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| 2 |
>Instructions
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| |
Risk Plan
Overview
Risk Event Description |
What is the event? |
A Source of a risk or hazard – the thing which has the potential
| to |
harm or assist e.g. a dangerous chemical, competitors, government.
An Event or Incident – Something that occurs such that the source of risk has the impact concerned e.g. a leak, competitor expands into or leaves your market, new or revised regulations, or some level of observation reaching a particular trigger level. |
A Consequence, outcome or impact on a range of stakeholders or assets e.g. environmental damage, loss or increase of market/profits, regulations increase or decreased competitiveness |
Risk Drivers |
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring? |
There are two beneftits to identifying risk drivers:
– Focus attention on the probable root cause(s) to aid in developing a Risk Response Strategy
– Identify events or trends that should be monitored |
Response/
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| M |
itigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts? |
Accept: |
This response accepts or ignores the risk. This may be the appropriate choice when the impact or likelihood of the risk is so low that it does not warrant further attention or if you have no control whatsoever over the impact or likelihood of the risk. (e.g. the risk that your project will be terminated or be placed on hold due to a company merger). |
Transfer: |
This response involves moving all or part of the risk to another party. (e.g. purchase automobile insurance and transfer the risk to the insurance company, for a small monthly fee of course). Transferring risk comes with a cost. |
Mitigate: |
This response involves reducing the likelihood that the risk will happen, reducing the impacts of the risk or both. This is what most people are referring to when they are discussing risk management. Most risks can be mitigated with some effort. Although it is unlikely that you can reduce the impact and likelihood of occurrence to zero, this would in essence be eliminating the risk, it is often possible to significantly reduce them. For example, if you have a technical team member who is critical to the success of the project and if that person left, the project schedule would be at risk, you may be able to mitigate the risk by training a backup person to reduce the impact or offer that individual a bonus or incentive to stay reducing the likelihood of occurrence. |
Avoid: |
This response focuses on eliminating the risk from the project. This sounds like a great choice, so you might ask why we don’t choose this all the time. The reason, it often comes at great cost. To eliminate a risk generally requires that you remove the source of the risk from scope. For example, you may have a schedule risk associated with a new version of software that has not been released yet by the vendor. Although the customer may be expecting this software as part of their project, removal from scope would eliminate this risk. |
These general response strategies can be used in combination to address a single risk event. This may be done in the event that your chosen strategy is not working effectively or as a way to attack certain types of risks. For example, you may begin by mitigating a risk reducing both the likelihood and impact. The remaining risk could then either be avoided by a smaller scope reduction, transferred to a vendor or accepted. |
Contingency Plan |
What action(s) will be taken if this event occurs? |
Complete the “Contingency Plan” column for all risk events that the Project Manager deems necessary to adequately address the risks of the project. |
The contingency plan describes what needs to be done in the event that the risk actually occurs. When the risk event actually occurs, it is no longer a risk event; it is simply an event and may require a response or plan to be activated. The project manager will need to determine what the criteria are to trigger the need for a contingency plan. One method is to use the “
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|
|
| Total Score |
” column of the risk plan template to determine a threshold that requires the development of a contingency plan. For example, a total score of
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| 8 |
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| 5 |
or higher may be the threshold which triggers the need for a contingency plan to be developed.
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| H |
owever, there may be a need to develop a contingency plan for a risk event that scores much lower due to likelihood, but has a high impact. In the end, the project manager must be comfortable with the decision around when to develop a contingency plan.
Risk Timeframe |
Critical date(s) or period of exposure |
Some risks are related to specific events, milestone dates or time periods. These critical dates should be documented to focus attention on the associated risk at the appropriate time. |
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| Impacts |
Defined
Risk impact level Matrix |
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| L |
ikelihood
| Low |
| Medium |
| High |
Unlikely |
Likely |
Almost Certain |
Impacts Low Medium High
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| Schedule |
| No |
Impact to Critical Path or Field Work
Potential to Affect Critical Path or Field Work |
Certain to Affect Critical Path or Field Work |
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| Cost |
Less Than |
| $
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| 1 |
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| 0 |
0,000
$
| 10 |
0,000 to
| $
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| 50 |
0,000
Greater Than |
$ 500,000
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| Quality |
Minor impact to product deliverables |
Moderate impact to product deliverables |
Major impact to product deliverables |
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| Safety |
No Impact to worker safety |
Minor impact to worker safety |
Major impact to worker safety |
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| Scope |
< 1% |
2% to 5% |
> 5% |
Risk Plan
H
M
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| Y |
es
L No
Project Name: Risk Plan |
Date: ##/##/## |
Impacts
|
| #
|
|
| Risk Event Description
What is the event? |
Category
Sub-project, Project Phase, Location etc.
(Optional) |
|
| Likelihood |
Schedule Cost Quality Safety Scope Total Score
|
| Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring? |
|
| Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts? |
|
| Contingency Plan
What action(s) will be taken if this event occurs? |
|
| Owner
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| Risk Timeframe
Critical date(s) or period of exposure |
Organizational or Cross-Project Impacts |
|
| Comments
|
Status |
1
Insufficient number of skilled internal technical resources available to support the development of the new system. |
Development |
H H H M L L
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| 7 |
5
Drivers to monitor:
– Development schedules slips
– Excessive overtime is needed to keep pace with the schedule
– High number of quality errors discovered during the testing cycle
Drivers that have occurred:
– |
Planned Actions:
– Train additional internal resources
– Hire additional contractors
– Add contingency to the budget to allow for overtime work
Completed Actions:
– |
Planned Actions:
– Outsource portions of the development to an outside vendor
– Adjust project schedule and budget |
Jane Smith |
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| 3 |
/1/
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| 11 |
–
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| 6 |
/
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| 30 |
/11
Yes
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| ERROR:#REF! |
2 0
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| Drivers to monitor:
–
Drivers that have occurred:
– |
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| Planned Actions:
–
–
Completed Actions:
– |
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| Planned Actions:
–
– |
ERROR:#REF!
