Lesson 5: Risk, Execution, Quality & Closure
A risk is exposure to the possibility that an event with an undesirable outcome occurs with some probability. In this lesson we learn how risks are identified and treated (the risk-identification session, the risk map, and treatment options), how the Execution phase and Change Management work, how q
In brief: spot ahead of time what could go wrong (a risk) and treat it, build the deliverables while updating the plan weekly, keep quality (inspect deliverables with QC and processes with QA), and finally close cleanly and capture lessons learned.
- Risk Management
- A systematic process to reduce a risk's impact on the project: identifying risks, rating them by probability and impact, and developing treatments to mitigate them.
- Risk Map
- A chart plotting each risk by probability versus impact/damage, helping decide which risks are worth spending time and resources on.
- Change Management
- Regularly updating the project plan (recommended weekly) — schedule, budget, and deliverables — so it reflects the current reality and all remaining work to the end.
- Quality Control (QC)
- A step focused on the quality of the deliverables themselves and responsibility for them; e.g., a delivery-acceptance review and Testing.
- Quality Assurance (QA)
- A step that examines the processes used to create the deliverables to judge whether they look sound and reasonable; useful for managers lacking the time/expertise to verify each deliverable.
- Project Closure Report
- A document confirming the goals were met and deliverables handed over, so closure can begin; requires the sponsor's agreement that the project is ready to close.
- Post-Project Review
- The last critical stage in the lifecycle, performed 1–6 months after completion; determines whether the project was successful, verifies deliverables were produced within the agreed time, and captures lessons learned.
- CHAOS classification
- Standish's classification into three groups: successful (met all parameters), challenged (completed and in use but overran), and failed (cancelled or never deployed).
