Manage risks

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  • Risk management processes are cyclic which starts from identification of a risk and it may result in identification of another new risk.Usually, each individual have different opinions & ways to deal with risks. Some go for avoidance. Others go with risk taking. So, while working for a project, the approach to risk should be consistent to meet project objectives & this need to be documented in a risk management plan. Communication of risk and its approach to be done to risk team member/risk owners/stakeholders
  • Identify Risks – Mind MapPosted on May 31, 2010 by Babou       i 1 VotesHere is the mind map for second process of Risk Management knowledge area – “Identify Risks”. This also placed under Planning Process Group. (Note: Click on the image to get full view)   Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book
  • Perform Qualitative Risk Analysis – Mind MapPosted on June 1, 2010 by Babou       i 1 VotesHere is the mind map for third process of Risk Management knowledge area – “Qualitative Risk Analysis”. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book.
  • Perform Quantitative Risk Analysis – Mind MapPosted on June 16, 2010 by Babou       i Rate ThisHere is the mind map for fourth process of Risk Management knowledge area – “Perform Quantitative Risk Analysis”. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book
  • Track the risks throughout the project. If risks occur then implement the risk strategy based on action plan. Ex. If mitigation strategy is selected, execute the contingency plan based on risk triggers. In case contingency plan fails, execute fallback plan
  • Plan Risk Responses – Mind MapPosted on July 18, 2010 by Babou       i Rate ThisHere is the mind map for fourth process of Risk Management knowledge area – “Plan Risk Responses”. I wrote lot of risk management articles in this blog which are input to this post. I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you. (Note: Click on the image to get full view)    For detailed information about each response strategies please go through my earlier post Risk Response Planning StrategiesOther Risk Management Articles in this blog – http://leadershipchamps.wordpress.com/category/risk-management/Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book.
  • Monitor & Control Risks – Mind MapPosted on September 12, 2010 by Babou       i 1 VotesHere is the mind map for sixth & final process of Risk Management knowledge area – “Monitor & Control Risks”. Monitoring and controlling process are like sanity check processes – there is no exact time frame for these processes and they should be active throughout the project.I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But don’t share this in common forum or web sites. As this one is part of my training guide and project management book

Transcript

  • 1. A special lecture for IRAQ’s Kirkuk Global Leaders July .2013
  • 2. Managing risks  is imperative for success  especially in projects  need to have a process/s  five steps project manager/s can use
  • 3. Do it Professionally  risk management processes are cyclic  start from identification of a risk, and  may result in identification of another New risk  each individual has different opinions & ways to deal with risks, So  risk should be consistent to meet project objectives  documented in a risk management plan
  • 4. The Process
  • 5. STEP 1-Identify Risks  Identify risks that affect the project  positively or negatively, and  document their characteristics  Do this as thoroughly as you can
  • 6. Identify Risks – Mind Map
  • 7. STEP 2-Assess & Analyze Risks  Assess the risk impact  Analyze the probability of risk occurrence, and  prioritize the risks  numerically analyze the effect of identified risks on project objectives  usually on cost, schedule and scope targets
  • 8. Perform Qualitative Risk Analysis – Mind Map
  • 9. Perform Quantitative Risk Analysis – Mind Map
  • 10. STEP 3-Plan Actions • Explore all the possible ways to  reduce the impact of threats , and/or  exploit opportunities • Plan actions to eliminate  the risks and/or  enhance the opportunities  Action plans should be appropriate,  cost effective, and  realistic
  • 11. Plan Risk Management – Mind Map
  • 12. STEP 4-Monitor & Implement the Action  Track the risks throughout the project  If risks occur then,  implement the risk strategy based on action plan  Risk strategies may include’  Mitigation  Acceptance  Avoidance, and  Exploitation
  • 13. Plan Risk Responses – Mind Map
  • 14. STEP 5- Measure the effectiveness & Control the risk impact  Measure the effectiveness of the planned action and  controlling the risk impact  by understanding risk triggers  & timely implementation of planned actions
  • 15. Monitor & Control Risks – Mind Map