PART 1 Evaluated by Member 1 Member 2 Member 3 Member 4 Member 1 Lai kim ngân Member 2 Quỳnh Anh Member 3 Mai Trân Member 4 Đăng Member 1: Member 2: Member 3: Member 4: Member 5: PART 2
2. Please analyse your risk with R.A.I.D logs, risk matrix and evaluate your risk
management strategy – which is good or which is not good? What is your recommendation
for next tike improvement?
Here is our R.A.I.D logs for Tiem Co Tien project. First of all, before creating raid category,
and what kind of it, I listed tons of risks that might have occurred while doing our project.
And then I categorized those risks as sort of assumption, dependency, risk, or issue. FYI,
there are four term of RAID category which are assumption, dependency, risk, or issue.
Assumption is default or already existed, risk is something might happen in the future maybe
yes or no 50-50. Issue is the problem that your team current has for ex: you have a member
that cannot interact with other teammates. Dependency is the factorial will affect your
project. So, after listing those raid category several times to put it in the right type. I will
explain more of those risks in details in description box. Then I miscalculate what is their
impacts for our project, how would I accept it, then what I should do next, finally I would
clarify those’ priorities to highlight for our PM and team’s concern. Like I’ve already put
risks that I have explored in above picture. In addition, creating this RAID logs are for
tracking the project’s risks, assumptions, issues, dependency to notify to our team and
sponsors to review and discuss. RISK MATRIX
After RAID logs, I would jump into doing risk matrix. Why? Because I know that this project
is a small non-technical project and risk matrix is usually known for a big and complex
project requires more details in it. But as this is a very first project risk matrix would be
helpful for us to get more into those risks we would take.
In this risk matrix shows the relationship between risk factors in calculating risk severity.
After I applied risks, dependency, issues, assumptions in risk matrix, I analyzed it and
considered which impact and severity would be suitable for those and then highlight it with
color. With the risk that in high impact and it’s very likely to occur then I will put it in red
box and definitely to cut that risk out of project or avoid it by not accepting that risks. For
example, in the red box, the highest risk and the easiest would be happened is “client would
require more than 5 photos with another concept while we’re shooting products.” In this risk,
at the beginning we agreed with client will produce only 5 photos with approved concept then
client incurred with more photos with different concept would be affected our project because
it would require more times and money to rent the photographer and studio also our team
member have to prepare other tools to set that concept.
In terms of sequencing, risk management plan should be created after you have started
defining your project management plan, and before the project begins so that everyone can
get on the same page about the processes and expectations. The plan should be approved by
the project sponsor, seeing as they are accountable for the project. Risk assessment—
identifying and assessing the risks themselves—should be done by your team members and project stakeholders.
Evaluate your risk management strategy – which is good or which is not good? What is
your recommendation for next time improvement?
There are four typical responses to negative risks: avoid it, accept it, share it, or transfer it.
Depend on what kind of risk so we could choose one of those to reduce the probability of that
risk event happening. For me, I learnt this lesson with a trick by Ms. Thu, for example: with
heavey duty risk matrix: with risk have high impact/ very likely probability -> avoid risk, cut
bỏ. With risk’s very likely / moderate impact or high impact (yellow) -> share & transfer risk.
Likely probability or unlikely probability / high, moderate, low impact -> accept the risk (Green, purple).
In my project, I chose avoid risk which I think is fine but not really excellent because I could
not find any better solution than avoid it. In addition, that risk is unacceptable since if I
accept it, so the project would be incurred more times, money and people. Moreover, I could
not transfer this risk to anyone or translation. Therefore, I believe avoid the risk was the best
choice for our team. However, the more project I take in the more creative I will be. I believe
when I could do more project, I would gain experiences so I can think more solution in different angles and aspects.
With next project, I would say I have to see, look things and think in every single aspect, to
dig in more the problem and risks to get more details of it. Because sometimes if we pay
much attention to one thing you would forget other important part in the project. We have to
do it logically in the right way. For instance, if we look out for the risk in any project, we
must put oneself under many different situations, think effectively, creatively on all sides of an issue.