Risk Management processes may have the air of a traditional, process-driven project management activity. What is a Risk?A risk is some event or circumstance that could transpire and impact the project. Where’s the “Risk Response Doing” Step?One step absent from this process is a “Risk Response Doing” step that focuses on executing the actions identified in the risk mitigation plan.
Agile Risk ReductionThe iterative nature of agile projects allow us to tackle high risk areas of the project sooner rather than later. Making this balance tradeoff between business value and risk mitigation value was the subject of the Smart Planning post .
Agile Risk Management StepsThe process for finding, sifting, sorting and creating resolution plans for risks on agile projects remains close to those of traditional projects.
Listen for Potential Risks at the Stand-UpDaily stand-up meeting are an excellent source for potential risks identification. Agile Risk Management StrategiesActively attack the risks before they can impact the project. Maintain a risk burn down graph – Track progress on risk reduction via a risk burn down graph. ConclusionAgile methods are adaptive; they have checkpoints and review questions hard-wired into their processes to allow us change the project approach to fit our evolving environment. Risk management features in Rational Team Concert make it easier for project managers to manage risks and eliminate the need for an external risk management tool.
Siddharth Kumar Saraya, who is a Technical Lead for Rational software in the IBM Software Labs, completed a dual master's degree, one in computer application and a second in business administration with an emphasis in risk and insurance management.
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The minimum size type is 12-point proportional or a 10-character-per-inch non-proportional font. All documents must feature a cover page that states the teama€™s name, school, and team number. However, agile methods are great risk reduction vehicles, and are actually very well aligned for rapid risk identification and reduction.
The PMBOK talks about good risks (opportunities), but most risk literature focuses on events with potential for negative impacts (project risks). In the defense of the PMBOK, these activities get moved to the project plan and scheduled with the regular work activities.
Namely, that risk management is undertaken as a separate (sometimes once only) passive activity that does not drive enough action on the project to prevent the risk happening.
This gets problems out in the open while there is still plenty of time and budget to work on them and reduces the effort invested in work that needs scrapping. This means that we choose practical bundles of work based on priority assigned by the business and tackling the remaining high risk items left in the prioritized feature list (Product Backlog). Both can be attributed a dollar value for objective comparison, but most project teams perform a subjective comparison based on discussions and trade-offs. The traditional steps of assigning Probability and Impact scores to risks and then calculating Severity as their product should still be undertaken. As part of the iteration retrospective the remaining risks can be reviewed and the probabilities and impacts validated. These useful graphs summarize the risk profile for the entire project and can be used to illustrate new and escalating risks. I started creating then about 7 years ago when trying to illustrate the risk reduction activities of RUP Elaboration phase work. He has six years of experience in application development, including web application development, web services, and Eclipse Standard Widget Toolkit (SWT) development.
Siddharth's experience includes manual and automated testing, involvement in delivery of projects, and management of project teams from project initiation until deployment.

