activeHide captions (Ctrl+Alt+C)Show captions (Ctrl+Alt+C)definitionEnter full-screen (Ctrl+Alt+F)Exit full-screen (Ctrl+Alt+F)finishlockedvideo captionsfull-screen videomute videopause videopicture-in-pictureplay videoplayback speedvideo settingsOpenvideo volumeMute (Ctrl+Alt+M)Next (Ctrl+Alt+Period)Next (Ctrl+Alt+.)Pause (Ctrl+Alt+P)Play (Ctrl+Alt+P)Playback speedPrevious (Ctrl+Alt+Comma)Previous (Ctrl+Alt+,)Replay (Ctrl+Alt+R)resourcessearchSettingsBack to topslide progressSubmit (Ctrl+Alt+S)submit all%count% of %total% item visited%count% of %total% items visitedstep %count% of %total%Unmute (Ctrl+Alt+M)TransciptvisitedCloseMove windowOptionsResize windowAccessible textToggle accessible textActionAltBackground audioToggle background audioBioCheck to includeClear and return to menuCloseCaptionsToggle captionsContinueCtrlDefinitionStart CoursePlease rotate your deviceEnable keyboard shortcutsEnterExitFilterFINISHToggle full-screenGlossaryKeyboard ShortcutsKeyboard shortcutsStart CourseCaptionsOffOnNormalVideo Playback SettingsPlayback Speedclose video settingsMore infoMute / unmuteNEXTNextMenuNormalPlayback SpeedPlay / pausePREVPrevioushourhoursminuteminutessecondsecondsQuestion ListReplayResourcesRestartResumeSearch...Search in:Search ResultsSearchSend an emailShiftShortcutList keyboard shortcutsSidebar ToggleSlide TextSpaceLearn MoreTo watch this video, use the preview feature in Storyline 360, upload your published output to a server, publish to Review 360, or switch to static video quality.Streaming video is unavailable for local playback.SUBMITSubmitSUBMIT ALLTermsaudiocamera moved downcamera moved leftcamera moved rightcamera moved up%count% of %total%%count% of %total% visitedhotspotUse the w, a, s, and d keys to move around the 360 degree image. Press the tab key to jump to interactive markers and hotspots.360 degree image interactionfree exploration modeguided tour modenextpreviousstepitemitemslabelmarkerofpause audiopause videoplay audioplay videoprogressprogresstooltip%total% item%total% itemsvideovideo volumevisitedToggle zoom to fitTRANSCRIPTAutoscrollNotesShow timestampsResume autoscrollSelect trackTranscriptsZoom to fitContinue<Document xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
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<Span Text="One of the first steps in assessing the project environment is determining which organizational process assets—or OPAs, enterprise environmental factors—or EEFs, and project methodology will be needed in risk management. 
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<Span Text="That sounds like a lot, but it’s completely manageable if you take a systematic approach. You just need to take it a piece at a time. ">
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<Span Text="First, learn all you can about your project’s context, including its scope, objectives, and constraints. 
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<Span Text="Click on each to find out how">
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<Span Text="Next, you need to assess the internal and external environments in which the project operates. 
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<Span Text="Review your project's internal dependencies. Assess the internal dependencies within the project, such as resource availability, team capabilities, and organizational support. Monitor internal dependencies between portfolios, programs, and projects to understand how they might affect your project.
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<Span Text="Analyze your project's external dependencies. During that analysis, review suppliers, regulatory requirements, market conditions, and technological advancements. Monitoring these external dependencies will help you identify potential risks and opportunities that could impact your project. 
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<Span Text="Finally, engage with your stakeholders. Conduct interviews and meetings with key stakeholders to gather their perspectives on the internal and external environment. It is important to understand stakeholder expectations, concerns, and the potential impact of the project on their areas.">
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<Span Text="We’ll start with those organizational process assets. 
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<Span Text="According to the PMBOK® Guide, seventh edition, organizational process assets are plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization. As we learned in our last lesson, these are your organization’s institutional memory for all things project management. ">
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<Span Text="Your organization's organizational process assets will likely fall into four main areas: policies and procedures, templates and tools, historical information, and knowledge bases. 
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<Span Text="Click on each to learn more about what you may be able to find.">
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<Span Text="Next, you need to assess your project’s enterprise environmental factors, or EEFs. 
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<Span Text="Examine your organization's internal enterprise environmental factors. Consider organizational culture, structure, and governance that may influence risk management processes.
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<Span Text="Examine the external enterprise environmental factors as well. That includes factors such as market conditions, regulatory environment, and socioeconomic factors that could impact the project.
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<Span Text="Analyze your stakeholders. Identify them and understand their influence and interest in the project, as they can introduce both opportunities and threats.
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<Span Text="You may also play a role in selecting an appropriate project methodology for your project. 
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<Span Text="This one may seem a bit counterintuitive. As risk manager, your primary responsibility is to identify, assess, and mitigate risks throughout the project life cycle, not necessarily to recommend a project methodology. That’s all true, but you can provide valuable input on the risks associated with different methodologies, helping the project manager and other decision-makers choose the most appropriate approach. 
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<Span Text="How does that work?
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<Span Text="Select the buttons below to learn more. 
