Risk management - Collecting task information
Collecting task information
As you know we use the WORK BREAKDOWN STRUCTURE (WBS) to derive the individual WORK PACKAGES (tasks).
Note that a ‘work package’ may consist of more than one ‘task’ depending on the detail sought and the level of planning.
You will need to think about the level you will need to go to depending on whether you are a contractor or a project manager employing horizon planning.
What is the process for collecting the information on each of the WORK PACKAGES?
Step 1For each work package generate a 3 point estimate for the cost of the work.
This will be for all the planned work.
This will include everything you consider will happen with a probability of > 50%.
If during consideration you generated activities which you considered would have a < 50% chance of occurrence ignore them for the time being.
Consider the RISKS (those activities which have a negative impact on the plan, i.e. will cost extra money).
Consider the OPPORTUNITIES (those activities which have a positive impact on the plan, i.e. may generate cost improvements).
For each of these you will need to come up with a probability for their occurrence and a 3 point estimate.
These uncertain events will cause the plan to change.
We will cover more detail of the documentation required to be completed to generate the RISK ASSESSMENT elsewhere [see Documentation].