Pm/584 - Qualitative Tools and Methods Synopsis

Qualitative Risk Assessment

Ashley Irvin, Francisco Rivera, John Reed, Katherine Entress, Nadine Ford

PM/584 - Project Risk Management

October 19, 2015

James Powell

Qualitative Tools and Methods Synopsis

John

Risk narrative and evidence mapping are methods used to assess project risks. According to “US Army Corps of Engineers” (2014) “The risk narrative should address the risk story, the risk reduction story, and describe the effectiveness of the risk management options” (para. 3). Evidence mapping is “used primarily in situations when the evidence is unclear on whether or not a hazard actually exists” (US Army Corps of Engineers, 2014). In the Riordan Go Green Campaign, the potential risk of employees not getting involved in carpooling would benefit from the risk narrative method.  The narrative of this risk will be able to give decision makers an overview of reason to why employees are not involved.  Increasing carpooling to over 50% of the employees has many benefits such as a reduction in carob dioxide pollution.  The potential risk is that employee will not want to get involved due to the distance they live away from other employees.  

Ashley

Risk probability and impact and data precision ranking technique are common qualitative assessment tools.  Risk probability is the likelihood of occurrence and impact is the consequences of the event occurrence.  Data precision ranking technique involves examining extent of understanding of the risk; evaluating available data about the risk and determining the quality, reliability, and integrity (Kremljak, 2011).  Risk, delay in system implementation due to lack of understanding by users has been identified in Riordan’s HR system analysis and integration of tools.  Available related data ranked with data precision technique will assist in deciding the amount of resources allocated to training users.  Risk probability and impact will communicate risk severity based on lack of user training.  Based on past system’s projects, users will require extensive training before system can be implemented.  The severity of the risk is high; with event likely to occur and consequence having a major effect on timeline.

Nadine

Expert Judgment and Risk Categorization are excellent tools used for qualitative risk assessment.  Expert judgment is using “individuals who have experience with similar project in the not too distance past may use their judgment through interview or risk facilitation workshops.”  Risk categorization – “in order to determine the areas of the project most exposed to the effects of uncertainty.  Grouping risks by common root causes can help us to develop effective risk responses” (Clarizen 2015).  These tools will be very useful in the Riordan Manufacturing “Go Green” campaign in helping the company protecting the environment.  Getting staff members who are aware familiarly with the requirements of the project to give their personal views can highlight where all the possible risk would be.  Once they are aware then they can be categorized to help lower the possibility of the risk occurring.  The issue would be to get all employees on board for a smooth transition.