Question

Help me with the discussion question, please.

The project you are managing is a small one, do you need to do any reviews? Do you think it is necessary to review all of the risks in a Minor Review? Can you just do a sampling of them to see what is happening?

Answer 1

            Risks are referred to as minor if it has very less likelihood of occurrence, or have the negligible impact. While reviewing the risk, all the risks need to be taken into consideration. There have been certain situations whereby if the minor risk is multiplied by the likelihood becomes the major risk as well. Yes, it is necessary to review all the probable risks under the minor ones along with all the possible outcomes of the risk. This is so because there are certain risks that are major at an instant of the project, but its severity may decrease with the progress of the project.

            There are different stages of the progress of the project and the review meeting is carried out after each milestone, so as to clearly define the future course of action along with the possible risk and outcomes. The time of the project plays a very important role in the review meeting, because the type, probability of occurrence and impact of risk varies from situation to situation. It includes carrying out the risk rating at each step and possible steps that can be taken so as to control or minimize the effect of risk on the project. It also includes the allocation of cost, time and resources involved.

            Review of each project is necessary, irrespective of the case that it is big or small because all the projects constitute cost, resources and time. Each project has the aim that needs to be achieved in the defined time frame. It also consists of deciding the path to achieve the aim along with the complete analysis of the various risk factors involved. It can be done at any time but needs to be done compulsorily so as to evaluate the progress or success of the project. It helps in stepping back and taking deeper look in the systems which can be beneficial for future projects as well.