Subtitles of the Movie

In this movie we will identify near-term risks using the risk urgency assessment technique, a tool and technique of the perform qualitative risk analysis process. This involves determining which risks are considered urgent. In other words, those risks that require immediate attention. There are several ways of measuring this and the PMBOK Guide lists the following: the time to put a risk response into motion, symptoms and warning signs of risk and the risk rating. In regards to these three items, I'll give you some more detail to make sure that they're clear. Let's start with clarifying the first item; time to put a risk response into motion. With some risk there's a certain amount of time that the risk management team can place a response into motion for a risk. Some risks will need to be placed into motion quickly. For instance, let's say that the organization has come across a window of opportunity through a positive risk that has emerged but the opportunity will only be available for a short amount of time. Another example could be that executing a response to a risk can eliminate the risk but only if it's dealt with quickly. Otherwise, the risk will need to be mitigated. Moving on to the second item, symptoms and warning signs of risk, these are also referred to as risk triggers. Risk triggers should be considered in determining whether a risk requires an immediate or urgent response. A risk trigger may only allow you a small response window, sometimes hours before a risk is about to occur. The risk trigger itself could be quite large. For example, missing a schedule milestone. Based on the risk trigger, you may need to act before even the trigger has an opportunity to fully occur. Our third item, the risk rating is fairly intuitive. Risks that receive a high risk rating score are typically those that have a high impact and high probability level. These risks normally require our attention and should be carefully monitored with an immediate risk response. Based on these three things that we just covered, the risk management team determines the risks that are labeled as near term. In some cases the risk management team can conduct risk urgency assessment during risk ranking, resulting in a final risk severity rating using the probability and impact matrix that we've covered earlier within this section. As always, remember which process the tools and techniques are used and when additions are made to the risk register. Now you know that risk requiring a near term response are identified during qualitative risk analysis. And that covers risk urgency assessment, bringing this movie to a close.