3 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 4 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
5 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
6 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
7 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
8 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
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| 9 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
10 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
11 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 12 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
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| 13 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
| 14 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
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| 15 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 16 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 17 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 18 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 19 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
| 20 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 21 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
|
| 22 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 23 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 24 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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|
| 25 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 26 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
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| 27 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
|
| 28 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
|
| 29 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
30 0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 31 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 32 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
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| 33 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
–
Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
|
|
| 34 |
0 Drivers to monitor:
–
Drivers that have occurred:
– Planned Actions:
–
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Completed Actions:
– Planned Actions:
–
– ERROR:#REF!
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| 35 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 36 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 37 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 38 |
0 Drivers to monitor:
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– ERROR:#REF!
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| 39 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 40 |
0 Drivers to monitor:
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– Planned Actions:
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| 41 |
0 Drivers to monitor:
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– ERROR:#REF!
|
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| 42 |
0 Drivers to monitor:
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– Planned Actions:
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– Planned Actions:
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– ERROR:#REF!
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| 43 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
| 44 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 45 |
0 Drivers to monitor:
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Drivers that have occurred:
– Planned Actions:
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Completed Actions:
– Planned Actions:
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– ERROR:#REF!
| 46 |
0 Drivers to monitor:
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– Planned Actions:
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– Planned Actions:
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– ERROR:#REF!
| 47 |
0 Drivers to monitor:
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– Planned Actions:
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– Planned Actions:
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– ERROR:#REF!
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| 48 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 49 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
50 0 Drivers to monitor:
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Drivers that have occurred:
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Completed Actions:
– Planned Actions:
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– ERROR:#REF!
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| 51 |
0 Drivers to monitor:
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| 52 |
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| 53 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
| 54 |
0 Drivers to monitor:
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– Planned Actions:
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– Planned Actions:
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– ERROR:#REF!
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| 55 |
0 Drivers to monitor:
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– Planned Actions:
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– ERROR:#REF!
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| 56 |
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| 57 |
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| 58 |
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| 59 |
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| 60 |
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| 61 |
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| 62 |
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| 63 |
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| 64 |
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| 65 |
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| 66 |
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| 67 |
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| 68 |
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| 69 |
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| 70 |
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| 71 |
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| 72 |
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| 73 |
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| 74 |