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<Span Text="Risk assessment of methodologies">
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<Span Text="The risk manager can evaluate the potential risks that different methodologies pose. For example, they can highlight risks such as rigid timelines in a sequential approach or scope creep in an agile methodology.
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<Span Text="Advising on risk tolerance">
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<Span Text="Based on the organization’s risk appetite, the risk manager can suggest which methodologies align better with the organization’s comfort level with uncertainty, adaptability, and change.
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<Span Text="Risk mitigation strategies">
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<Span Text="Risk managers can advise on how to mitigate risks associated with the chosen methodology. For example, if an agile approach is selected, they might suggest adding controls like documentation and conformance checks, configuration management, and version control to address regulatory compliance requirements.
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<Span Text="Now that you've identified the environmental factors that could affect your project, you need to analyze them. This can be crucial for understanding the context in which your project will operate. This analysis helps in identifying potential risks and opportunities that could impact the project's success.
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<Span Text="One powerful tool you can use is a SWOT analysis. 
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<Span Text="SWOT is an acronym that stands for strengths, weaknesses, opportunities, and threats. So, a SWOT analysis is a strategic planning tool you can use to evaluate your project's strengths, weaknesses, opportunities, and threats. A SWOT analysis can help your team identify some of the internal and external factors that could impact its objectives. 
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<Span Text="Select each of the squares to learn more about it. 
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<Span Text="Strengths are characteristics of the business or project that give it an advantage over others. This may include resources, skills, expertise, and other positive attributes. 
Examples may include a strong brand reputation, skilled workforce, or proprietary technology. 
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<Span Text="Opportunities are elements in the environment that the business or project could exploit to its advantage. These are favorable conditions in the market or environment.
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<Span Text="Examples may include emerging markets, changes in regulations, or technological advancements. 
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<Span Text="Weaknesses are characteristics that place the business or project at a disadvantage relative to others. These are areas where improvement is needed or deficiencies exist. 
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<Span Text="Threats are elements in the environment that could cause trouble for the business or project. These are challenges that need to be addressed to avoid potential harm. 
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<Span Text="Conducting a SWOT analysis is fairly straightforward. Select each step to learn more. 
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<Span Text="Organize a session:">
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<Span Text="First, organize a session. Arrange a meeting that includes all your project's relevant team members and stakeholders, including senior leaders, financial decision-makers, and any other departments affected by the project. Typically, someone from the strategic management or risk management team will lead this meeting, while the project manager organizes it and ensures the right people are present. 
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<Span Text="Create the framework:">
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<Span Text="Next, create the framework. Draw a four-square grid on a whiteboard or flip chart. Label the top two squares as "Strengths" and "Weaknesses," and the bottom two squares as "Opportunities" and "Threats."
">
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<Span Text="Identify strengths:">
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<Span Text="With the framework in place, you're ready to identify the team and organization's strengths. 
">
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<Span Text="Start by having the members of the group list the characteristics that give your project or organization a competitive edge. 
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<Span Text="Next, identify success factors that contribute to the success of the project—such as strong team skills, a robust process, or unique resources. 
">
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<Span Text="Finally, review the identified strengths to ensure everyone in the group agrees. 
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<Span Text="And make sure to write these down—ideally on the whiteboard or flip chart with the four-square framework. 
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<Span Text="Identify weaknesses:">
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<Span Text="Now have your group do the same thing for weaknesses. 
">
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<Span Text="Start by having the members of the group list the characteristics that could make your project or organization vulnerable. 
">
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<Span Text="Next, identify factors that could hinder the success of the project. 
">
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<Span Text="Review the identified weaknesses to ensure everyone in the group agrees. 
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<Span Text="And make sure to write these down. The weakest ink is stronger than the strongest memory.
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<Span Text="Identify opportunities:">
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<Span Text="Now move to the right side of the four-square diagram and have the members of the group identify opportunities. Look for external factors or trends that the project can exploit to its advantage. Consider how strengths can be leveraged to create new opportunities. 
">
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<Span Text="Write these down as well. 
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<Span Text="Identify threats:">
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<Span Text="Finally, move down to the bottom-right corner of the four-square diagram and have the group identify threats. Make sure they list external factors that could pose risks to the project, such as market changes, regulatory issues, or competitive actions. Also, ensure they identify internal weaknesses that could lead to threats if not addressed. 
Make sure you capture these as well.">
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<Span Text="A PESTLE analysis is a strategic framework you can use to analyze external factors that may impact your organization or project. Like SWOT, PESTLE is an acronym. It stands for political, economic, social, technological, legal, and environmental factors. 
">
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<Span Text="Select each of the letters to learn more about it. 
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<Span Text="P is for political. Consider political stability, government policies, and economic growth.
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<Span Text="Ask yourself questions like “How could upcoming elections or changes in government impact our industry?” and “Are there new regulations or tariffs that could affect us?” 
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<Span Text="The first E is for economic. Consider economic factors such as inflation rates, interest rates, economic growth, exchange rates, and economic cycles that can impact the organization’s operations and profitability. 
">
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<Span Text="You need to ask questions like “Is the economy growing or contracting?” and “What is the forecast for interest rates and inflation?” Ask yourself and, where appropriate, your project stakeholders. 
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<Span Text="The S is for social. Understand social trends, demographics, and cultural aspects. These factors can affect customer needs and the size of potential markets. 
