Prompt Lists are predetermined lists of risk categories or factors used to stimulate comprehensive risk identification. They serve as a starting point or reminder for project teams to consider a wide range of potential risks across different domains. By systematically going through each element of …Prompt Lists are predetermined lists of risk categories or factors used to stimulate comprehensive risk identification. They serve as a starting point or reminder for project teams to consider a wide range of potential risks across different domains. By systematically going through each element of the prompt list, teams can ensure they are not overlooking significant areas that could impact the project.
One widely used prompt list is the PESTLE framework, which stands for Political, Economic, Social, Technological, Legal, and Environmental factors. Each of these categories prompts consideration of external factors that could pose risks. For example, political risks might include changes in government policy or regulatory shifts, while technological risks might involve rapid advancements that could render a project's outputs obsolete.
Another example is the TECOP framework, encompassing Technical, Environmental, Commercial, Operational, and Political factors. Prompt Lists can also be customized to suit the specific needs of an organization or industry.
The key advantage of using Prompt Lists is that they broaden the team's perspective, encouraging consideration of risks that might not be immediately obvious but could have significant impacts. They are especially useful for complex projects operating in dynamic environments.
However, Prompt Lists are general by nature and may not capture all unique risks relevant to a particular project. Therefore, they should be used as a guide rather than an exhaustive source of risks. It's important for teams to think critically and consider additional risks that may not fit neatly into the predefined categories.
To maximize their effectiveness, Prompt Lists should be used in conjunction with other risk identification techniques, such as brainstorming or expert judgment. This integrated approach ensures a more thorough and tailored identification of risks, enhancing the overall risk management process.
In summary, Prompt Lists are valuable tools that aid in the systematic identification of potential risks by providing a structured framework for analysis.
Prompt Lists in Project Risk Management
Introduction to Prompt Lists
Prompt lists are structured checklists or predefined categories of potential risks used in project risk management to stimulate thinking and ensure comprehensive risk identification. They serve as memory aids that help project teams identify risks that might otherwise be overlooked.
Why Prompt Lists are Important
Prompt lists are essential in risk management because they:
1. Provide systematic coverage of potential risk areas 2. Help avoid overlooking important risk categories 3. Leverage organizational knowledge and past experience 4. Standardize the risk identification process 5. Save time during risk identification sessions 6. Serve as educational tools for less experienced team members
Industry-Specific Prompt Lists: - Construction project risks - IT implementation risks - Product development risks
Risk Breakdown Structure (RBS): A hierarchical organization of potential risk sources that can serve as a comprehensive prompt list.
How Prompt Lists Work
1. Preparation: Select appropriate prompt lists based on project type and industry 2. Distribution: Share the lists with risk identification session participants beforehand 3. Application: Use the lists during risk identification workshops or brainstorming sessions 4. Facilitation: Work through each category systematically 5. Documentation: Record identified risks in the risk register 6. Refinement: Update prompt lists based on new experiences for future projects
Benefits and Limitations
Benefits: - Comprehensive coverage of risk areas - Consistency across projects - Efficiency in risk identification - Knowledge transfer
Limitations: - May constrain creative thinking if used too rigidly - Can lead to identifying too many insignificant risks - Might not capture unique project-specific risks
PMI-RMP Perspective on Prompt Lists
In the PMI Risk Management Professional (PMI-RMP) framework, prompt lists are considered valuable tools within the broader risk identification process. They complement other techniques such as brainstorming, interviews, and root cause analysis.
Exam Tips: Answering Questions on Prompt Lists
1. Understand the context: Recognize when prompt lists are most appropriate (early project phases, complex projects, when comprehensive coverage is needed)
2. Know the relationship: Understand how prompt lists relate to other risk identification techniques; they often complement rather than replace other methods
3. Recognize limitations: Be aware that prompt lists alone are rarely sufficient and should be used with other risk identification techniques
4. Identify best practices: Recognize that customizing prompt lists for specific project types improves their effectiveness
5. Application scenarios: Be familiar with scenarios where prompt lists are particularly useful (new team members, unusual project types, compliance-focused environments)
6. Process integration: Understand where prompt lists fit in the overall risk management process
7. Watch for distractors: On multiple-choice questions, be cautious of answer options that suggest prompt lists can fully replace other risk identification methods
8. Remember the purpose: The primary purpose is to ensure comprehensive coverage and trigger thinking, not to provide definitive risk assessments
Sample Exam Question:
Question: A project manager is starting a new project in an unfamiliar industry. What is the BEST use of a prompt list in this situation?
Best Answer: To provide a structured framework for identifying common risk categories in that industry while supplementing with expert interviews to capture industry-specific nuances.
Remember that on the PMI-RMP exam, questions about prompt lists will typically focus on their practical application, limitations, and integration with other risk management techniques rather than just their definition.