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| 75 |
0 Drivers to monitor:
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| 76 |
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| 77 |
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| 78 |
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| 79 |
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| 80 |
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| 81 |
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| 82 |
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| 83 |
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| 84 |
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85 |
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| 86 |
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| 87 |
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| 88 |
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89 |
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90 |
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| 91 |
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92 |
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| 93 |
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| 94 |
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Closed Risks |
!Ox |
|
| Open Item |
|
| Completed Activity |
Page &P of &N
| Applies to All |
H
M
L
| AMI Project: Risk Plan |
| Date: 01/27/
|
| 2010 |
Applies to All Project List |
#
Risk Event Description
What is the event? Applies to All Likelihood Impacts Total Score Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring? Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts? Contingency Plan
What action(s) will be taken if this event occurs? Owner
Risk Timeframe
Critical date(s) or period of exposure Comments
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| ● |
Schedule Cost Quality Safety Scope
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| √ |
68
| Corporate financial position changes and does not support project execution plan |
Y H H M L L H 75 ● ● ●
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| Norlin |
4
| System integration scope is not well defined |
Y H L H H L M 75 ● √ ●
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| Melton |
3
| System integration costs are higher than expected |
Y H L H H L M 75 ● √ ● Melton
| Combine 3&4? |
1
| Project may not be funded to end and benefits may not be realized |
Y H H M L L H 75 ● ● ● Norlin
| 97 |
| Inadequate # of IT human resources to support the project (project & operations) |
Y H H L M L L 55 ● ● ● Norlin
53
| Required firmware/software upgrade negatively impacts production devices |
Y M H H H L L 51 ● ● ●
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| Moccia |
86
| Operational business units / contractors not staffed properly to support project |
Y H M L M L L 45 ● ● ● Norlin
55
| Lack of adequate vendor documentation |
Y H M L M L L 45 ● ● ● Moccia
87
| AMI failures or problems at other utility adversely affects project |
Y M H M M L L 39 ● ● ●
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| Sitkauskas |
6
| MPSC disallows a component of the plan impacting benefit realization or cost recovery(example: remote disconnect) |
Y M M H L L M 39 ● ● ● Sitkauskas
57
| Organization human resources not adequate to accept and utilize as required (too busy, other focus) |
Y H M L L L L 35 ● ● ● Sitkauskas
49
| Catastrophic storm occurs impacting Communications (meters to AMI) |
Y H M L L L L 35 ● ● ●
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| Switala |
48
| Catastrophic storm occurs impacting rollout schedule |
Y H M L L L L 35 ● ● ●
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| Jamerson |
| 105 |
| Higher than expected work required at customer site due to aging infrastructure |
Y M L M L M L 27 ● ● ● Jamerson
| 101 |
| Failure to follow proper installation procedures impacts customers |
Y M L L M M L 27 ● ● ● Jamerson
| 100 |
| Higher than expected inclement weather conditions |
Y M M L L M L 27 ● ● ● Jamerson
| 96 |
| Inadequately defined design freeze date & procedure |
Y M M L L L M 27 ● ● ● Melton
| 95 |
| Later than expected IT system change |
Y M M L L L M 27 ● ● ● Melton
94
| Higher than anticipated number of IT system changes |
Y M M L L L M 27 ● ● ● Melton
78
| Loss of key personnel without effective knowledge transfer or replacement (DTE & Contractors) |
Y M M L M L L 27 ● ● ● Sitkauskas
59
| Future state business processes not properly defined prior to milestone date |
Y M L M M L L 27 ● ● ●
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| McCormick |
56
| Discover a problem in the field that was not anticipated causing cost and schedule overruns |
Y M M M L L L 27 ● ● ● Switala
7
| Security vulnerability discovered with outward equipment(meters, cell relays, home area network, other) |
Y M M L M L L 27 ● ● ● Melton
| 104 |
| DTE may not have adequate diagnostic tools to support post-meter installation |
Y H L L L L L 25 ● ● ● Switala
58
| Ineffective change management strategy Leads to low employee engagement |
Y M L L M L L 21 ● ● ● Sitkauskas
| May affect ability to realize benefits |
2
| New firmware technology does not perform to specifications |
Y M M L L L L 21 ● ● ● Melton
16
| Itron is acquired by a competitor which leads to technology change |
Y L H H M L H 19 ● ● ●
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| Kret |
15
| Itron goes out of business / defaults on contract |
Y L H H M L H 19 ● ● ● Kret
8
| Security breach takes place with outward equipment(meters, cell relays, home area network, other) |
Y L H H H L M 19 ● ● ● Melton
| Safety is M for SmartCircuits |
| 108 |
| Significant schedule delay may result in technology obsolescence |
Y L M H M L M 15 ● ● ● Norlin
| 102 |
| Customer complaints may be higher than expected |
Y M L L L L L 15 ● ● ● Jamerson
| 98 |
| Ineffective stakeholder engagement |
Y M L L L L L 15 ● ● ● Norlin
73
| Installation causes higher levels of property damage than projected |
Y M L L L L L 15 ● ● ● Jamerson
61
| Takes longer than anticipated for Operations to understand and effectively utilize new technology & processes |
Y M L L L L L 15 ● ● ● McCormick
39
| DOE payments to DTE come in later than expected. |
Y M L L L L L 15 ● ● ●
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| Hull |
83
| Project cost is grossly underestimated |
Y L M H L L M 13 ● ● ● Norlin
70
| DOE terminates grant for convenience |
Y L H H L L L 13 ● ● ● Hull