">
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<Span Text="Ask yourself questions like “What are the societal attitudes toward our product and industry?” and “What demographic shifts—such as an aging population—could affect our market?” 
">
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<Span Text="The T is for technological. Evaluate technological changes and innovations. These can influence the efficiency and effectiveness of operations.
">
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<Span Text="Ask yourself questions like “What new technologies could disrupt or benefit our industry?” and “Are there any digital innovations that we should adopt?”
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<Span Text="The L is for legal. Review legal requirements and compliance issues. These can influence the efficiency and effectiveness of operations. They can also impact how your organization operates, its costs, and the demand for its products.
">
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<Span Text="Ask yourself questions like “Are there new labor laws we need to comply with?”, “How will intellectual property laws affect our project?”, and “What new government regulations are we obligated by contract to adhere to?” 
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<Span Text="The second E is for environmental. Consider environmental factors and sustainability issues. These can influence the efficiency and effectiveness of operations. They can also have a particularly strong effect on industries like tourism, farming, and insurance. 
">
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<Span Text="Ask yourself questions such as “Are we complying with environmental protection laws?” and “How is climate change affecting our raw materials or supply chains?” 
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<Span Text="Your next task will be determining the organizational and cultural risk appetite in your organization. You need to understand—and document—the level of risk your organization is willing to accept to achieve its objectives.
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<Span Text="Start by looking at how the organization has reacted to risk on past projects. Understanding past behaviors, decisions, and outcomes related to risk can inform current and future risk management strategies. 
Select each activity to learn more about it. 
">
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<Span Text="Collect historical data">
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<Span Text="To examine your organization’s historical data, you will need to look through its project archives. Gather data from past projects, including risk registers, risk management plans, and post-project reviews. 
You will need to examine financial records. Review financial statements, budgets, and cost reports to identify past financial risks and their impacts. 
Look at any incident reports. Collect records of past incidents, issues, and their resolutions. 
Finally, look at key performance indicators and metrics that reflect risk-related outcomes. 
">
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<Span Text="Identify patterns and trends">
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<Span Text="
You will also need to identify patterns and trends. 
Examine risk occurrence. Analyze the frequency and types of risks that have occurred in the past. 
Look at risk responses. Examine how these risks were managed, including how effective the mitigation strategies and response plans were. 
And look at outcomes. Assess the outcomes of risk events—both successful and unsuccessful. You can learn from both. 
">
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<Span Text="Evaluate decision-making process">
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You will need to evaluate the organization’s decision-making process. 
Review how risk-related decisions were made, including the criteria used and the stakeholders involved. 
Examine the approval processes. Understand the approval processes for risk-taking and risk mitigation actions. 
And look at your organization’s escalation procedures. Look at how risks were escalated and managed at different organizational levels. 
">
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<Span Text="Assess organizational behavior">
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Assess your organization’s risk-related behavior. 
Take a good look at its risk tolerance. Determine the levels of risk that were deemed acceptable in past projects and operations. 
Examine its cultural attitudes. Analyze the organization’s culture toward risk-taking, including attitudes toward innovation, change, and uncertainty. 
Take a close look at stakeholder influence. You need to understand the influence of key stakeholders on risk-related decisions and their risk appetite. 
">
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<Span Text="Benchmark against industry standards">
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<Span Text="
Benchmark your findings against industry standards. 
That includes making some industry comparisons—that is, comparing your organization's historical risk data with industry benchmarks and standards to understand its relative risk appetite. 
Benchmarking also includes looking at your industry’s established practices. 

">
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<Span Text="Document your findings">
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<Span Text="Finally—as always—you need to document your findings. 
Develop a risk appetite statement that reflects your organization’s historical risk tolerance and cultural attitudes. 
And document the lessons your organization learned—or should have learned—from past risk management efforts.">
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<Span Text="With this historical data in hand, it’s time to engage senior leadership. This is critical to align your risk management strategies with the organization's strategic objectives and ensure buy-in from top management.
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<Span Text="Determine which senior leaders and executives need to be involved based on their roles and influence within the organization. Then schedule initial meetings to discuss the importance of defining risk appetite and its impact on strategic objectives.
">
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<Span Text="Once you’ve identified those senior leaders and executives who need to be involved, use surveys and assessments to gauge their current understanding and attitudes toward risk. Conduct one-on-one interviews with key leaders to delve deeper into their views on risk and their experiences with past risk management efforts.
">
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<Span Text="If needed, provide training sessions or workshops to educate them on risk management concepts, including risk appetite and tolerance. Share case studies and examples of how other organizations have successfully defined and managed their risk appetite.
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<Span Text="Organize workshops and leadership culture-change forums to facilitate open discussions about risk appetite. Conduct focus groups with senior leaders to gather their insights and perspectives on acceptable levels of risk.
Work with senior leaders to define the organization’s risk appetite, considering strategic objectives, market conditions, and organizational culture. Your aim is to develop a clear and concise risk appetite statement that reflects the collective input of senior leadership.
">
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<Span Text="Select the button to learn more about sample risk appetite statement.
