Iterative Risk Management Workflow Tool James C Helm

Iterative Risk Management Workflow Tool James C. Helm, Ph. D. , P. E. Assistant Professor, Systems Engineering And Hamsini Ravipati Graduate Student School of Natural and Applied Sciences 2700 Bay Area Boulevard Houston, Texas 77058 -1098 VPN 281 -283 -3875 FAX 281 -283 -3828 helm@cl. uh. edu http: //nas. cl. uh. edu/helm 1

Iterative Risk Management Workflow Tool This paper presents: 1. A risk management paradigm 2. A risk information sheet content 3. An iterative risk management workflow prototype tool 2

Risk Management Paradigm 3

Components of Risk Management - 1 Identify • search for and locate risks before they become problems Analyze • convert risk data into useable information for determining priorities and making decisions Plan • translate risk information into planning decisions and mitigating actions (both present and future), and implement those actions 4

Components of Risk Management - 2 Track • monitor risk indicators and mitigation actions Control • correct for deviations from the risk mitigation plans and decide on future actions Communicate & Document • provide information and feedback to the project on the risk activities, current risks, and emerging risks 5

Components of a Risk Statement Given the Condition ; there is a possibility that Consequence will occur Risk Statement Condition: a single phrase that identifies possible future problems, and describes current key circumstances, situations, etc. that are causing concern, doubt, anxiety, or uncertainty Consequence: a single phrase or sentence that describes the key, negative outcome(s) of the current conditions 6

IDENTIFY Risk Information Sheet –Risk Information sheet –Risk Management database Complete: • ID • Date Identified • Risk statement • Origin • Risk Context 7

ANALYZE Risk Information Sheet Related areas: Priority Probability Impact Timeframe Class 8

PLAN Risk Information Sheet ID To be completed: Priority Statement Probability Impact Timeframe Context Origin Class Identified: __/__/__ Assigned to: • Assigned to • Mitigation Strategy • Contingency plan and trigger Mitigation Strategy Contingency Plan and Trigger Status Approval 9 Status Date Closing Rationale ___/___

TRACK Risk Information Sheet Completed or Updated: –Priority –Probability –Impact –Timeframe –Status Date 10

CONTROL Risk Information Sheet Completed Items: –Approval –Closing date –Closing rationale –Status 11

Risk Management Work Flow This is the home page for the iterative risk management workflow prototype tool http: //nas. cl. uh. edu/ravipatyh/default. html 12