| Would return to original project plan pre-DOE |
34
| DOE grant is not executed – Never reach agreement |
Y L H H L L L 13 ● ● ● Hull
| Scope =H for other projects |
81
| Higher than expected failure rates of meters |
Y L M L H L L 11 ● ● ● Kret
43
| Itron may not be able to keep up with the schedule |
Y L H M L L L 11 ● ● ● Jamerson
42
| Itron may not provide materials according to the schedule |
Y L H M L L L 11 ● ● ● Kret
17
| Itron could introduce security risk into product |
Y L M H L L L 11 ● ● ● Moccia
9
| DTE employee misuse role resulting in sabotage |
Y L M H L L L 11 ● ● ● McCormick
| 107 |
| Lack of effective Testing Plan |
Y L M L M L L 9 ● ● ● Moccia
84
| Itron system fails to perform according to standards |
Y L M L M L L 9 ● ● ● Moccia
82
| DOE(or other Federal) rule change impacts project execution plan |
Y L M M L L L 9 ● ● ● Hull
80
| New technology standards require infrastructure change |
Y L M M L L L 9 ● ● ● Melton
79
| Communication technology may change impacting meter operation / communication(AT&T) |
Y L M M L L L 9 ● ● ● Melton
72
| Union employees go on strike |
Y L M L L M L 9 ● ● ● Jamerson
65
| DOE rejects customer behavior study plan |
Y L M L M L L 9 ● ● ● Hull
|
|
|
|
|
|
| Hull: Review Impacts |
64
| DOE rejects risk analysis/benefits plan |
Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
63
| DOE rejects project execution |
Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
62
| DOE rejects cyber security plan |
Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
52
| Single point vulnerability with communications architecture |
Y L L M L L M 9 ● ● ● Melton
38
| Supply chain does not do proper debarment due diligence |
Y L L H L L L 9 ● ● ● Kret
37
| Supply chain does not include necessary flow-down provisions to vendors |
Y L L H L L L 9 ● ● ● Kret
36
| DOE audit disallows some costs |
Y L L H L L L 9 ● ● ● Hull
35
| Unanticipated action related to Davis-Bacon Act |
Y L L H L L L 9 ● ● ● Hull
33
| Improper costs are included in DOE accounting |
Y L L H L L L 9 ● ● ● Hull
32
| Time keeping for DOE reporting is inaccurate or incorrect |
Y L L H L L L 9 ● ● ● Hull
31
| DTE time keeping system cannot provide necessary information for DOE Reporting |
Y L L H L L L 9 ● ● ● Hull
30
| Accounting for DOE reporting is inaccurate or incorrect |
Y L L H L L L 9 ● ● ● Hull
29
| DTE accounting system cannot provide necessary information for DOE Reporting |
Y L L H L L L 9 ● ● ● Hull
28
| Vendors do not provide in kind-services (Cost share) |
Y L L H L L L 9 ● ● ● Hull
27
| Terms of DOE grant are violated |
Y L L H L L L 9 ● ● ● Hull
26
| Vendors / contractors do not provide timely info for DOE Reporting |
Y L L H L L L 9 ● ● ● Hull
25
| Vendors / contractors do not provide proper info for DOE Reporting |
Y L L H L L L 9 ● ● ● Hull
24
| DOE Reporting is not completed in a timely manner |
Y L L H L L L 9 ● ● ● Hull
23
| Report to DOE is inaccurate |
Y L L H L L L 9 ● ● ● Hull
| Regardless of Rating DOE related Items need to be closely tracked. |
22
| Third party claims that the technology we are using violates a patent or trade secret |
Y L L H L L L 9 ● ● ● Kret
| 110 |
| Project does not take appropriate steps to maintain confidentiality of Customer data |
Y L L M L L L 7 Hull
| Would affect company not necessarily the project |
60
| Project Team not adequately trained in new processes & technology |
Y L L L M L L 7 ● ● ● Switala
51
| Installer commits crime/fraud in the field |
Y L L L L M L 7 ● ● ● Jamerson
50
| Safety incident occurs resulting in process change or training |
Y L L L L M L 7 ● ● ● Jamerson
40
| Contractor/sub-contractor fails DOE audit |
Y L L M L L L 7 ● ● ● Kret
18
| Interveners or grassroots groups negatively impact customer opinions |
|
|
| (SH) |
L L L L L L 5 ● ● ● Sitkauskas
12
| DTE call center volume may increase due to 5,000 meter changes per day increasing wait time significantly |
(SH) L L L L L L 5 ● ● ● McCormick
91
| Negative media as a result of ineffective employment communications |
Y L L L L L L 5 ● ● ● Sitkauskas
67
| Communication plan with regulators is inadequate (does not explain benefits and detriments of the system) |
Y L L L L L L 5 ● ● ● Sitkauskas
|
|
| Regardless of rating this issue should be tracked closely |
66
| Communication plan with customers is inadequate (does not explain benefits and detriments of the system) |
Y L L L L L L 5 ● ● ● Sitkauskas Regardless of rating this issue should be tracked closely
21
| Prolonged data center outage impacts AMI system |
Y L L L L L L 5 ● ● ● Melton
| 106 |
| Lack of effective Quality Management Plan |
Y 0 ● ● ●
| Stasek |
|
|
| See # 88 |
93
| Project or vendor scope is not adequately defined |
Y 0 ● ● ● Norlin See # 88
88
| Inadequate project management |
Y 0 ● ● ● Norlin
| Need to expand |
| 120 |
0 ● ● ●
| 119 |
0 ● ● ●
| 118 |
0 ● ● ●
| 117 |
0 ● ● ●
| 116 |
0 ● ● ●
| 115 |
0 ● ● ●
| 114 |
0 ● ● ●
| 113 |
0 ● ● ●
| 112 |
0 ● ● ●
| Legend |
● Open Item
√ Completed Activity
Detroit Edison Confidential Page &P of &N
Applies to All (Printable)
AMI Project: Risk Plan Date: 01/27/2010
Identified Risks that Apply to All Smart Current Projects |
#
Risk Event Description
What is the event? Applies to All Likelihood Impacts Total Score Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring? Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts? Contingency Plan
What action(s) will be taken if this event occurs? Owner
Risk Timeframe
Critical date(s) or period of exposure Comments
●
Schedule Cost Quality Safety Scope √
68 Corporate financial position changes and does not support project execution plan Y H H M L L H 75 ● ● ● Norlin
4 System integration scope is not well defined Y H L H H L M 75 ● √ ● Melton
3 System integration costs are higher than expected Y H L H H L M 75 ● √ ● Melton Combine 3&4?
1 Project may not be funded to end and benefits may not be realized Y H H M L L H 75 ● ● ● Norlin
97 Inadequate # of IT human resources to support the project (project & operations) Y H H L M L L 55 ● ● ● Norlin
53 Required firmware/software upgrade negatively impacts production devices Y M H H H L L 51 ● ● ● Moccia
86 Operational business units / contractors not staffed properly to support project Y H M L M L L 45 ● ● ● Norlin
55 Lack of adequate vendor documentation Y H M L M L L 45 ● ● ● Moccia
87 AMI failures or problems at other utility adversely affects project Y M H M M L L 39 ● ● ● Sitkauskas
6 MPSC disallows a component of the plan impacting benefit realization or cost recovery(example: remote disconnect) Y M M H L L M 39 ● ● ● Sitkauskas
