The method
Use this prompt at the project initiation phase to proactively identify potential risks. Refine the output by adding specific project details and constraints. Iterate with the LLM to refine the risk mitigation strategies for practical application.
The prompts
Prompt 1
Analyze the following project description for potential risks across various categories (technical, financial, operational, environmental, etc.). For each identified risk, provide a detailed description of the potential impact on the project timeline, budget, and deliverables. Then, for each risk, propose at least two distinct mitigation strategies, including specific actions, responsible parties, and estimated costs. Prioritize risks based on their likelihood and impact, and summarize the top 5 risks with the most critical mitigation plans. The project is to design and implement a new customer relationship management (CRM) system for a medium-sized retail company with 500 employees. The system should integrate with existing sales, marketing, and customer service platforms. The budget for the project is $500,000, and the deadline for completion is 12 months. Assume a cloud-based deployment environment.
Prompt 2
Given the identified risks and mitigation strategies from the previous analysis, create a comprehensive risk register. The risk register should include the following columns: Risk ID, Risk Description, Risk Category, Likelihood (High/Medium/Low), Impact (High/Medium/Low), Risk Score (Likelihood x Impact), Mitigation Strategy 1, Mitigation Strategy 2, Responsible Party, Estimated Cost, Status (Open/In Progress/Closed), and Contingency Plan. Populate the risk register with at least 10 identified risks and their corresponding mitigation strategies. Furthermore, develop a communication plan for risk reporting, outlining who needs to be informed about risks, how often, and through what channels. Finally, suggest key risk indicators (KRIs) that can be used to monitor the effectiveness of the mitigation strategies and provide early warning of potential risk realization. Ensure the risk register and communication plan align with industry best practices and project management standards. Consider the specific context of deploying a new enterprise resource planning (ERP) system for a manufacturing company.