13.4 Agile concepts and techniques
Some of the concepts and techniques relevant to managing risk are described in Table 13.1.
|Approaches and techniques associated with risk||Description|
M_o_R (Management of Risk)
AXELOS’s M_o_R offers an effective framework for taking informed decisions about the risks that affect performance objectives. The framework allows organizations to assess risk accurately (selecting the correct responses to threats and opportunities created by uncertainty) and thereby improve service delivery.
Risk burn-down charts
Originally introduced by John Brothers and then elaborated on by Mike Cohn, this technique multiplies the probability of a risk occurring by the impact it will have in days lost. This then creates a value for the days that may be lost from a timebox. When this is accumulated for all risks associated with a timebox, a total exposure (in potential days lost) can be calculated. This is shown graphically in the form of a burn-down chart that can be addressed (i.e. burnt down) by mitigating or addressing the identified risks.
On a PRINCE2 risk register entry, ‘expected value’ can be used to record this, although it will usually be measured in days or hours.
Spiking, prototyping, proof of concepts, experiments
Techniques that can be used to explore and learn about areas of a project that are uncertain and need to have the level of uncertainty reduced to help with such things as planning and risk mitigation.
Table 13.1 Agile concepts and techniques relevant to risk management