The risk wheel is a simple tool I use when assessing project risk. The risk wheel will help you think through the types of in your project. Augment this with existing risk information from project or programme risk management plans or the corporate risk register.
The Risk Wheel
There is real value in running a risk management workshop at the start of the project to discuss project risk. First, invite an appropriate group of stakeholders and brainstorm all the possible risks that may jeopardise project success.
A risk is any uncertain event or condition that may affect the project. Not all risks are negative.
Assess risks with the project team and key stakeholders. Use the risk wheel to stimulate discussion and help identify risk using the following steps
- Transfer the risk wheel to large sheet of paper or .
- In a risk management workshop take a topic from the risk wheel and use brainstorming to generate possible risks.
- Jot down each idea and thought on a Post-it Note and place these around the wheel so everyone can see them. If necessary ask for clarification but avoid detailed discussion.
- Carry on generating risks. Work your way around the risk wheel and prompt suggestions. Continue until the team has no more ideas to offer.
- Arrange the risks into similar groups, combining where necessary, and seek clarification if a risk is not fully understood.
- Finally number each risk and transfer to a risk log.
Use this technique with the risk matrix and contingency chart.
Have Your Say
Do you find the risk wheel helpful? How do you identify project risk? Please join the discussion.
Creative Commons image courtesy Donnie Nunley.