1. Gather Your Experts (1/6)
Find the most knowledgeable people in each project discipline and form a risk management team. The team will focus exclusively on the project's risks and assess risk at each new project phase.
Next: List the Risks
2. List the Risks (2/6)
The project manager will ask each risk management team member to identify up to six potential project risks. After each member has submitted a list, the team will meet to brainstorm additional risks. The risks are evaluated qualitatively for likelihood of occurrence and degree of negative effect.
Next: Develop Solutions
3. Develop Solutions (3/6)
The team will assign its members risks to analyze and for which to develop solutions. Disregard risks that have little chance of occurring to focus on the most realistic challenges.
Next: Review and Refine
4. Review and Refine (4/6)
The team reviews each member's work, and comments on and refines the suggested solutions.
Next: Set a Schedule
5. Set a Schedule (5/6)
Finally, the team will set a manageable schedule to review and evaluate risks, as well as the progress of the solutions. Schedule meetings on a weekly, monthly, and quarterly basis as the project requires.