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© PMIS Consulting Limited: all rights reserved 
• 
Objective of this presentation: 
– 
The purpose of this presentation is...
© PMIS Consulting Limited: all rights reserved 
• 
This presentation assumes you and your team have identified a series of...
© PMIS Consulting Limited: all rights reserved 
• 
It examines and assesses both the probability of occurrence of each ris...
© PMIS Consulting Limited: all rights reserved 
• 
Before we can assess the risks we must: 
– 
Decide if we are going to a...
© PMIS Consulting Limited: all rights reserved 
• 
N.B: Impact Values 
– 
Despite it seeming logical, percentages do not w...
© PMIS Consulting Limited: all rights reserved 
Example Thresholds: 
pmis-consulting.com 
Impact 
1 
2 
3 
4 
5 
Very Low ...
© PMIS Consulting Limited: all rights reserved 
• 
Risk Score 
– 
When we go through the assessment of individual risks an...
© PMIS Consulting Limited: all rights reserved 
• 
Risk Score 
– 
The risk score is useful, but must never be used on its ...
© PMIS Consulting Limited: all rights reserved 
• 
Risk Score 
– 
Developing the risk score itself should be a team task –...
© PMIS Consulting Limited: all rights reserved 
• 
Please feel free to share this presentation or embed this presentation ...
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Project Risk Assessment Worked Example

A simple to follow storyboard showing how to perform a structured assessment of project risks, to enable a comparative analysis of a collection of project risks, to inform decision making and risk management planning, following assessment.

'how to' storyboard containing clear guidance, tips and instruction.

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Project Risk Assessment Worked Example

  1. 1. © PMIS Consulting Limited: all rights reserved • Objective of this presentation: – The purpose of this presentation is to provide a 10 minute storyboard type walkthrough of how to assess a group of risks on a project, for the purpose of decision making – which is easy to follow and understand  • What it is not designed to do • It is not designed to give you guidance on: – Risk identification • Or – The management of risk • Those are dealt with in separate presentations Project Risk Assessment: Worked Example pmis-consulting.com
  2. 2. © PMIS Consulting Limited: all rights reserved • This presentation assumes you and your team have identified a series of risks, and now you need to assess them, and use this process and the information it produces to help you make decisions, such as: – Which risks require action – How to use Assessment to help prioritise actions Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  3. 3. © PMIS Consulting Limited: all rights reserved • It examines and assesses both the probability of occurrence of each risk, together with the impact of each risk if it occurs. • Using common values (e.g. H/M/L) (or thresholds) can provide each risk a score, allowing a comparative analysis of risks across a whole project. Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  4. 4. © PMIS Consulting Limited: all rights reserved • Before we can assess the risks we must: – Decide if we are going to assess just overall impact or assess impact on cost, schedule and performance (of our end product, aka Technical) separately – If we are doing the latter, we must define values for L/M/H for each of these, e.g. for schedule • E.g. L=<1 week, M=< 1 month, and H=>1 month – Then we do the same for cost etc. Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 So, what do we have to do? 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  5. 5. © PMIS Consulting Limited: all rights reserved • N.B: Impact Values – Despite it seeming logical, percentages do not work for cost impact – actual ‘threshold’ values must be agreed per project, sometimes even with the key stakeholders – For probabilities, people often start out with percentages way to high for probability, e.g. high > 80% - this is far too high - a probability of greater than 1 in 2 (50%) chance of occurring is a high risk item Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 Tips on Impact Values / Ranges 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  6. 6. © PMIS Consulting Limited: all rights reserved Example Thresholds: pmis-consulting.com Impact 1 2 3 4 5 Very Low Low Moderate High Very High Objective Time Thresholds Less than 1 week Up to 2 weeks Up to 4 weeks 5-10 weeks 11 weeks and above Cost Thresholds $ up to 100K (in 000s) $ up to 200K (in 000s) $ up to 500K (in 000s) $ up to 1M $ >1M Quality No safety issues, C, O, M deficiencies approved by project team No safety issues, C, O, M deficiencies require District management approval Quality may be made acceptable through mitigation or agreement (i.e. Fact Sheet) Quality does not meet one or all of the following Safety, C, O, & M Probability of occurrence 1-9 % 10-19% 20-39% 40-59% 60-99%
  7. 7. © PMIS Consulting Limited: all rights reserved • Risk Score – When we go through the assessment of individual risks and allocate them a value for probability and impact, we can translate this at the same time into a risk score, e.g.: • Low = 1 • Med = 2 • High = 3 – Therefore: • H/H = 3 * 3 =9 • H/L = 3 * 1 = 3, etc. – If we use C/S & T impact values, we multiply their average by the probability Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 Producing the risk ‘score’ 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  8. 8. © PMIS Consulting Limited: all rights reserved • Risk Score – The risk score is useful, but must never be used on its own as an absolute driver of the need for actions etc. following assessment – in other words it is simply wrong to write a process that says ‘accept’ all risks with a risk score less than ….. this is taking process driven management far to far and will result in important risks being ignored Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 How not to use the risk ‘score’ 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  9. 9. © PMIS Consulting Limited: all rights reserved • Risk Score – Developing the risk score itself should be a team task – no one person can do this. – Developing the score allows the team to better understand risk, which is a challenging task in itself – This then allows much better informed, structured and successful decision making and actions to follow this phase of the overall project risk management process Project Risk Assessment: Worked Example pmis-consulting.com H M L Probability 20% 40% Impact H M L 1 9 4 How to use the risk ‘score’ 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.
  10. 10. © PMIS Consulting Limited: all rights reserved • Please feel free to share this presentation or embed this presentation in your website and respect our Copyright at all times. • Thank you ! • Please click on the link below for more information or training on this topic. Thank you http://pmis-consulting.com/articles/project-risk-management/ H M L Probability 20% 40% Impact H M L 1 9 4 3 level schema: (Low = 1, Med = 2, High = 3) also 5 level schema.

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