Program Management Support

Risk Management

Risk Management is a critical part of any program or project success. Our Team engages a strong Risk Management approach for our programs. We know that eighty percent of large integration efforts fail to meet customer expectations and requirements. Risk management is the core management discipline that ensures improved and sustained services delivery.



Our approach to recognition, reaction, and correction of problems is based on a no-surprises approach. Risk management is a continuous process that is initiated with the preparation of a project management plan and includes planning, assessment, handling, monitoring, and feedback. This process allows our Team to anticipate future conditions and act early to prevent problems.

As we proceed through the delivery of required project elements and prepare our WBS, POA&Ms, and project status reports, we gain insight and understanding of potential risks to successful completion of all tasks and requirements in a timely manner. Based on our successful experience deploying federal and commercial systems and solutions, we understand that programs could experience a myriad of potential risks. Mitigating problems to the greatest extent possible requires proactive and deliberate management actions. The following are a representative cross-section of inherent operational and contract management risks:

Operational Risks Contract Management Risks
Senior Management Support Clarity of Project Objectives
Stakeholder Relationships Evolving Project/System Scope
Meaningful Performance Measures Staff and Stakeholder Participation
Effective Configuration Change Management Deliverable Review and Response
Communications Contract Oversight and Reporting
Product Quality


Mitigating the many risks associated with supporting projects demands a competently managed, highly coordinated, responsive, and holistically focused Team. LS3 has proven experience in managing complex tasks in a dynamic environment. Our Team's experience and real world operational success with our previous engagements, demonstrates our ability to manage the development and implementation risks associated with mission-critical solutions. Our Risk Management methodology is a major part of every one of our project management initiatives. Our methodology is the result of a decade of experience working for Federal Government and Industry customers, the development of a rich compendium of Best Practices and Lessons Learned, as well as the use of standards established by Industry and Federal agencies.

Probability / Impact HIGH

Significant impact to the project schedule
MEDIUM

Some impacts to individual project deliverables with minimal impact to the overall schedule
LOW

Minimal or no impact to project deliverables
HIGH
(> 75%)
H/H
Mitigation/Contingency Required
H/M
Mitigation/Contingency Required
H/L
Mitigation/Contingency Recommended
MEDIUM
(25% - 75%)
M/H
Mitigation/Contingency Required
M/M
Mitigation/Contingency Recommended
M/L
Mitigation/Contingency Optional
LOW
(< 25%)
L/H
Mitigation/Contingency Recommended
L/M
Mitigation/Contingency Optional
L/L
Mitigation/Contingency Optional


Our Risk Management process is designed to deal with: 1) assessing, mitigating, and managing project risk; 2) providing assistance to the identification of risk including implementing a risk management plan; and, 3) monitoring the risk management plan to identify new risks. The Risk Management methodology encompasses six steps:
  • Identify Risks: Risk identification is based on lessons learned from the industry, ongoing management review, and critical input from the customer. We have developed a risk index that serves as a reference guide. This includes the following categories:
    • Schedule creation,
    • Organization and Management,
    • Development Environment,
    • End-users,
    • Client,
    • Requirements,
    • Product,
    • External environment,
    • Personnel,
    • Operation and Maintenance, and
    • Process.
  • Analyze Risks: In this phase, LS3 validates the risk through additional research and a ranking is assigned. The ranking is defined as "probability / impact" and is assigned values of high, medium, or low, both for the probability and the impact (i.e. H/H, H/M, L/H). The ranking guideline is presented in the accompanying Probability / Impact Ranking Chart for Risk. Our Team will involve the customer and other experienced Team members when assessing the risks and hold regular risk estimate reviews to build a clear team consensus on the project risks.
  • Prioritize Risks: During this phase, risks are ordered by rankings from the highest probability/impact to the lowest. We recognize that many risks are likely to apply to this project, so it is important not to overextend resources trying to manage risks that have a low probability of occurring.
  • Plan for Risks: Our team will define mitigation and contingency strategies for all the high priority risks. Mitigation and contingency plans may also be defined for the lower priority risks if deemed appropriate by the Project Manager and in consultation with the customer. The defined mitigation activities are planned within the project schedule.
  • Monitor and Resolve Risks: As part of the overall Team Management Plan, risks are reviewed and discussed, as appropriate, at all project Team meetings, client meetings, and at Senior customer Management meetings. In reviewing the project risks, changes in the risks defined for the project are addressed as follows:
    • Risk is realized - The contingency strategy is implemented. The Risk Matrix is updated to reflect current information regarding the risk area. Risk information may be added to the Project's Action Item Log to be tracked to closure.
    • Changes to the status of an existing risk - The status of the risk is discussed and the matrix is revised.
    • New risks are identified - The Project Manager will follow the risk management procedure for identifying and managing risks and update the matrix accordingly.
    • Mitigation activities occur as defined within the project schedule.
  • Report Risks: Risks are formally reported to customer management during the regular management review meetings. If circumstances warrant it, communications about acute risks will be reported to the customer as soon as identified.