57 Organization human resources not adequate to accept and utilize as required (too busy, other focus) Y H M L L L L 35 ● ● ● Sitkauskas
49 Catastrophic storm occurs impacting Communications (meters to AMI) Y H M L L L L 35 ● ● ● Switala
48 Catastrophic storm occurs impacting rollout schedule Y H M L L L L 35 ● ● ● Jamerson
105 Higher than expected work required at customer site due to aging infrastructure Y M L M L M L 27 ● ● ● Jamerson
101 Failure to follow proper installation procedures impacts customers Y M L L M M L 27 ● ● ● Jamerson
100 Higher than expected inclement weather conditions Y M M L L M L 27 ● ● ● Jamerson
96 Inadequately defined design freeze date & procedure Y M M L L L M 27 ● ● ● Melton
95 Later than expected IT system change Y M M L L L M 27 ● ● ● Melton
94 Higher than anticipated number of IT system changes Y M M L L L M 27 ● ● ● Melton
78 Loss of key personnel without effective knowledge transfer or replacement (DTE & Contractors) Y M M L M L L 27 ● ● ● Sitkauskas
59 Future state business processes not properly defined prior to milestone date Y M L M M L L 27 ● ● ● McCormick
56 Discover a problem in the field that was not anticipated causing cost and schedule overruns Y M M M L L L 27 ● ● ● Switala
7 Security vulnerability discovered with outward equipment(meters, cell relays, home area network, other) Y M M L M L L 27 ● ● ● Melton
104 DTE may not have adequate diagnostic tools to support post-meter installation Y H L L L L L 25 ● ● ● Switala
58 Ineffective change management strategy Leads to low employee engagement Y M L L M L L 21 ● ● ● Sitkauskas May affect ability to realize benefits
2 New firmware technology does not perform to specifications Y M M L L L L 21 ● ● ● Melton
16 Itron is acquired by a competitor which leads to technology change Y L H H M L H 19 ● ● ● Kret
15 Itron goes out of business / defaults on contract Y L H H M L H 19 ● ● ● Kret
8 Security breach takes place with outward equipment(meters, cell relays, home area network, other) Y L H H H L M 19 ● ● ● Melton Safety is M for SmartCircuits
108 Significant schedule delay may result in technology obsolescence Y L M H M L M 15 ● ● ● Norlin
102 Customer complaints may be higher than expected Y M L L L L L 15 ● ● ● Jamerson
98 Ineffective stakeholder engagement Y M L L L L L 15 ● ● ● Norlin
73 Installation causes higher levels of property damage than projected Y M L L L L L 15 ● ● ● Jamerson
61 Takes longer than anticipated for Operations to understand and effectively utilize new technology & processes Y M L L L L L 15 ● ● ● McCormick
39 DOE payments to DTE come in later than expected. Y M L L L L L 15 ● ● ● Hull
83 Project cost is grossly underestimated Y L M H L L M 13 ● ● ● Norlin
70 DOE terminates grant for convenience Y L H H L L L 13 ● ● ● Hull Would return to original project plan pre-DOE
34 DOE grant is not executed – Never reach agreement Y L H H L L L 13 ● ● ● Hull Scope =H for other projects
81 Higher than expected failure rates of meters Y L M L H L L 11 ● ● ● Kret
43 Itron may not be able to keep up with the schedule Y L H M L L L 11 ● ● ● Jamerson
42 Itron may not provide materials according to the schedule Y L H M L L L 11 ● ● ● Kret
17 Itron could introduce security risk into product Y L M H L L L 11 ● ● ● Moccia
9 DTE employee misuse role resulting in sabotage Y L M H L L L 11 ● ● ● McCormick
107 Lack of effective Testing Plan Y L M L M L L 9 ● ● ● Moccia
84 Itron system fails to perform according to standards Y L M L M L L 9 ● ● ● Moccia
82 DOE(or other Federal) rule change impacts project execution plan Y L M M L L L 9 ● ● ● Hull
80 New technology standards require infrastructure change Y L M M L L L 9 ● ● ● Melton
79 Communication technology may change impacting meter operation / communication(AT&T) Y L M M L L L 9 ● ● ● Melton
72 Union employees go on strike Y L M L L M L 9 ● ● ● Jamerson
65 DOE rejects customer behavior study plan Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
64 DOE rejects risk analysis/benefits plan Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
63 DOE rejects project execution Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
62 DOE rejects cyber security plan Y L M L M L L 9 ● ● ● Hull Hull: Review Impacts
52 Single point vulnerability with communications architecture Y L L M L L M 9 ● ● ● Melton
38 Supply chain does not do proper debarment due diligence Y L L H L L L 9 ● ● ● Kret
37 Supply chain does not include necessary flow-down provisions to vendors Y L L H L L L 9 ● ● ● Kret
36 DOE audit disallows some costs Y L L H L L L 9 ● ● ● Hull
35 Unanticipated action related to Davis-Bacon Act Y L L H L L L 9 ● ● ● Hull
33 Improper costs are included in DOE accounting Y L L H L L L 9 ● ● ● Hull
32 Time keeping for DOE reporting is inaccurate or incorrect Y L L H L L L 9 ● ● ● Hull
31 DTE time keeping system cannot provide necessary information for DOE Reporting Y L L H L L L 9 ● ● ● Hull
30 Accounting for DOE reporting is inaccurate or incorrect Y L L H L L L 9 ● ● ● Hull
29 DTE accounting system cannot provide necessary information for DOE Reporting Y L L H L L L 9 ● ● ● Hull
28 Vendors do not provide in kind-services (Cost share) Y L L H L L L 9 ● ● ● Hull
27 Terms of DOE grant are violated Y L L H L L L 9 ● ● ● Hull
26 Vendors / contractors do not provide timely info for DOE Reporting Y L L H L L L 9 ● ● ● Hull
25 Vendors / contractors do not provide proper info for DOE Reporting Y L L H L L L 9 ● ● ● Hull
24 DOE Reporting is not completed in a timely manner Y L L H L L L 9 ● ● ● Hull
23 Report to DOE is inaccurate Y L L H L L L 9 ● ● ● Hull Regardless of Rating DOE related Items need to be closely tracked.
22 Third party claims that the technology we are using violates a patent or trade secret Y L L H L L L 9 ● ● ● Kret
110 Project does not take appropriate steps to maintain confidentiality of Customer data Y L L M L L L 7 Hull Would affect company not necessarily the project
60 Project Team not adequately trained in new processes & technology Y L L L M L L 7 ● ● ● Switala
51 Installer commits crime/fraud in the field Y L L L L M L 7 ● ● ● Jamerson
50 Safety incident occurs resulting in process change or training Y L L L L M L 7 ● ● ● Jamerson
40 Contractor/sub-contractor fails DOE audit Y L L M L L L 7 ● ● ● Kret
18 Interveners or grassroots groups negatively impact customer opinions (SH) L L L L L L 5 ● ● ● Sitkauskas
12 DTE call center volume may increase due to 5,000 meter changes per day increasing wait time significantly (SH) L L L L L L 5 ● ● ● McCormick
