Risk management

- When Bailey the BA first started out, not much attention was given to risk management and many BAs feel the same, it's a PM thing. Bailey found working closely with Pat the PM that the BA role had a lot to do with risk management and learned how to become an integral part of it. Bailey found three main areas of risk that helped a lot when collaborating with Pat. Stakeholder involvement, the risk of building the wrong thing, and risk to schedule. Many studies have shown that a top risk for projects is inadequate requirements. And they also show that the number one risk to high quality requirements is lack of stakeholder involvement. In this course, we've talked a lot about stakeholders and how Pat and Bailey worked together in communicating and managing stakeholder relationships. This comes full circle with risk management as they work together to identify and mitigate or manage the risks of stakeholders who are not engaged or not as engaged as we need them to be. Have you ever had a challenge getting stakeholders time? I know quite the question, I'm sure you have. The next big risk, and what I'm quite passionate about, is the risk of building the wrong thing. This also includes the risk of simply not delivering any value to users and to customers with what we build, even if it's exactly what they asked for. Together, Pat and Bailey analyzed context, stakeholders, and the organization to ensure what's being built matters and is the right thing to build. Pat and Bailey share learnings, bring curiosity to the team and facilitate shared understanding with the team on the vision and the why behind the project. The team understanding the intent of what's needed and why it's needed is so critical. The last crucial area of risk to collaborate on is schedule. The work Bailey does can have a big impact on the schedule Pat is working hard to manage. Both must be transparent in their activities and status, including impediments. I also want to talk a little bit about assumptions. Both Pat and Bailey elicit and track assumptions and assumptions, if not true, become big risks. So like other areas, they make these transparent and talk about them together to collaborate. Overall, PMs and BAs work together to draw on each other's expertise and experience to ensure that risks are well understood and so that the team and the leaders can make good decisions.