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PROJECT MANGEMENT PLAN EXAMPLES
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Project Risk Assessment Examples
Example 54
10.0 PROJECT RISK
This section outlines a methodology which will be used to qualitatively/subjectively assess the project risk. The approach is modeled
after project risk assessment processes outlined in standard project management texts and training courses but tailored to the
unique risks encountered in the DOE projects.
In the context of this section, project risk means risk to one of the project baselines (technical, cost, or schedule) and should not be
confused with health and safety risks. However, health and safety issues are considered to the extent that they impact the risk to
the project baselines.
10.1 RISK ASSESSMENT TOOLS
The two primary tools that will be used to conduct the risk assessment are listed below.
The Risk Assessment Matrix given in Table 10-1 -- The Risk Assessment Matrix consists of two elements: risk factors and
risk ranking guidelines. The risk factors represent the topics that are considered to have the most influence on project
risk. The risk ranking guidelines are qualitative statements assigned to low, medium, and high-risk categories. The risk
ranking guidelines are used to determine the risk impact of each of the risk factors to the project baseline.
The Risk Assessment Data Sheet shown in Figure 10-1 -- The Risk Assessment Data Sheet is the tool that is used to
document the results of the risk assessment session. The data sheet is designed to be used in conjunction with the Risk
Assessment Matrix to obtain a structured, consistent, and rigorous assessment of risk.
The two tools discussed above can be used to manage the project risks by identifying the risks, assessing the risks, and reducing
the risks through mitigation and contingency planning.
10.2 RISK ASSESSMENT PROCESS
The risk assessment tools (Risk Assessment Matrix and Risk Assessment Data Sheet) discussed in Section 10.1 may be applied at
the project level, the sub-project level, or the task level, as appropriate. Risk assessments will typically be performed by an
assessment team comprised of project managers, technical staff, operating/field staff, customers (RL, DOE-HQ, and FDH), and
selected stakeholders as appropriate based upon the project element and its position in the baseline hierarchy (i.e., project level,
sub-project level, or task/activity level). A team leader will be assigned or selected to schedule, lead, and document the results of
the risk assessment session. The results of all project risk assessments will be maintained in an appendix to this IPMP. An initial
assessment will be performed at the project level with follow-on assessments performed at other levels of the project baseline
hierarchy, based on the results of the initial assessment. Assessments will then be performed throughout the life of the project.
Typically, risk assessments will be performed to support the change request process, when baseline adjustments are necessary, or
to support the decision process for selection and implementation of technical alternatives.
10.3 SUMMARY OF SIGNIFICANT PROJECT RISKS
A formal assessment of project risk has not been completed at this point in the project. This section will be developed as more
comprehensive project planning is completed using the Risk Assessment Process.
Figure 10-1. Risk Assessment Data Sheet.
RISK ASSESSMENT AREA (Cost, Schedule, Scope, Etc.)
RISK FACTOR
RISK
RANK
RISK
CONTRIBUTORS
MITIGATION &
CONTINGENCIES
Technology
Interfaces