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<Span Text="You need to make sure the defined risk appetite aligns with the organization’s strategic goals and objectives. Use scenario analysis to demonstrate how different levels of risk appetite can impact strategic outcomes.">
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<Span Text="Select the button to learn more about risk scenario analysis.">
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<Span Text="And, of course, write it down. Document the agreed-upon risk appetite in formal risk management policies and procedures. Then communicate the risk appetite statement and its implications to all relevant stakeholders within your organization.">
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<Span Text="Assessing organizational culture to determine risk appetite involves understanding the underlying values, beliefs, and behaviors that influence how risks are perceived and managed within the organization. 
">
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<Span Text="Select each activity to learn more about it. 
">
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<Span Text="Conduct surveys and assessments">
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<Span Text="Distribute surveys to employees at all levels of your organization to gather insights on their perceptions of risk, decision-making processes, and attitudes toward risk-taking. 
">
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<Span Text="You can also use standardized cultural assessment tools to evaluate the organization’s risk culture. 
">
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<Span Text="Facilitate focus groups and workshops">
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<Span Text="Organize focus groups with employees from different departments to discuss their views on risk and how it is managed within the organization. 
">
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<Span Text="Conduct workshops to explore cultural aspects related to risk, such as openness to innovation, response to failure, and communication practices. 
">
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<Span Text="Conduct interviews">
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">
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<Span Text="Interview senior leaders to understand their perspectives on risk and how they influence the organization’s risk culture. 
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<Span Text="Conduct one-on-one interviews with employees to gain deeper insights into their experiences and attitudes towards risk.
">
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<Span Text="Review policies and procedures">
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<Span Text="Assess your organization’s existing risk management policies and procedures to make sure you understand your organization’s formal approach to risk. You can use outreach, internal review, and even external comparisons to ensure you understand. 
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<Span Text="You also need to evaluate how decisions are made, including the level of risk your organization considers acceptable, and the process—or processes—it uses for escalating risks. 
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<Span Text="Observe organizational behavior">
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">
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<Span Text="Observe meetings and interactions to see how risk is discussed and managed in real time. 
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<Span Text="And analyze the channels your organization uses for discussing risk-related issues. You want to understand what’s being communicated and how transparent these discussions are. 
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<Span Text="Benchmark against industry standards">
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">
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<Span Text="Finally, compare your organization’s risk culture with industry benchmarks to identify areas of strength and opportunities for improvement. 
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<Span Text="Also, identify proven practices in risk culture from similar organizations and industries you can adapt for use in your organization.
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<Span Text="">
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<Span Text="If your organization uses a project management information system—or PMIS—you need to evaluate it for threats and opportunities as well. You’ll need to take a structured approach to investigating both the system and the useful data it contains. 
">
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<Span Text="We’ll start with the system itself. ">
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<Span Text="First you need to take a good look at the system capabilities and processes.
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">
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<Span Text="Reliability">
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<Span Text="
">
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<Span Text="Is the system stable, or is it prone to downtime and crashes? Frequent system failures can delay project decision-making and execution. A reliable PMIS can ensure seamless tracking and updating of project data, enhancing your team’s efficiency.
">
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<Span Text="Flexibility">
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">
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<Span Text="Does the system allow you to adapt to changes in the project scope or processes? Rigid systems that can’t scale or adapt to new project requirements pose a risk. A flexible PMIS can accommodate project changes and expansions, allowing you to optimize performance as the project evolves.
">
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<Span Text="Integration">
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<Span Text="
">
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<Span Text="Does the PMIS integrate with other systems such as financial software or communication tools? A lack of integration may result in data silos, errors, or delays. Seamless integration with other systems can reduce manual data entry, ensure real-time updates, and improve project visibility.
">
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<Span Text="Accessibility">
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<Span Text="
">
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<Span Text="Is the system accessible to all relevant stakeholders? Poor usability or complex interfaces could hinder adoption, leading to inefficiencies. A user-friendly system improves collaboration and helps in faster decision-making by ensuring that everyone can easily access necessary information.
">
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<Span Text="Security">
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<Span Text="
">
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<Span Text="Are there security vulnerabilities or compliance risks in the PMIS? Data breaches or failure to meet regulatory standards could damage the project. A secure, compliant system can improve stakeholder confidence and reduce legal risks.">
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<Span Text="You also need to examine the quality of the data. 
">
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<Span Text="Select each of these attributes to learn more about it. 
">
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<Span Text="Accuracy and completeness">
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">
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<Span Text="Is the data in the PMIS accurate and complete? Inaccurate or missing data can lead to poor decisions, misallocation of resources, and project delays. High-quality data can drive better insights, improving risk management and decision-making capabilities. 
">
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<Span Text="Timeliness">
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<Span Text="
">
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<Span Text="Is the data updated in real time, or is there a lag? Outdated information could prevent timely identification and resolution of risks. Real-time data updates allow for more proactive project management, enabling you to quickly identify both threats and opportunitie
">
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<Span Text="Consistency">
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">
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<Span Text="Are data entry and reporting consistent across the project team? Lack of standardization can lead to confusion and errors in reporting. By ensuring uniformity, a standardized approach to data entry reduces errors and makes data easier to analyze.
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<Span Text="Transparency">
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<Span Text="
">
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<Span Text="Can project stakeholders access the information they need when they need it? Poor visibility into project data may lead to mistrust or lack of informed decision-making. Since all stakeholders can access necessary insights in real time, transparent data systems foster trust and enhance collaboration.
