Analyzing Risks with RiskMP

The RiskMP software leads the user through The Project Management Institute (PMI) and The Canadian Construction Association (CCA) best practices for identifying and analyzing risks.

  1. Definition of Risk: the software leads you through the Risk Identification process. Once you upload your project plan, you can view all of the sources of uncertainties. Review the project plan line by line.
    Identify any uncertainties with the task itself, the amount of time to complete the task, the dates, subcontractors, and internal workforce that will be completing the task.
  2. Identifying Risk: As long as the risk can be expressed in a risk statement format, you have the basic identification of that risk: event, impact, and date. Along with these, we should include the likelihood (in %). The RiskMP wizard leads you through the risk identification process.
  3. Quantification is challenging. The software leads you through the quantification process. The results are viewable in tabular format for comparison and verification.
  4. Summarizing: the executive summary provides you with an overview of the complete project.
  5. A place to record all the other information: There are other things that may be of interest including reference numbers, stage of resolution, categorizations, and resolution. All of this information can be recorded alongside the risk.

Analyzing the Risk 

  1. Updateable… you could update the spreadsheet, but with software, you have a record of the updates and you can refer back to previous versions easily
  2. Shareable… Anyone with an account can log in and view the latest information, or update any information that they are the owner of
  3. Simple… The analysis is done at the click of a button

After entering the likelihood and impact numbers, the expected values are automatically calculated for you and the risks are prioritized.

The information is presented in a variety of formats so that the message is communicated clearly:

  • When will this happen?
  • How much will it cost?
  • How long will it take to resolve?
  1. The records are available for the Lessons Learned meeting at the close of the project, where improved business practices.
  2. The records are kept for posterity for the next project and form a basis of historical information for your project risk management plans.

Over the course of a few projects, the issues that the company faces on an ongoing basis are clear.  This information is the foundation for improving business practices.

Managing the Risk

The next step is creating mitigation plans for each significant risk.

The software guides you through a discussion of various strategies for dealing with risk and facilitates the development of a complete description and cost of each strategy, comparison of these strategies will assist in the selection process

Communication

Shareable

Owner assignments from within the team

Levels of access are easily managed, from the Manager, who simply wishes to view the summaries and overview of the complete project, to the person responsible for carrying out a mitigation plan, who needs to update a few risks and mitigation plans.

 


Risk Management Training

We offer accredited webinars and on-site training in Risk Management and Construction Management. For more information: https://escomputertraining.com/courses/list/industry/9

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More blogs from Construction Talks: constructiontalks.com

Videos on these topics: Construction & Risk Management Series

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