The following article is a sample from the full BVOP™ Ultimate Guide and is part of the preparation for the BVOP™'s modern Agile Certified Project Manager Program.
Program risk management may include:
- Risk identification of all projects
- Risks prioritization
- Potential project risk influencing other projects
- Risk avoidance planning
- Risk owner assignment
Risk identification of all projects
High-level or detailed risk identification for all projects in the program may require the prediction of possible risk occurrence during and after project realization.
The risk may be detailed with the participation of all project management roles if there are multiple roles assigned to the program.
The risk can be divided into separate themes (risk items) and added to a common project risk list for the entire program.
Risk identification for all projects can be carried out in advance, and if multiple teams work on multiple projects simultaneously.
If teams work on projects consecutively, detailed risk identification can also be carried out in sequence. Still, initial and high-level risk factors (items) need to be identified in the early stages.
Project risk management details are included in the Business Value-Oriented Project Management (BVOPM) section.
Risk items may be prioritized, so that the most likely to occur scenarios (items) are placed on top of the program risk list. They require more observation, discussions, prevention planning, and efforts during the realization of the project.
Potential project risk influencing other projects
The BVOP states that if a risk may have an impact on other projects, it needs special attention. Such cases need to be identified, emphasized, and prioritized in the risk list (the collection of all risk items).
Participation of all teams (and their management roles) that work on projects potentially affected by the same risk is required for risk avoidance.
Risk avoidance planning
Every risk needs an avoidance plan. The avoidance plan for each risk item is defined by the management roles assigned to the project with the participation of team members who have direct relevance to the risk item.
Risk owner assignment
Each risk item needs an assigned owner that is usually an individual or multiple individuals working on the project or specific tasks of the project. They have the needed competence and knowledge about the subject related to the risk.
Risk owners observe early risk symptoms of their assigned risk items, avoid occurrences, collaborate with project management roles, other key roles, and stakeholders in order to avoid or minimize the risk impact.
Multiple risk owners are assigned when a risk influences a number of projects.