RMMM-Risk Management,Mitigation and Monitoring.

• Effective strategy must consider 3 issues.
– Risk avoidance
– Risk monitoring
– Risk management and planning

Ex, High staff turnover.
Impact on project cost and schedule.

MITIGATION
• Project management must develop a strategy for
reducing turnover. Among the possible steps to be
taken are:

MONITOR
• Factors can be monitored :

MANAGEMENT
• Assumes mitigation efforts have failed.
• If mitigation strategies has been followed,
– Backup is available
– Documentation is available
– Knowledge has been dispersed across the team.

• “get up to speed”
• “knowledge transfer mode”
• “commentary documents”

• RMMM increases both cost and schedule.
– Ex, “backup”
– Large project, 30-40 risks

• Pareto 80-20 rule.
• Risk may occur during maintenance.

RMMM plan
• Documents all work performed as part of risk analysis.
• Used by project manager as part of overall project plan
• Risk Information Sheet(RIS)
– Maintained using a database system.

• Risk mitigation :
– Achieved by developing a plan.

• Primary objectives of monitoring are:
– To assess whether predicted risks do, in fact, occur.
– To ensure that risk aversion steps defined for the risk are being
properly applied.
– To collect information that can be used for future risk analysis.

• RIS contains the following information
–
–
–
–
–
–
–

Risk ID, Date, Probability & Impact
Description
Refinement/context
Mitigation/monitoring
Management/Contingency Plan/trigger
Current Status
Originator & Assigned (to whom) information

RMMM-Risk Management,Mitigation and Monitoring.

RMMM-Risk Management,Mitigation and Monitoring.

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