">
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<Span Text="Analysis and forecasting">
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<Span Text="
">
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<Span Text="Does the system support trend analysis? If your PMIS lacks forecasting capabilities, you could miss risks. Forecasting tools can help you identify potential risks and opportunities early, allowing your team to act accordingly.">
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<Span Text="Finally, you also need to look at how efficient the PMIS is. 
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<Span Text="Select each of these attributes to learn more about it. 
">
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<Span Text="Automated or manual processes">
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<Span Text="
">
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<Span Text="Are there too many manual processes that slow down decision-making? Manual tasks increase the risk of human error and inefficiency. Automating processes within the PMIS can reduce human error and free up time for more strategic work, improving overall project efficiency.
">
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<Span Text="Reporting and visualization">
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<Span Text="
">
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<Span Text="Are reporting tools limited or cumbersome? Poor reporting capabilities can prevent you from identifying trends, risks, and opportunities in the data. Advanced reporting and visualization tools can provide clear insights into project performance, enabling the team to act on both threats and opportunities.">
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<Span Text="Once you’re comfortable with the risks posed by the PMIS itself, you need to look at the data it can provide you—particularly the data that relates to your organization’s past risk management efforts. 
">
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<Span Text="You want to look for three main types of information. ">
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<Span Text="First, look for key risk management data and metrics. This can range from past risk registers to past risk analyses. You may find your organization has kept anywhere from none to all of these. Whatever you do find will be very useful. 
">
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<Span Text="Select each possible data type to learn more about it. 
">
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<Span Text="Risk register">
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<Span Text="
">
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<Span Text="Risk registers are repositories in which outputs of risk management processes are recorded. Risk registers from past projects would be among the more useful things you could find in your organization’s PMIS.
">
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<Span Text="Risk probability and impact">
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">
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<Span Text="If your organization has done past analyses of risk probabilities and their anticipated impact, you can leverage this information in the risk analysis for your current project.
">
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<Span Text="Risk response plans">
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<Span Text="Risk response plans from past projects should detail how your organization planned to respond to risks on past projects. These can be very valuable—especially if they include information on whether your organization triggered the response and what happened afterward.
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<Span Text="Risk metrics">
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<Span Text="Risk metrics are quantitative measures your organization used to assess, monitor, and manage risks on past projects. These will show you how your organization evaluated the overall risk profile, prioritized risks, and made decisions to mitigate potential negative impacts on past projects.
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<Span Text="Risk trends">
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<Span Text="If your organization is tracking risk trends, it’s doing the analysis to track patterns and changes in risk data over time. This approach will provide insights into how risks evolve and help you identify recurring issues, emerging threats, and the effectiveness of past risk management strategies.
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<Span Text="A risk audit is an independent expert analysis of the risk management process within a project or organization. The audit aims to evaluate the effectiveness of risk identification, assessment, and mitigation strategies.
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<Span Text="Some organizations archive all their risk communications in their PMIS. Auditing this communication can reveal a great deal about your organization’s past risk management and mitigation efforts.
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<Span Text="Risk contingency plans">
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<Span Text="A risk contingency plan is a predefined set of actions to be taken if a specific risk event occurs. The plan is designed to minimize the adverse impact of the risk on the project or organization. These plans will help you identify past risks, with their trigger conditions and response actions
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<Span Text="Risk performance numbers ">
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<Span Text="Risk performance numbers are quantitative metrics used to evaluate the effectiveness of risk management activities within a project or organization. These numbers help you assess how well risks have been identified, mitigated, and managed
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<Span Text="">
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<Span Text="Next, test how well your PMIS is integrated with risk processes. 
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<Span Text="Select each activity to learn more about it. 
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<Span Text="Review system capabilities">
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<Span Text="Check to see that your PMIS has built-in functionalities for risk management, such as risk identification, assessment, response planning, and monitoring. 
">
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<Span Text="You should also verify whether your PMIS supports the creation and maintenance of a risk register. 
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<Span Text="Evaluate data flow">
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<Span Text="Check if your PMIS allows seamless data flow between different project management modules—like scheduling and budgeting—and the risk management module. 
">
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<Span Text="You also want to make sure that risk data can be easily imported, exported, and shared across the system. 
">
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<Span Text="Assess reporting and dashboards">
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<Span Text="
">
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<Span Text="Confirm that your PMIS provides comprehensive reporting and dashboard capabilities for risk management. 
">
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<Span Text="You also want to look for features that allow you to generate risk reports, track risk metrics, and visualize risk trends. 
">
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<Span Text="Verify integration with other tools">
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">
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<Span Text="Ensure that your PMIS can integrate with the other tools and systems your organization uses, such as financial systems, document management systems, and communication platforms. 
">
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<Span Text="Check for APIs or other integration methods that facilitate data exchange between the PMIS and these tools. 
">
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<Span Text="Test risk scenarios">
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">
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<Span Text="Use your PMIS to perform scenario analysis and simulations, such as Monte Carlo simulations, to understand the potential impact of risks on project outcomes. This helps in making informed decisions and preparing for various contingencies.
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<Span Text="">
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<Span Text="Finally, you need to make sure you use your PMIS effectively as part of your risk management efforts. Here are some good practices to help ensure that risks are identified, assessed, and managed efficiently. 