You can use it to create multiple project areas, with each catering to the needs of the project. In the Managing Risks section of the Collaborative Lifecycle Management information center, check the Defining risks and Creating Risk Actions topics. Your display name must be unique in the developerWorks community and should not be your email address for privacy reasons.
As a result we see risks occurring and can point to the risk list to where it was identified, yet not enough was done to prevent it happening.
So if we have stories with residual risk we would want to move that up the queue and undertake it as soon as possible.
However, while the basic mechanics are the same, how the process integrates into the lifecycle and the frequency of running the process varies considerably.
The team can be asked to identify new risks and remaining features that still carry risk identified for selection in the next iteration. So it is important to pay attention to the issues being raised and transfer any appropriate issues to the risk list and undertake the necessary risk assessment steps. They are also useful for showing the progress made in early iterations where more work was done on architectural risk reduction rather than purely delivering business functionality.
With an awareness of the risks as we continually re-plan the project we can adapt the plan to also incorporate risk reduction activities.
This article describes how to use Risk and Risk Action work items to record risks and related actions.
Multiple process templates are included, and project teams can choose the one to use in a project area, based on the team's needs.The Formal Project Management process template is for change control management, and it is also helpful in managing project risks. See the Administering projects topic in the Rational software information center for Formal Project Management process template documentation. Watch developerWorks on-demand demos, ranging from product installation and setup demos for beginners to advanced functionality for experienced developers.Improve your skills. Find Rational Team Concert articles and links to many other resources on IBM developerWorks, and check the product overview page, features and benefits, system requirements, and the user information center. Check the Rational training and certification catalog, which includes many types of courses on a wide range of topics. Try ordering that expensive kit you need and see if they approve it” Or  “Not sure if the DBA group is on board with working with an agile team? Each risk involves two fundamental concerns: The probability of occurrence The impact that results if the risk occursThe biggest risk involved with risk management is realizing, at the right time, that the risk exists.
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The strategy to prepare for a risk is to identify it and then plan for avoidance, mitigation, and contingencies.
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You need to assess risks as early as possible in the project lifecycle but also consider that projects are dynamic and the dynamic nature of projects always leads to new risks. You need to do this regularly throughout the entire lifecycle of the project.Risk identificationRisk assessment starts with risk identification, and that starts by identifying the uncertainties in a project.
Review the entire project plan to identify the activities that could lead to uncertain or undesirable results. High-priority risks have the potential for the most negative impact.Risk controlBased on the prioritization, you can plan risk control actions. Planning helps identify the strategy and actions to take for risk control and then to track the risk to closure. Risk control is a lengthy action that requires time for strategy planning and related actions.Risk strategyBased on the risk assessment, you can choose the strategy to avoid, mitigate, or prepare a contingency plan for any risk. The risk manager might implement multiple actions, using the same strategy for particular risks.Risk closureWhen a risk is no longer valid in the context of the project, you can close the risk.

However, a particular risk might have a different lifecycle, because a risk identified at project initiation might not be valid until deployment. For example, not starting the project on the proposed start date is a risk, but if project starts on the proposed date, that risk no longer holds. However, the risk of incorrect requirements holds until the end of the project.Back to topUsing Rational Team Concert for risk managementThe Formal Project Management process template in Rational Team Concert provides Risk and Risk Action work items for risk management.
The following subsections give you a brief overview of Risk work items, with an example.Risk work itemAfter a risk is identified, it is recorded by using the Risk work item in Rational Team Concert.
Here, we will use an example of incorrect requirement for understanding this work item and its attributes. Figure 2 shows the Overview tab view, which includes a summary, description, and details.Figure 2. For example, if the requirements analyst on the team is new in the role or new on the project, the chances are higher. Exposure is calculated by multiplying probability and impact percentages and then dividing by 100. The green cells show the quadrants where risk is low, orange represents medium risks, and red is for high risks.
If the risk is deemed valid, it is accepted, and the status is changed to In Progress to work on it.
If the risk is closed, a substate is chosen, and it mentions the action taken for risk closure. This work item is similar to other work items in Rational Team Concert, with a few extra attributes, which the following subsections explain.Figure 3. Overview tab layout for Risk Action work itemSummaryThis would be the same or similar to the Risk work item. Based on the action for an identified risk, separate work items are open, and they are associated with a Risk work item. In this strategy, action items are planned so that risk can be avoided and it does not occur.
In this strategy, action items are planned so that, if the risk event occurs, the actions to take to decrease the impact are clear.
In this strategy, action items are planned so that, if the risk even occurs, actions to take to recover from it are clear. These are used to record what constraint is governing this Risk work item and how soon action on it needs to be started or finished. When these actions are ready to be assigned priorities and actions, the work item state becomes Triage.
After the work related to the risk action is finished, the state needs to be changed to Resolved. Links tab layout for Risk and Risk Action work itemsApproval tabThis tab is in both Risk and Risk Action work items.
Using this, you can control the transition of states of the risk, which helps in adhering to the project process.
Approval tab layout for Risk and Risk Action work itemsHistory tabBoth Risk and Risk Action work items include this tab. History tab layout for Risk and Risk Action work itemsTime Tracking tabThis tab is in the Risk Action work item only.
It records the time spent by the owner on the work item in terms of hours invested each day. Time Tracking tab layout for Risk Action work itemBack to topBenefits of using Rational Team Concert to manage risks Get complete change control management and project risk management, with no need for separate software.

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