Page 92 - The Six Sigma Project Planner

Table 3. Tools Useful in Risk Assessment

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Risk Assessment Tool
❏ Check sheets
❏ Pareto analysis
❏ Cause-and-effect diagram
❏ Interrelationship digraphs

❏ Prioritization matrices
❏ Force field analysis
❏ Failure Mode and Effect Analysis
(FMEA)
❏ Fault Tree Analysis (FTA)

Risk events will be classified according to the impact on the project and the likelihood
of occurring. Planning requirements based on this classification are shown in the
following table:

Table 4. Risk Planning vs. Impact and Likelihood of Threatening Events

Impact on Project Success
Likelihood Very Serious Moderately Serious Not Serious
Highly Likely Detailed plan Basic plan No plan necessary
Likely Detailed plan Basic plan No plan necessary

Not Very Likely Basic plan No plan necessary No plan necessary

Detailed risk plans will include specifying triggers that will activate the action, in-depth
analysis of the threat posed, specific actions that will be taken to avoid or mitigate the
risk, etc. Basic risk plans will include how the risky situation is to be monitored and
who will be responsible for responding if the threat materializes.
Use Worksheet 30 to document and classify each risk event.

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Six Sigma Handbook, Chapters 8 and 16.

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