Shape, Harness, And Manage Project Uncertainty (SHAMPU)
Another important method of risk assessment is Shape, Harness, And Manage Project Uncertainty (SHAMPU). This is a generic framework that consists of nine steps (define, focus, identify, structure, ownership, estimate, evaluate, plan, and manage) for assessing the risk organized by the outline set forth in the acronym as follows.
Shape. Express the foundation of risk assessment by defining and focusing the project. An effective strategic view of the project will shape the approach the project manager takes to uncertainty. By influencing project strategy with risk management in mind, the entire project will be efficiently shaped in a way that provides for the natural assessment of risk.
This stage also includes the analysis of the quality of risks affecting the project. Here the uncertainties are identified, categorized, and assigned to specific owners.
Finally, the shape phase of risk assessment calls for the estimation of the variability of risk and the evaluation of their implications.
Harness. This stage of risk assessment is tactical and leverages the strategic shape of risk assessment and the "six W's" to get a handle on identifying risk in ways that complement the strategic plan.
Manage. Once the tactical plan is in place management is needed to address uncertainty relevant to the project throughout its life cycle.
SHAMPU is a generic framework for risk assessment and is a good starting point for those who are getting started with project planning with the principles of risk assessment in mind. Experienced managers and organizations can adapt SHAMPU to existing practices to customize risk assessment according to situational requirements.