91 Negative media as a result of ineffective employment communications Y L L L L L L 5 ● ● ● Sitkauskas
67 Communication plan with regulators is inadequate (does not explain benefits and detriments of the system) Y L L L L L L 5 ● ● ● Sitkauskas Regardless of rating this issue should be tracked closely
66 Communication plan with customers is inadequate (does not explain benefits and detriments of the system) Y L L L L L L 5 ● ● ● Sitkauskas Regardless of rating this issue should be tracked closely
21 Prolonged data center outage impacts AMI system Y L L L L L L 5 ● ● ● Melton
106 Lack of effective Quality Management Plan Y 0 ● ● ● Stasek See # 88
93 Project or vendor scope is not adequately defined Y 0 ● ● ● Norlin See # 88
88 Inadequate project management Y 0 ● ● ● Norlin Need to expand
120 0 ● ● ●
119 0 ● ● ●
118 0 ● ● ●
117 0 ● ● ●
116 0 ● ● ●
115 0 ● ● ●
114 0 ● ● ●
113 0 ● ● ●
112 0 ● ● ●
Legend
● Open Item
√ Completed Activity
Detroit Edison Confidential Page &P of &N
Mitigation Results
Risk Mitigation Results
0 0 0 0 0 0 0 0 Event Did not Occur / No Action Taken Event Did not Occur / Mitigation Succesful Risk Transferred Risk Avoided Risk Accepted Event Occurred – Impacts Mitigated Event Occurred – Treatment Ineffective Duplicate / Combined with
Other |
Risk
# of Risk Events Identified and Closed
Risks to Consider
Risk Categories to Consider |
Capital Project Portfolio |
1
Funding availability (likelihood of approval) |
2
Project justification (IRR, need, fleet strategy…) |
3
Timing of the project |
4
Regulatory influence |
5
Commitment to the project (FosGen, GenOpts) |
Engineering |
6
Overall project concept |
7
Scope (definition, supporting documentation, realistic goals, stability…) |
8
As-built conditions (known, assumed, documented…) |
9
Technology (existing at DTE, established, new concept…) |
10
Design (complexity, integration, past similar experience…) |
11
Configuration management |
12
ESO resources (availability, experience, knowledge, track record…) |
13
A/E resources (availaibility, experience, knowledge, track record…) |
14
Schedule (likelihood to meet agreed upon deadlines) |
15
Cost (likelihood to control the engineering cost within the agreed upon budget) |
Project Management |
16
Project team composition (experience level, competence and skills, compatibility, track record…) |
17
Roles and responsibilities (established, understood, agreed…) |
18
Communication (stakeholders identified) |
19
Scope (expectations understood and agreed upon, realistic goals, stability…) |
20
Plant Management commitment to the project |
21
| Weather |
(impact on outdoor construction work)
22
Past experience on a similar project (lessons learned incorporated…) |
23
Plant operational constraints |
24
Outage constraints (limited flexibility and opportunities, labor and contractors mandates, micro management, additional requirements…) |
25
Cost estimating (scope quality, WBS, task duration, unit costs, labor plan, outage project or not…) |
26
Scheduling (scope, WBS, task duration, dependencies, integration with outage or plant operation…) |
27
Adherence to the PMP process by all project team members |
Supply Chain Management |
Material |
28
Lead time |
29
Raw material (availability, cost fluctuation…) |
30
Material origin (logistics, imports…) |
31
| Competitive situation |
32
Vendor performance (level of service, reliability, track record…) |
33
Technology (existing at DTE, established, new…) |
34
| Schedule (likelihood to meet agreed upon deadlines…) |
35
On site storage requirements |
Contracted Labor |
36 Competitive situation
37
Vendor selection (new or well established relationship, past performance, reliability…) |
38
Availability and workload (contractor, supervision, key personnel…) |
39
Union labor (availability, productivity, skills…) |
40
Safety record |
41
| Construction |
permits
42
Contract terms (firm bid, T&M, …) |
43
Cost (potential for exceeding contracted labor budget…) |
44 Schedule (likelihood to meet agreed upon deadlines…)
Construction
45
Access to site |
46
Access to equipment (lifting, rigging, scaffolding…) |
47 Weather
48
Safety requirements |
49
Training requirements (safety and other) |
50
Labor plan (DeCo labor or contractor) |
51
DeCo labor (availability, crew consistency, productivity, …) |
52
Lay down areas |
53
Plant operational constraints (equipement availability, shut down potential…) |
54
Outage constraints (limited flexibility and opportunities, equipment availability, shut down potential…) |
55
Site conditions (soil quality…) |
56
Cost (potential for exceeding the construction budget…) |
57
Schedule (constraints, deadlines, key dependencies…) |
Other
58
Soil Assessment |
59
Excavation |
60
Planning and Coordinating with Vendors |
61
Inclement Weather |
62
Regulations and Policy |
63
Inadequate Bearing Soil Layer |
64
Working on or near Water |
65
Special Equipment Availability |
66
Improper Engineering |
67
Improperly Trained Workforce |
68
Poor Planning |
69
Communications Problems |
70
Logistics |
71
Theft |
72
Craft Shortage |
73
Permit Delay/Inspection Delay |
74
Hazardous Materials |
75
Missing/Inadequate Drawings or Specifications |
76
Scope Creep/Change Requests |
77
Late Delivery of Material/Supplies |
78
Lay down/Confined Space |
79
Contract Award Process |
80
Technological Advancement |
Score Defined
High = 5
Medium = 3
Low = 1
Total Score = (Schedule + Cost + Quality + Safety + Scope) x Likelihood
Components of a risk
Components of a Risk
•A Source of a risk or hazard – the thing which has the potential to harm or assist e.g. a dangerous chemical, competitors, government.
•An Event or Incident – Something that occurs such that the source of risk has the impact concerned e.g. a leak, competitor expands into or leaves your market, new or revised regulations, or some level of observation reaching a particular trigger level.
•A Consequence, outcome or impact on a range of stakeholders or assets e.g. environmental damage, loss or increase of market/profits, regulations increase or decreased competitiveness
•A Cause (what and why) for the presence of the hazard or the event occurring e.g. design, human intervention, funding, prediction or failure to predict competitor activity, failure to or expansion of market presence
•Controls and their level of effectiveness e.g. detection systems, clean up systems, policies, security, training, and market research.
•When could the risk occur and Where would it occur.