">
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<Span Text="Select each to learn more. 
">
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<Span Text="Risk register">
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<Span Text="
">
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<Span Text="Maintain a detailed risk register within the PMIS that includes all identified risks, their descriptions, categories, potential impacts, and status. The risk register will serve as a central repository for all risk-related information
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<Span Text="Regular updates">
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<Span Text="
">
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<Span Text="Make sure the risk register and other risk management data are updated regularly. Add new risks, update the status of existing risks, and record the outcomes of risk mitigation efforts.
">
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<Span Text="Automated alerts">
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<Span Text="
">
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<Span Text="Set up automated alerts and notifications for key risk events, such as when a risk reaches a certain threshold or when a risk response action is due. This helps in timely risk management and keeps stakeholders informed.
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<Span Text="Risk metrics and dashboards">
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<Span Text="
">
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<Span Text="Use the PMIS to generate risk metrics and dashboards that provide a visual representation of the risk landscape. This includes risk probability and impact matrices, risk exposure charts, and trend analysis.
">
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<Span Text="Stakeholder engagement">
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">
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<Span Text="Make sure your stakeholders have access to relevant risk information through the PMIS. Provide them with regular risk reports and involve them in risk management activities.
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<Span Text="">
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<Span Text="The next critical step is conducting stakeholder analysis. Doing so will help you identify and understand the interests, influences, and impacts of various stakeholders on the project. ">
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<Span Text="Before you can analyze your stakeholders, you need to identify them. 
">
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<Span Text="Select each of these buttons to learn more.
">
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<Span Text="
">
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<Span Text="List all stakeholders ">
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<Span Text="
">
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<Span Text="The on-screen text should replace the image on the right side of the screen. 
">
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<Block>
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<Span Text="Identify all the individuals, groups, or organizations that are affected by—or can affect—the project 
">
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<Span Text="Categorize stakeholders ">
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<Span Text="
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<Span Text="The on-screen text should replace the image on the right side of the screen. 
">
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<Span Text="Identify all the individuals, groups, or organizations that are affected by—or can affect—the project ">
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<Span Text="Then create a stakeholder register that captures your stakeholders’ names, roles, contact information, and other relevant details.
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<Span Text="A power/interest grid is a simple, two-by-two grid used to categorize stakeholders based on their level of authority—their power—and their level of concern—their interest—in the project’s outcomes. This classification can help you prioritize stakeholder engagement and tailor communication strategies effectively. 
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<Span Text="Stakeholders with high power but low interest have significant influence but may not be deeply concerned with the project’s day-to-day activities. These stakeholders should be kept satisfied.
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<Span Text="Stakeholders with low power and low interest are neither highly influential nor particularly interested in the project. These stakeholders should be monitored with minimal effort. 
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<Span Text="If you like, you can download a completed version of this same graphic from the Resources tab in the pullout tray on the right of your screen.">
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<Span Text="Some prefer to use a very similar tool called the impact/influence grid. 
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<Span Text="Like the power/interest grid, an impact/influence grid is a simple, two-by-two grid used to categorize stakeholders based on their level of influence over the project and the impact the project has on them. This classification is also used to prioritize stakeholder engagement and tailor communication strategies effectively. 
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<Span Text="These stakeholders have significant influence but are less affected by the project's outcomes. Keep them satisfied and informed to ensure their support.
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<Span Text="These stakeholders are critical to the project’s success. Manage them closely and keep them highly engaged throughout the project life cycle.
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<Span Text="These stakeholders are greatly affected by the project but have little influence over its outcomes. Keep them informed and address their concerns to maintain their support.
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<Span Text="These stakeholders have minimal influence and are not significantly impacted by the project. Monitor them with minimal effort. 
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<Span Text="In addition to understanding your stakeholders’ characteristics, you need to determine how engaged they are—and how engaged they would like to be.
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<Span Text="A stakeholder engagement matrix is one useful tool for helping you gauge stakeholder engagement. The tool compares the current and desired levels of stakeholder engagement. 
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<Span Text="This can help you assess and plan the necessary steps to move stakeholders from their current level of engagement to the desired level. 
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<Span Text="Set up a matrix with the following classifications along the top: Unaware, resistant, neutral, supportive, and leading. These are the categories into which you will sort your stakeholders. You can do this in a spreadsheet program, in a word processor, on a whiteboard—even on a piece of paper.
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<Span Text="Unaware is for stakeholders who are not aware of the project and its potential impacts. 
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<Span Text="Resistant is for stakeholders who are aware of the project and its potential impacts but are resistant to any changes that may occur because of the project.
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<Span Text="Neutral is for stakeholders who are aware of the project but are neither supportive nor unsupportive.
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<Span Text="Supportive is for stakeholders who are aware of the project and its potential impacts and are supportive of the work and its outcomes. 
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<Span Text="And leading is for stakeholders who are aware of the project and its potential impacts and are actively engaged in ensuring the project’s success.
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<Span Text="Start by listing your stakeholders in the far-left column, under the heading “stakeholder.”
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<Span Text="In the appropriate column for each stakeholder, use a “c” to indicate their current engagement level.
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<Span Text="Then place a “d” in the appropriate column to indicate, ideally, the desired level of engagement for each stakeholder. Make note of any gaps between where the stakeholder currently is and where you would like them to be. 
