Why Scrum team manages Risk better than others?
RISK is always stay on both the side as an uncertain or known events that can occur any time during project delivery. Every risk can have either positive or negative impact on the project. In agile, risks are managed contioniously throughout the sprint life cycle. Since, risk management is a crucial part of Project Management, which aims at attracting oppurtinities that has positive impact and decrease the probability of threat that has negetive impact to project.More oppurtinities and less threat signifies a stable project in term of scope , time , Cost and quality.Risk can be of 2 category: Known , Unknown.
Let’s discuss how waterfall project treat Risks?
Plan for how to manage a RISK both known & unknown in advance.
It says the overall process on how to plan,manage for a risk depends on Priority and Impact(Probability & Impact Matrix).Its basically conducted at the time of Project planning. It defines following :
- Define which tool and method to be used.
- Define roles and responsibility of Risk Management Teams.
- Look on budgeting for resources for risk management.
- Define the threshold for time frame for the risk to be resolved.
- Define RISK Categories and prepare RBS- Risk breakdown structure.
- Prioritize Risk by Risk by Risk &Impact Matrix.
- Find stake holder tolerance.
Identify a Risk by following method
- SWOT Analysis
- Checklist Analysis
- Assumption Analysis
- Process flow chart
- Cause & Effect Diagram
Qualitative Risk Analysis by following method
- Probability & Impact Matrix
- Categorization method.
Quantitative Risk Analysis by following method
- Probability Distribution
- Expert Judgment
- Sensitive Analysis
- EMV Analysis (Expected Monetary Value)
- Decision Tree Analysis
Risk Response Planning by following method
- Negative Risk –> Avoid / Transfer / Mitigate
- Positive Risk –> Exploit / Share / Enhance
Risk Monitor & Control