List of Values
H ●
M √
L
Life of Project |
2010 2010 3
2010Q1 |
| 2011 |
3
| 2010 Q2 |
2011 1/11 |
3
| 2010 Q3 |
20101201 |
3
| 2010 Q4 |
2010 Dec 1 |
2011
2010 Q1 |
2011 Q1 |
2010 Q2
| 2011 Q2 |
2010 Q3
| 2011 Q3 |
2010 Q4
| 2011 Q4 |
2011 12 01 |
2011 Q1 |
2011 Q2
2011 Q3
2011 Q4
Rd 2 Directions
1)
|
Major correction to wording
(“wordsmithing” can be done later) |
2)
|
Does this risk apply to all SmartCurrent projects
(AMI, Smart Home, Smart Circuit) |
3) |
Identify Likelihood
| * |
# of Risks Identified |
109 |
20
4) |
Identify Impacts * |
Available Time |
240 |
70
5) |
Identify Owner |
Minutes/Risk |
2.2 |
3.5 |
*
Risk Plan is a living document – these ratings can/will change |
56% |
New Process Map
Major Enterprise Projects |
DRAFT: |
<> |
Project Risk Plan Management : Process Map |
Project Manager / Risk Plan Manager |
Project Stakeholders |
Risk
Owners |
Financial Analyst |
Scheduler |
Monthly Update Coordinator |
Begin Process
Identify Key Stakeholders
Plan and Schedule Risk Assessment
Conduct Risk Identification Session
Conduct Risk Quantification Session
Develop Risk Response Strategy
Develop Contingency Plan
Send out Request for Updates
Monthly Update Cycle
Integrate Identified Risks into Forecast
Integrate Identified Risks into Schedule
Incorporate Risks into Status Update
Compile Updated Risk Plan
Update Risk Plan
Update Risk Plan
Repeat Monthly Update Cycle Until Project is Complete
Provide Final Update to Risk Plan
File Risk Plan in Historical Archive
Monitor & Control Risks
Update Risk Plan
Publish Risk Plan
Review Industry/ Vendor Information for Lessons Learned & Project Specific Risks to Consider
Review Historical Risk Database For Related Risks
Review Current Projects for Related/Common Risks
Provide Input
Provide Input
Document Interdependencies in Work Scope
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| VISION OF SUCCESS
|
What outcomes or results do you want to see?
What does success look like for our customer?
What does success look like for other stakeholders (staff, partners)?
| PROJECT MILESTONES & SCHEDULE
|
RESOURCES
Internal resources: needed to complete the project.
External resources: needed to complete the project.
Equipment: needed to complete the project.
Materials: needed to complete the project. |
< TITLE>
CONTEXT / ISSUES
What is the problem or opportunity and why is it important?
What is the purpose, the business reason for choosing this project?
What are the anticipated benefits to customers and staff from the project?
What performance measure needs to improve?
Note: The bulleted items in this document help to explain what the section is and what you should be thinking about when you fill this project charter out. The bullets are not meant to be addressed individually. |
GOALS
What specific, measurable , attainable, relevant, time-bound results do you want or need to accomplish?
Show visually how much, by when, and with what impact.
NOTE: Be careful not to state a solution as a goal!
|
| SCOPE (IN BOUNDS)
|
What is the first step and last step in the process?
What is the program and geographic area?
NOTE: Be mindful of what you can realistically accomplish with available resources and time.
| SCOPE (OUT OF BOUNDS)
|
What is off the table due to resources?
What are the givens or assumptions for the project?
Record out of scope issues in a “Parking Lot”
| Customers/Stakeholders
|
Who is the end-user customer?
Who are other stakeholders who have a role or interest in the success of the process?
| Team Members
Team Leader:
Team Members:
|
CUSTOMER REQUIREMENTS
What are the customers specific requirements or expectations? |
Project Milestones |
Owner |
Proposed Date |
Actual Date |
Each milestone or significant accomplishment should be listed with the respective person or group responsible to complete it, and planned date. The actual date can be left blank. |
A3 PROJECT CHARTER:
Date:
Sponsor:
An A3 Project Charter is a visual tool for communicating critical project information on one page. It helps ensure all parties working on the project are clear about what they need to accomplish and their role in the project.
Typical CI Project Benefits:
Improved quality and timeliness of services
Improved productivity and reduced service costs
Redeploy staff resources to higher priority areas
Enhanced service consistency
Easier to onboard and train new employees
Improved customer and staff satisfaction
Increased capacity for improving work
How will the project benefit/impact the end user customer (quality, timeliness, costs, results)?
How will the project benefit/impact staff and stakeholders?
How will the organization reinvest or reassign staff time that is saved?
What new work will the organization take on because of freed up staff time?
What are expected cost savings: <> one-time cost savings and <> ongoing/annual cost savings?
1
VISION OF SUCCESS
PROJECT MILESTONES & SCHEDULE
RESOURCES
Time commitment for a 4 day Kaizen, excluding time to implement changes: Sponsor (6-10 hrs.); Team Leader (40 hrs.); Team Members (32 hrs.); Facilitator (40-50 hrs.)
External Resources:
Equipment:
Materials: |
< TITLE>
CONTEXT / ISSUES
|
GOALS
|
SCOPE (IN BOUNDS)
SCOPE (OUT OF BOUNDS)
Customers/Stakeholders
Team Members
Team Leader:
Team Members:
CUSTOMER REQUIREMENTS (CTQ)
|
Project Milestones Owner Proposed Date Actual Date
1. Set project scope and goals (prepare Project Charter, engage team, collect data) Sponsor/Team Leader, Facilitator
2. Understand the current situation Facilitator/ Team
3. Analyze the current situation (root causes) Facilitator/ Team
4. Define a vision of success Facilitator/ Team
5. Generate, evaluate and select improvements Team/ Sponsor
6. Implement changes and make adjustments Team Leader/ Staff
7. Measure performance Sponsor/Team Leader
8. Document standard work and lessons learned Team
9. Sustain improvement Team Leader/Process Owner
A3 PROJECT CHARTER:
Date:
Sponsor:
2
Risk Management Process
Training Session
Victor Allen
April 3,
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What are risks?
Project Management Institute definition of risk:
“an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective“ (i.e. scope, time, cost, quality, safety, etc…)
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What are risks?
My Definition of risk:
“A negative risk event is something that has not yet happened on your project, but if it did happen it would negatively impact your project to the extent that it would be worthwhile to reduce the likelihood that it will occur or reduce the negative impact if it occurred”
“A positive risk event is something that has not yet happened on your project, but if it did happen it would positively impact your project to the extent that it would be worthwhile to increase the likelihood that it will occur or increase the positive impact if it occurred”
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Risk/Issue/Action?
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(Risk)
An undesirable event that has not yet happened
(Issue)
An undesirable event that has happened and needs attention
(Action)
Work that needs to be done
Which of the following are risks?
