One of my previous MBA students, an exceptional student really, Mrinmoy Dutta, has created a tool that has recently been published on ProjectManagement.com. You will need a PMI membership to access it but Mrinmoy has provided a summary of the tool, reprinted below.
This tool is to assess and come up with a response strategies for Risks during various stages of project execution. The tool predicts expected monetary value (EMV) of a particular risk by assessing
- In which stage of the project risk is discovered
- Probability and Impact ratings for the risk
- Raw cost impact calculated based on risk matrix
- Residual probability of the risk
It also calculates how much opportunity cost can be realized, and whether some of the risks can go into change control mechanism and fetch additional revenue for the company. Of multiple tabs in the tool, only user entry is in “Risk Register” tab.
The tool is scalable and can be used for projects worth as low as $100K and as high as $20M. The tool calculates overall Risk ranking of a project based on real time changes in Risk ratings.
The Dashboard tab can be presented to executive team for reporting purpose.
The Pivot Table tab shows risk Ownership in an intuitive fashion.
The Summary tab reflects overall Risk Management history of the project and auto updates based on changes made in Risk Register tab.
The Calculation tab shows Risk acceptance ratings and can be scaled based on customer nature (Risk Averse or Risk Lover)
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