Prince2: Risk Theme
The Risk Theme is my favourite theme. Here you balance risk against gain. Forecast it well and you will do well, but get it wrong it will certainly place a black cloud on your prospects. A risk consists of a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives. Effective risk management is a prerequisite to which of the Continued Business Justification Principle.
The Risk Owner is responsible for the management, monitoring and control of all aspects of a particular risk assigned to them.
The Prince2 manual states “The purpose of the Risk Theme is to:
- Control uncertainty
- Improve the ability of the project to succeed.
Risks should be identified in the Risk Register. Each risk identified should have the following:
- There own number
- The type of risk
- A summary of Risk Status
- The Risk Analysis.
Valid responses to a risk opportunity are to:
- Management of Risks (M_o_R) principles
- Risk Management in Projects
- Risk Management Stategy
- Risk Register
- Risk Management Procedure
- Identify (context and risks)
- Assess (estimate and evaluate)
- Risk Budget
The Risk Actionee is the name given to the individual assigned to carry out a risk response action or actions to respond to a particular risk or set of risks