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<Span Text="You will need to create strategies to move stakeholders from their current level to the desired level. This may include targeted communication, involvement in decision-making, or addressing specific concerns. Tailor your communication plan to the needs and preferences of each stakeholder group—or even, where appropriate, to the needs of each stakeholder. 
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<Span Text="Also, be aware that stakeholders’ positions change. You could, for example, have a stakeholder transition from supportive to resistant to neutral. Responsibilities come and go; positions change. You and your team need to keep informed about stakeholder positions.">
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<Span Text="You’ve identified your stakeholders, gained some understanding of their needs and expectations, and analyzed their influence and impact. Now you need to develop engagement strategies for each of these stakeholders or stakeholder groups.
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<Span Text="Develop specific strategies to engage stakeholders based on their influence, interest, and engagement levels. For high-power/high-interest stakeholders, ensure active involvement and regular updates. For low-power/low-interest stakeholders, monitor with minimal effort. 
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<Span Text="For example, your project team will need clear communication and involvement in decision-making; team sponsors may simply need involvement and regular updates. 
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<Span Text="Based on your engagement strategies, develop communication plans specially tailored for each stakeholder or stakeholder group. These plans should specify the frequency, methods, and types of communication. 
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<Span Text="For example, your project team may need a daily status meeting and access to the project management software. Your project sponsors may be satisfied with weekly meetings and detailed reports. 
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<Span Text="Someone needs to be responsible for taking the actions you have specified, or they will not happen. And your stakeholders will not be engaged at the same level you need them to be. 
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<Span Text="So, make assignments. 
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<Span Text="For example, your project manager could be responsible for overall stakeholder management while your team leads could be responsible for communicating with the project teams.
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<Span Text="As we’ve said before, write it down. Make sure all the members of your team are aware of their roles—and that they know where to find more information.
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<Span Text="Then implement your stakeholder engagement strategy. Execute your communication and engagement plans as outlined. 
">
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<Span Text="Track your effectiveness through feedback and project progress. And adjust your communication frequency and methods as needed.">
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<Span Text="Your next critical task is analyzing the constraints under which your project will operate. You need to understand the limitations and boundaries that will be imposed on your project—and any risks that are triggered by them. These constraints can significantly impact the identification, analysis, and mitigation of risks.
">
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<Span Text="In order to analyze constraints, you need to identify them. We’ve identified six possible areas in which you may have constraints.
">
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<Span Text="Select each to learn more about it.
">
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<Span Text="Scope">
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<Span Text="
">
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<Span Text="Define the boundaries of the project scope and any limitations on deliverables.
">
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<Span Text="Time">
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<Span Text="
">
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<Span Text="Identify any deadlines, milestones, or fixed schedules your project must adhere to.
">
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<Span Text="Cost">
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<Span Text="
">
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<Span Text="Determine your project’s budget limitations and financial restrictions.
">
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<Span Text="Resources">
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</Span>
<Span Text="
">
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<Span Text="Assess the availability and limitations of material and technological resources.
">
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<Span Text="Personnel">
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<Span Text="
">
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<Span Text="Determine whom your project has access to and their different levels of expertise.
">
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<Span Text="Quality">
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<Span Text="
">
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<Span Text="Understand the industry regulations, quality standards, and requirements that must be met.">
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<Span Text="When you identify assumptions and constraints, make sure you document them. Create a register to document them, including their descriptions and potential impacts on the project.">
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<Span Text="Now it’s time to analyze the impact each of these constraints may have on your risk management efforts.
">
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<Span Text="Select each risk process to see what to do.
">
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<Span Text="
">
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<Span Text="Risk identification">
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">
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<Span Text="Evaluate how each constraint might limit your team's ability to identify risks. For example, tight schedules may reduce the time available you have for thorough risk assessments.
">
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<Span Text="Risk analysis">
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<Span Text="
">
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<Span Text="Assess how constraints could affect your team's analysis of risks. For example, budget constraints might limit the resources available for risk mitigation strategies.
">
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<Span Text="Risk response planning">
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<Span Text="
">
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<Span Text="Determine how constraints could influence the development of your team’s risk response plans. For example, resource constraints may restrict your risk mitigation options or contingency planning.">
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<Span Text="If the constraints you identified are, well, impeding your risk management efforts, you will need to adjust.
">
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<Span Text="Select each option to learn more.
">
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<Span Text="Alternative plans ">
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<Span Text="
">
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<Span Text="Create alternative plans to address constraints. For example, if budget constraints limit your risk mitigation options, you might consider prioritizing risks based on their potential impact. 
">
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<Span Text="Flexibility ">
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<Span Text="
">
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<Span Text="You can also build flexibility into your risk management plan to accommodate changes in constraints, such as adjusting schedules or reallocating resources. ">
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<Span Text="As with all risk management efforts, you need to remain diligent. Continuously monitor constraints and their impact on your risk management efforts throughout the project life cycle. And update your risk management plans as constraints change or new constraints are identified.">
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<Span Text="Several times, we’ve mentioned getting your stakeholders involved. That’s critical. Working with your stakeholders to create a culture of risk awareness is essential for effective project risk management. Ideally, you want to create a culture in which stakeholders understand, appreciate, and actively participate in risk management activities.
