risk Assessment
- Production > Risk Assessment > Risk Assessment
- Prologue > Postmorten > Risk Assessment
- Risk Assessment > Risk Assessment

Description

Main Description

The step that comes after identification of risk in project risk management is risk assessment. In this process of risk assessment, acknowledging the broad risk categories can be helpful. A broad categorization can be business risk, technological risks and logistical risk. One of such popular categorization is called PESTLE.

P: Political Risks – Arise of Political influences that govern a project

E: Environmental Risks

S: Social Risks

T: Risks rising our of Technology

L: Risks arising of Legal standpoint

E: Economic Risks

Here are some effective risk assessment techniques used by agile practitioners in the process of agile project management.

1) Risk Census: A risk census is a simple framework for analyzing the risk exposure of a project. For each risk, a probability and the impact out of the risk factors is determined. The impact can be either in terms of time or cost or both. Here the delay in the project process time due to risk is counted in terms of day. The risk exposure is then calculated by multiplying the probability and the impact and the overall risk is then tracked to assess the “risk” of a project.

2) Risk Board: Risk board is an information radiator that is used to make the risks on a project transparent to the team and the stakeholders. By using risk board, the identified risks are displayed along with the probabilities and impacts. This board should be reviewed by the agile team members and project manager on stand-up meetings on daily basis.

3) Risk Burn down Chart: Risk burn down chart is a simple graphical indicator of the trends present in the risks of the project. This chart displays the exposure of the risk and its impact and response. Along with time progress the status of the risk factors is updated thus letting the agile team members know how much is achieved and how much is yet to achieve in controlling risks.

More Information

Concepts

- Risk