SWOT Analysis

Strength, Weakness, Opportunity and Threat analysis is a structured approach to identify the risks in the project. Identify strength and weakness. Leverage strength as an opportunity and weakness can be threat, come out of the situation. The strength and Weakness can be identified through brainstorming.

For example the strength can be availability of the funding. Make this as an opportunity for investing on team by providing training or competency development which helps in making the project success. Process is not in place is a weakness and this can be a threat for the final outcome of the quality product. Take different risk responses like mitigate/transfer to come out of the situation.

SWOT Analysis technique is used under Identify Risks Process.

Assumptions Analysis

Every project one way or the other starts with lot of assumptions. The chances of these assumptions may go wrong. Because these assumptions are derived based on historical data, experience, expert judgments, etc..These assumptions if it is wrong lead to the risk in the project.

Assumptions Analysis technique is used under the process Identify Risks.

Checklist Analysis

Checklist Analysis helps in identifying if any of the missing factors which can be a risk in the project. In the risk breakdown structure the lowest component can be the checklist. The examples can be to check the assumptions, identifying or following up the reviewers of any specific document, etc.. If you bypass any of these it leads to risk.

Checklist Analysis is used under the process Identify Risks process.

Information Gathering Techniques

Some of the Information Gathering Techniques are Brainstorming, Delphi Technique, Interviewing and Root Cause Analysis.

Brainstorming is useful in collecting detailed information and useful in identifying risks. This can be carried out by involving experts by having a moderator and can be in an informal way or structured way. Brainstorming helps in out of box thinking and idea generation which helps in identifying risks.

Delphi technique is used to collect all the information in an anonymous or secret manner. A facilitator collects all the data from stakeholders in a different forum and shares the information with all the stakeholders without mentioning the names of the stakeholders just to avoid conflict of interest.

Interviewing is having discussions with project stakeholders, experts to gather the information.

Root Cause Analysis is finding out underlying causes of an issue and preventing future damages.

Information Gathering Technique is used under the process Identify Risks Process.

Documentation Reviews

While reviewing many documents like project files, agreements, any assumptions documented, quality plans, requirements helps in identifying the risk. It helps in checking the accuracy of information. This technique is a structured way of reviewing to identify potential risks.

Documentation Reviews technique is used under the process Identify Risks.

Performance Reporting

Performance Reporting is the collection of reports from stakeholders, comparing with expected results which are baselines, analyzing for variances and distributing back to the intended stakeholders. This can include the progress of projects, variances, dashboard, etc….

The format, frequency has to be understood from the stakeholders during the planning and accordingly need to be distributed. The reports may include, past performance, forecasting, status of risks and issues, work completed, work to be completed in the immediate future, change request status and any other relevant information.

Performance Reporting technique is used under the processes Manage Communications and Control Procurements.

Information Management Systems

The collection of different ways how the information is shared between stakeholders is called Information Management Systems. To list a few:

Hard copy documents like memos, letters, press releases, notes

Electronic Communication Management like video conference, fax machines, email exchange servers, audio conferencing, telephone, web pages

Electronic project management tools like scheduling tool, project management software tool, MS Project

It is part of PMIS.

Information Management Systems tool is used under the processes Manage Communications, Control Communications and Control Stakeholder Engagement