">
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<Span Text="Ideally, you want to create a culture in which stakeholders understand, appreciate, and actively participate in risk management activities. 
">
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<Span Text="The first step in creating a risk-aware culture is training. Before they can contribute in a meaningful way, your stakeholders will need to be taught. And it’s up to you to provide that training. 
">
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<Span Text="You can accomplish this through several ways. 
">
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<Span Text="One many find effective is to provide training sessions on risk management principles, processes, and tools. You can organize workshops and seminars to discuss the importance of risk awareness and share best practices. 
">
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<Span Text="You also need to communicate the importance of risk management. And keep communicating it. 
">
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<Span Text="Keep your stakeholders informed about your team’s risk management activities through regular updates and reports. Share success stories and case studies where effective risk management led to positive project outcomes. 
">
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<Span Text="Get your stakeholders involved in risk identification and analysis. This strategy will add diverse perspectives to the risk management process—making it more effective—and will get stakeholders actively involved in the risk management process. 
">
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<Span Text="Foster an environment where stakeholders feel comfortable discussing risks without fear of blame. Recognize and reward proactive risk management behaviors and contributions from stakeholders. 
">
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<Span Text="And make sure you establish feedback mechanisms to capture their insights and concerns about potential risks. 
">
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<Span Text="Integrate risk management into project processes. You want to weave your risk management activities into standard project management procedures and practices. They should be part of doing the project—not an additional task. 
">
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<Span Text="You also need to implement continuous monitoring and review processes to keep risk management at the forefront of project activities.">
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<Span Text="Another critical part of your risk management effort will be making sure you are aligned with the business drivers of the project—including its key assumptions, benefits, and materialization. And to do that, you’ll need to figure out what those business drivers are. These will be key factors that will influence your project’s direction and success.
">
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<Content>
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<Span Text="Here are the steps to determine the business drivers of your project.
">
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<Span Text="Select each to learn more. 
">
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</Span>
</Block>
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<Span Text="Review mission, vision, and objectives">
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<Span Text="
">
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<Span Text="Start by reviewing your organization's mission, vision, and strategic objectives. Then identify how your project aligns with these overarching goals.
">
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<Span Text="Engage stakeholders">
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<Span Text="
">
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<Span Text="Conduct interviews and meetings with your key stakeholders—including executives, project sponsors, and end users. Gather their perspectives on what they believe are the critical factors for the project's success.
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<Span Text="Analyze market and industry trends">
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<Span Text="Research current market conditions and any industry trends that may impact your project. Make sure you consider factors such as competition, regulatory changes, and technological advancements.
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<Span Text="Identify internal and external influences">
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<Span Text="Assess internal factors like your organization’s culture, resources, and capabilities. Evaluate external factors like economic conditions, customer demands, and supplier relationships.
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<Span Text="Define specific business needs">
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<Span Text="Determine the specific business needs your project is required to address. These could include reducing costs, increasing revenues, improving processes, or complying with regulations.
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<Span Text="Prioritize business drivers">
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<Span Text="Rank the business drivers you identified based on their importance and impact on the project. Focus on the drivers that are most critical to achieving the project's objectives.">
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<Span Text="And, as we’ve said before, write it down. Clearly document the business drivers in the project charter or other project documentation. Then make sure all project team members and stakeholders are aware of and understand these drivers.">
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<Span Text="Once you’ve identified the business drivers behind your project, you can identify the key assumptions behind those drivers.
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<Span Text="Select each of these buttons to learn more. 
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<Span Text="Document assumptions ">
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<Span Text="Clearly document the assumptions that underpin your project, such as resource availability, market conditions, and technological feasibility. 
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<Span Text="Validate assumptions ">
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<Span Text="Once you have documented your project’s underlying assumptions, validate them with your project’s key stakeholders to ensure they are realistic and achievable. 
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<Span Text="Monitor assumptions ">
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<Span Text="Continuously monitor and update these assumptions as the project progresses. 
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<Span Text="Based on the business drivers and assumptions you have identified, you should be able to discern the benefits your organization hopes to achieve through your project. 
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<Span Text="Start with the tangible benefits. Identify measurable benefits such as cost savings, revenue generation, and efficiency improvements. 
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<Span Text="Then move to the intangible benefits. Consider non-measurable benefits like customer satisfaction, brand reputation, and employee morale. 
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<Span Text="Then figure out how you’re going to measure the realization of these benefits. That is, define metrics to measure the realization of these benefits, such as net present value (NPV) or return on investment (ROI). ">
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<Span Text="With the information you have accumulated, you can now develop a plan that outlines how and when your project’s benefits will be realized. Make sure your plan assigns benefit owners who are responsible for monitoring, recording, and reporting the realized benefits. And make sure you establish a timeframe for realizing the benefits, whether short-term, long-term, or ongoing.">
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<Span Text="You’re not done yet. Now you need to analyze the materialization of the benefits you’ve identified and analyzed. 
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<Span Text="Start with a risk assessment. That is, conduct a risk assessment to identify potential obstacles to benefit realization. 
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<Span Text="Then develop strategies to mitigate these risks and ensure the benefits are achieved.
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<Span Text="Finally, schedule regular reviews to assess the progress of benefit realization, triggering mitigation strategies as needed and making any necessary adjustments. ">
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