In IT, problems are like cockroaches. No matter how many ways you try to eliminate them, they come back. What you can do to minimize how often these infestations occur is practice good risk management. There are many ways to fight this bug, and today, we look at a blog post by Vipin Yadav, who presents the four parts of his own risk management mechanism:
- Identify Risk Mechanism
- Risk Analysis Mechanism
- Risk Response Mechanism
- Risk Monitor and Control Mechanism
The purpose of the first mechanism is to tally potential risks and to document their characteristics. How to go about identifying these risks can be done in several ways, including structured document review, checklist analysis, and expert judgment. The second mechanism can also be broken down, in this case into two specific categories—qualitative and quantitative. Qualitative risk analysis is for prioritizing risks by assessing and combining their probability of occurrence and impacts. Quantitative risk analysis is used to numerically analyze the effect of identified risks on the overall project objective.
Risk response is how the risks are addressed according to their priority. Potential strategies for this mechanism involve:
Risk Mitigation: Risk mitigation implies a reduction in the probability and/or impact of an adverse risk event to be within acceptable threshold limits. You could consider early action to reduce the probability and/or impact of the risk occurring on RHBMS as it is often more effective than trying to mend damage after the risk has occurred.
Contingency Response Strategy: Prepare some response beforehand for use when only certain events occur. In some risk it is appropriate for you to make a response plan that will only be executed under predefined conditions.
Fallback Response Strategy: Prepare fallback plan for use as a reaction to a risk that has occurred and primary response has proven to be inadequate.
Risk monitor and control deals then with how ongoing risks are reassessed, as well as finding new risks and keeping track of what damage may be done as a result of these risks. In layman’s terms, this is the phase where you smack the floor with your shoe repeatedly, perhaps while yelling and cursing the world for letting such devils exist and proliferate. Any strategy that gives you that opportunity to yell and attack your problems is worth a look.