Further analysis of virtual team risks includes categorizing them into major and minor risks. To categorize these risks, the decision tree in Figure 2 will be utilized. This qualitative approach will focus on the severity side of the tree and define minor risks as those rated at levels 1 or 2, indicating less than a 5% change in budget or schedule. Major risks are classified as those with more than a 5% impact on the budget or schedule. Figure 3 outlines the classification of risks mentioned in a case study by Jorge Regueira Jr. and the corresponding interview.
| Minor Risk | Major Risk |
|---|---|
| Team Engagement | Incorrect Dates or Budget |
| Multitasking | Poor Project Accuracy |
| Poor Communication | Duplication of Effort |
| Team Cohesion | Customer Satisfaction |
Depending on the specific context of the team, the severity of these risks may differ from what is outlined in Figure 3. This classification is dynamic but provides a starting point for project managers to address risks within their teams.
Risk Probability
Estimating likelihood can be challenging, especially with qualitative analysis. In the case of virtual teams, external resources for probability include a literature review and advice from an individual who has managed virtual teams for over a decade. Based on these inputs, a probability score of 1-4 was established. The literature provides probability estimates from studies on virtual teams, and specific risks were given a score based on how frequently they were mentioned by virtual teams. These scores informed the development of a 1-4 probability scale. Expert opinions during interviews also contributed to determining the probability of the identified risks. These evaluations formed the basis of this risk management plan. A potential improvement to this method involves collecting risks mentioned during interviews and surveying teams on the frequency of specific risks. This would allow for a better scale based on each risk’s correlation to the next. Given these factors, I am confident that these probability scores will apply to many virtual teams across various organizations.
Risk Matrix Template
| Legend Probability Level | Criteria Code | Impact Level |
|---|---|---|
| Very High (4) | Very Likely (>75%) | Very High (4) |
| High (3) | < 75% x > 50% | High (3) |
| Medium (2) | < 50% x > 25% | Medium (2) |
| Low (1) | < 25% | Low (1) |
Risk Matrix
| Risk # | Risk | Probability | Impact | Response to Risk | Action Plan | Person Responsible | Risk Score (Probability + Impact) |
|---|---|---|---|---|---|---|---|
| 1 | Incorrect Dates or Budget | 2 | 4 | Mitigate | PM to develop deadlines and budget according to customer specifications | Project Manager | 6 |
| 2 | Poor Project Accuracy | 2 | 4 | Mitigate | PM to work with the customer to create an accurate scope and forecasting | Project Manager | 6 |
| 3 | Duplication of Effort | 2 | 3 | Avoid | Team Lead to monitor task assignments | Virtual Team Lead | 5 |
| 4 | Customer Satisfaction | 3 | 3 | Transfer | PM to ensure proper scope through a signed Statement of Work (SOW) | Project Manager | 6 |
| 5 | Team Engagement | 3 | 2 | Mitigate | Team Lead to ensure participation from all team members | Virtual Team Lead | 5 |
| 6 | Multitasking | 3 | 2 | Avoid | Virtual team to hold each other accountable for avoiding multitasking | Virtual Team | 5 |
| 7 | Poor Communication | 4 | 1 | Mitigate | Virtual team to ensure clear communication through daily meetings | Virtual Team | 5 |
| 8 | Tea
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