Risk Categories are used to classify the risks. This further helps in the creation of the Risk Breakdown Structure (RBS).
A Breakdown Structure is basically used to categorize the information. Other examples include Work Breakdown Structure, Resource Breakdown Structure.
The approach or the method used to classify risks is called the Methodology. Just like the Risk Categories, Methodology is also defined in the Risk Management Plan.
- External Risks – Governmental or regulatory, suppliers, environmental, competitors
- Internal Risks – Resources, funding, prioritization
- Technical Risks – Scope or requirements definition, technology, assumptions, constraints
- Project Management Risks – Planning, schedule, communication
Risk Breakdown Structure (RBS)
The guidelines for risk categories is defined in the Risk Management Plan. Based on this definition, the risks can then be arranged categorically and decomposed into further details. Example below,
Some of the benefits of using a Risk Breakdown Structure (RBS) are,
- Categorizes the project risks
- Helps with brainstorming and discovery of risks
- Graphical representation is easier to understand and makes decomposing and detailing easier
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