The project may go over budget
I ran over a pot hole coming into work today and my tire is flat
Decisions in the site engineering area are not being made in a timely manner
Using unproven technology may require frequent re-design work resulting in a schedule delay
Which of the following are risks?
The project may go over budget
This is more of an impact than a risk. There are many reasons why a project may go over budget. The real question is what are the things that would cause you to go over budget? The answer to this question is the risk. Here are some examples of a better way to write this risk statement:
It may take more time than planned to secure internal employees to work on this project which will require us to hire consultants resulting in a cost overrun on the project.
The contractor productivity level may be less than quoted in the contract resulting in a cost overrun.
Which of the following are risks?
I ran over a pot hole coming into work today and my tire is flat
This is not a risk because it already happened. It has now become an issue that you have to deal with. Time to execute your contingency plan – hopefully you have a spare or AAA.
Which of the following are risks?
Decisions in the site engineering area are not being made in a timely manner
This is not a risk because it already happened. Decisions are already not being made timely, so the risk has occurred. It has now become an issue that you have to deal with.
Which of the following are risks?
Using unproven technology may require frequent re-design work resulting in a schedule delay
This is a risk.
5 Characteristics of a Risk Event
Risk is clear and understandable to anyone who reads it
Risk describes the impact or “so what” factor
Risk has not yet happened
Risk is something your actually worried about.
Risk affects your project, not another project or the company in general
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Why do we manage risks?
To improve our chance of project success
Meeting your objectives
Meeting your budget
Meeting your schedule
Working Safely
Delivering with quality
Satisfying your customers and stakeholders
Avoid surprises
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“The first step in the risk management process is to acknowledge the reality of risk. Denial is a common tactic that substitutes deliberate ignorance for thoughtful planning” ~ Charles Tremper
“If you don’t manage the risks, the risks will manage you” ~ Victor Allen
Program Risk Manager
Project Risk Manager(s)
Project 1
Project 2
Project 3
Risk Management Database
Risk Register
Risk Assessment Reports
Risk Scorecard
Processes and Methods
Risk Response Planning
Mitigation Planning
Contingency Planning
Reviews
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External
Audit
DOE
Expert
Internal
Corporate Risk
General Audit
Compliance
Risk Management Framework
The Risk Register
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Project X: Risk Plan
Impacts
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Risk Event Description
What is the event? Category
Sub-project, Project Phase, Location etc.
(Optional) Likelihood Schedule Cost Quality Safety Scope Total Score Risk Event Drivers
What are the conditions, actions, or events that are likely to trigger the risk event to occur or is a leading indicator to the risk event occurring? Response/ Mitigation Strategy
What action(s) will be taken to limit the likelihood of these event occurring or limiting the impacts?
1 Contracted vendor under performs resulting in schedule delays, rework and cost overruns Contract H H M M M L 75 Drivers to monitor:
– Schedule slippages and missed milestones.
Drivers that have occurred:
– Re-work occurring.
– Change orders issued.
Planned Actions:
– Conduct weekly monitoring of schedule adherence.
– Implement change review process to manage scope, time, cost changes effectively.
– Develop and implement quality management plan for vendor work.
Completed Actions:
– Negotiate cost plus incentive fee contract based upon milestone completion
Risk Register – Impacts Defined
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Risk impact level Matrix
Likelihood Low Medium High
Unlikely Likely Almost Certain
Impacts Low Medium High
Schedule No Impact to Critical Path or Field Work Potential to Affect Critical Path or Field Work Certain to Affect Critical Path or Field Work
Cost Less Than $ 250,000 $ 250,000 to $1,000,000 Greater Than $ 1,000,000
Quality Minor impact to product deliverables Moderate impact to product deliverables Major impact to product deliverables
Safety No Impact to worker safety Minor impact to worker safety Major impact to worker safety
Scope < 1% 2% to 5% > 5%
Responding to Risks
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Risk: I may run out of gas on my way to work in the morning and be late for an important meeting which will make my boss very angry.
What are you going to do to respond to this risk?
Responding to a risk mean that you are going to try one or more of the following:
Mitigate the risk: try to reduce the likelihood it will occur and/or the impact if it occurs (i.e. fill up your tank with gas the night before).
Transfer: give some or all of the risk to a third party (i.e. hire a cab)
Avoid: Eliminate the possibility (i.e. walk to work or stay at nearby hotel)
Accept: Do nothing and take your chances
The Risk Register
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Risk Event Description
What is the event? Contingency Plan
What action(s) will be taken if this event occurs? Owner
Risk Timeframe
Critical date(s) or period of exposure Organizational or Cross-Project Impacts Comments
1 Contracted vendor under performs resulting in schedule delays, rework and cost overruns – Negotiate contract with alternate vendor to perform services.
– Complete work with internal resources. Jane Doe On-going No (01/12) Vendor has repeatedly failed weld inspections on structural steel.
The Risk Register
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Financial Analysis
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Risk Event Description
What is the event? FA Review Required? $ Impact Source Probability Source EMV Comments
1 Contracted vendor under performs resulting in schedule delays, rework and cost overruns Y $ 500,000 PM input 0.9 Default $ 450,000
The Risk Register
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Schedule Analysis Risk Closure
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Risk Event Description
What is the event? Scheduler Review Required? Critical Path ? Scheduler Response\ Comments
(Activity #, Quantified impact etc.) Closure Statement Notes / Lessons Learned
1 Contracted vendor under performs resulting in schedule delays, rework and cost overruns Y This risk will impact the Critical Path Built 20 days of contingency into the Schedule Steel Erection Work Package delays will impact Siding and Roof Construction Work Packages.
Tips for Successful Risk Management
Executive Champion who understands Risk Management
Risk Manager who owns process, coaches and mentors
Good set of processes, tools, and templates
Risk Training for the team (concept and processes)
Make Risk Management a priority
Benchmark your process and effectiveness regularly
Establish Historical Risk Database and leverage the past
Work the Risk Plan
Develop Contingency Plans for high risk items
Don’t sweat the small risks
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