RISK ANALYSIS

Every project or initiative, business or non-business related has chances of not resulting as envisioned or originally planned.  In order to maximize the likelihood of achieving the anticipated results managers conduct what is called a risk analysis or assessment.  

A risk analysis basically identifies all possible risks related to the execution of the project, everything that could go wrong, and evaluates the impact of the risk, ways to mitigate this risk, and actions that can be taken if the risk actually occurs.

A risk analysis is a great tool to anticipate the unexpected.  A risk analysis increases the team’s confidence that they are prepared to go live with the project, and if anything goes wrong they will know who will do what, when, and how.

Here is a link to an editable Risk Analysis tool in MS Excel.  Notice that there are many types of risk analysis, some more complex and sophisticated than others, this tool will get you started, but for more complex projects you may want to use a risk cube tool and/or hire a professional consultant.

Disclaimer

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