Project risk management involves identifying, analyzing, and responding to risks throughout a project's lifecycle to help meet project objectives. Some common sources of risk for IT projects include unclear scope, poor estimates, lack of resources, and technology risks. Risk management techniques include risk identification, quantification methods like expected monetary value analysis and simulation, developing risk response plans, and tracking risks over the course of the project. Proper risk management can help improve the chances of project success.
Excited to share my presentation on Lesson 03 - "Doing the Work" for PMI Authorized PMP Exam Preparation! 📊🌐
In this session, I'll delve into the core aspects of effective project management, aligning your skills with PMI's renowned PMP certification. We'll explore the art of translating theory into practical action, delivering tangible results in complex projects. Join me in unraveling the secrets to success in the PMP exam journey! 💡🚀
#PMPExam #ProjectManagement #PMP #PMI #Certification #ProfessionalGrowth
Webinar - Building Team Efficiency and EffectivenessInvensis Learning
Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of
success.
This document describes the foundations for conducting a risk assessment of a large-scale system
development project. Such a project will likely include the procurement of Commercial Off The
Shelf (COTS) products as well as their integration with legacy systems.
Niwot Ridge
Excited to share my presentation on Lesson 03 - "Doing the Work" for PMI Authorized PMP Exam Preparation! 📊🌐
In this session, I'll delve into the core aspects of effective project management, aligning your skills with PMI's renowned PMP certification. We'll explore the art of translating theory into practical action, delivering tangible results in complex projects. Join me in unraveling the secrets to success in the PMP exam journey! 💡🚀
#PMPExam #ProjectManagement #PMP #PMI #Certification #ProfessionalGrowth
Webinar - Building Team Efficiency and EffectivenessInvensis Learning
Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of
success.
This document describes the foundations for conducting a risk assessment of a large-scale system
development project. Such a project will likely include the procurement of Commercial Off The
Shelf (COTS) products as well as their integration with legacy systems.
Niwot Ridge
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
An introduction to the Risk Management discipline of project management for early career engineers. This lecture was presented to students of Engineering Projects in Community Service (EPICS) classes at Purdue University in fall 2008.
Risk Management is an important component of project management. it all start with the planning stage to the execution stage. There is no way a project can be implemented without strong foundations of risk management. The slides expounds the subject of risk management on sidelines of the project management like a rod and staff
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of success.
This document describes the foundations for conducting a risk assessment of a large-scale system development project. Such a project will likely include the procurement of Commercial Off The Shelf (COTS) products as well as their integration with legacy systems.
Final Class Presentation on Determining Project Stakeholders & Risks.pptxGeorgeKabongah2
“A person or group of people who have a vested interest in the success of an organization or project and the environment in which the organization/ project operates”
Cost Risk Analysis (CRA) by Pedram Daneshmand 19-Jan-2011Pedram Danesh-Mand
As a quantitative risk analysis tool, Cost Risk Analysis enables stakeholders to identify and quantify the project risks and opportunities and, through comparative analysis of possible scenarios, to develop project programmes and budgets with a more level of confidence.
P
A
P
E
R
S
72 September 2009 ■ Project Management Journal ■ DOI: 10.1002/pmj
INTRODUCTION ■
A
ccording to the United Kingdom’s Royal Academy of Engineering, bil-
lions of pounds are wasted every year on new information technology
(IT) systems. Troubled public-sector IT projects such as the National
Health Service (NHS) National Programme for IT, the Child Support
Agency systems, and HM Revenue and Customs’ Tax Credits IT system have
attracted considerable negative press. They have overrun, cost millions of
pounds more than was budgeted, and, in some cases, have been cancelled
before their costs spiral even further out of control. Terms such as “nightmare”
and “disaster” tend to be attached to such projects. IT projects (the provision
of a service to implement systems and solutions, including a variety of hard-
ware and software products; (Howard, 2001) seem to be more problematic
than other types of projects, with a particularly high rate of failure (McGrew &
Bilotta, 2000; The Standish Group International, 2007; Whittaker, 1999).
Despite well-established best practice project management processes, project
managers appear to be ineffective in the light of such failure.
Organizations such as the Project Management Institute (PMI) and the
United Kingdom’s Association for Project Management (APM) promote best-
practice project management standards. As part of these standards, project risk
management is defined as the systematic process of identifying, analyzing, and
responding to risks. