- Selecting communication methods for risk analysis
- Selecting reporting methods
- Setting risk analysis calendar
- Developing the Risk Management Plan
- Modifying alongside with the project planner the schedule according to errors identified
- Initial the risk identification
- Interviews with the stakeholders (project management team, subcontractors, suppliers etc.)
- Estimating minimum, maximum and most likely for set objectives
- Establishing Risk Scoring Matrix
- Establishing Probability – Impact Matrix
- Identify the threats and the opportunities
- Prioritize the risks by assessing the probability of occurrence and the impact of the risks on the project objectives (Pre-Mitigation)
- Risk Response planning
- Establishing the risk mitigation methods
- Estimate the cost of the mitigation actions
- Assess the probability of occurrence and impact of the risks on the project’s objectives upon mitigation
- Carry out the probabilistic schedule and the cost analysis
- Evaluates the chances of the project to meet the deterministic finish date / estimated budget
- Compares pre / post mitigation scenarios and assist the project manager in the decision making process
- Establishes the schedule and the cost contingencies
- Risk monitoring and control
- Monitor, control and update the risk register
- Ensure implementation of the risk response plans
- Monitor the residual risks
- Recording the new risks