Task:
Reply to the following:
Top Ten Risk Item Tracking is a qualitative risk analysis tool. In addition to identifying risks, it maintains an awareness of risks throughout the life of a project by helping to monitor risks which involves establishing a periodic review of the project's most significant risk items with management; similar reviews can also occur with the customer (Schwalbe, 2014). The top ten list ranks the risk 1-10, by period, with a resolution progress status allowing for a type of watch list of risks.
Using the top ten list allows for a more narrow focus to be created as to risks and their occurrence vs. trying to overview all possible risks at all times allowing for a more detailed focus on a few instead of a wide overview of all leading to missed details. A couple of examples would be if a PM quits a project during execution to go to a new job - during the risk analysis this could have been identified and a secondary could have been designated for things like illness or family emergency. This secondary could now step in and assume responsibility as PM or is the scope of the project continues to grow this could have been identified and addressed prior, as to how it would be handled.
The top ten risk item tracking method would not be able to handle black swan events as the magnitude of a black swan is too large for a quick bullet type system such as this to handle.
References:
Schwalbe, K. (2014). Information technology project management (7th ed.). Boston, MA 02210: Cengage Learning.