1

Assess Likelihood of Occurrence

• Gather historic data on occurrence of similar events. Based on the estimated length of the project or iteration, assess the likelihood or the frequency of occurrence.

2

Assess Cost of Occurrence

• Make a rough order of magnitude estimate of the cost of occurrence, the impact on the scope and schedule, the required resources to recover from occurrence, and any impact on quality or ability to deliver quality of service requirements.

3

Determine Mitigation Options

• Optional
• Enumerate a list of possible mitigation actions. The list of possible mitigation actions does not need to be exhaustive, but should cover the most viable alternatives. For example, in the possibility of a prolonged power outage due to adverse weather conditions such as an ice storm or hurricane, it may be desirable to have a reserve generator on stand-by.

4

Determine Mitigation Triggers

• Optional
• List a sequence of events or metrics thresholds which would trigger a mitigation action plan. For example, if the weather forecast is predicting an ice storm or hurricane to hit within 50 miles of the office, within the next 4 days, it may be appropriate to authorize and obtain a reserve generator.

5

Make Contingency Plan

• Make a plan for recovery from occurrence of an identified risk event. List any additional resources including budget and tools which might be necessary to recover from a risk occurring. For example, in the event of a prolonged power outage due to adverse weather conditions such as ice storm or hurricane, it may be necessary to rent a generator and hence budget would be required to fund this.

An updated list of risks including likelihood of occurrence, impact assessment, and contingency plan.