Project Risk Checklist
Projects will have associated risks. Project risk management is the process of managing that risk. There are various approaches that can be applied to this process – one example is Red Flag Management
The checklist below offers a helpful guide to show all the areas of risk which could impact a project and therefore should be considered during the risk management process.
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1.0 Resource Risk
1.1 Organisational Risk
– Is the Project Organisation documented and on file?
– Is the Project Manager qualified and experienced in Project Management of this scale?
– Have roles and responsibilities been documented?
– Have roles and responsibilities been clearly communicated?
– Is organisation structure appropriate for the project size and complexity?
– Is there and obvious Team Leader?
– Is the Quality Role identified and assigned?
– Is the Project Sponsor identified and assigned?
– Is there a Change Control Board?
– Have Configurations Management functions been assigned?
– Are there back-up strategies for key members of the project?
1.2 Finance Risk
– Is funding adequate and sufficient for the size of the project?
– Has any funding been assigned to Training and Mentoring activities?
– Are there predefined budget limitations which would result in project termination?
– Are project costs realistic given the size, complexity and scale?
1.3 People Risk
– Are there enough skilled and experienced employees / vendors / contractors available for the project?
– Has the project team a track record of delivering projects on time, quality and budget?
– Do the Project Team feel as if the project is achievable given constraints in place?
– Are prospects / customers involved in periodic reviews of the project through its development?
– Is there sufficient contingency access to Subject Matter Experts throughout each stage of the project?
1.4 Schedule Risk
– Is project schedule realistic?
– Have dependencies been fully understood, communicated and documented?
– Has critical path been defined?
– Have milestones and associated reviews been agreed and planned into programe schedule?
– Has “Project Terminated” criteria been discussed, agreed and documented in relation to each key milestone?
2.0 Business Risk
– Establish potential risk of competitor getting to market first?
– Evaluate jeopardy of project funding and executive support?
– Have a financial benefit of the project relative to costs been defined, demonstrated, agreed and documented?
– Are there bigger issues to address in the business right now?
3.0 Technical Risk
– Scope risk
– Technological Risk
– Is project scope the same as agreed in the Project Charter?
– Has Project Scope Statement been reviewed and Approved?
– Is there a Project Plan to measure progress?
– Does the project plan address:
> at a minimum
– project scope and deliverables
– work breakdown structure
– task dependencies
– project schedule
– milestone schedule
– project budget
– quality plan
– issue resolution and change management
– risk management plan
> at an advanced level
– critical success factors
– resource plan – assignment and timings
> cost benefit analysis
> procurement plan
> communication plan
> configuration management plan
> phase exit plan
> project tracking agreement
> project organisation
> facilities plan
> documentation plan
> materials plan
> training plan
> back-up and recovery plan
> contingency plan
> go live plan
> warranty plan
> transition plan
– Is plan for project resources adequate?
– Are baseline project schedule and budget realistic?
– Is the plan for the organisation of resources adequate?
– Are there adequate project control systems?
– Is there a central storage for project documentation?
– Are key stakeholders bought into the project plan?
– Are potential customers involved in the planning process?
– Was planning complete before the project was initiated?
– Are documents subject to revision control?
– Have vendors signed off on project plan?
– Has an independent oversight contractor signed off on the project plan?
5.0 Tracking and Monitoring
– Are the report contents, frequency and audience defined and communicated to the project team?
– Are the input requirements from the project team clearly documented and communicated?
– Have reports to be produced, distributed and filed been defined?
– Has the format for tracking and monitoring schedules and costs been defined?
– Have meetings, purpose, context, frequency and participants been defined?
– What information is required for each meeting?
– Are meetings set-up with assigned note-takers to add actions / issues?
7.0 Issue Management
– Is issue management process documented and defined?
– Has this process been communicated to customers and team members?
– Is there an easy way for anyone to raise an issue?
– Is there a means of tracking and managing issues through to resolution?
– Is there a means of learning from issues rasied to minimise future issues?
– Is there an escalation process to address unresolved issues?
8.0 Change Control
– Is there a change control process in place?
– Is change control process documented and available to team?
– Has the process been discussed and shared with customer and project team?
– Has change request process been discussed and communicated with customers and project team?
– Is all change to be managed through change control process?
– How are change requests logged, managed, assessed and actioned?
9.0 Dispute Resolution
– Has negotiation process been defined?
– Has mediation process been defined?
– Has arbitration process been agreed and defined?
– Has litigation process and boundaries been defined?
10.0 Risk Management
– Are all risks managed according to theproject’s risk management process?
– Will the risk plan be reviewed and updated regularly and requently?
– Will risk status be reported to management on a regular and frquent basis?
– Are there documented contingencies for the top 5 risks?
– Have the contingencies for the top 5 risks been discussed with the customer and project team?
11.0 Quality Assurance
– Has the quality assurance plan been documented and filed?
– Are the QA functions and related roles and responsibilities clearly defined?
– Are completion / verification criteria defined for each task producing an output?
– Are there test plans, inspections, reviews defined for verifying outputs to each tasks?
– Will QA have final sign-off on tasks successfully completed?
– Is there a formal system to manage submitting, logging, tracking, reoprting through the change, test, submit, restest process?
– Is there a process that allows QA statistics to be collated, assessed with any subsequent issues logged and addressed?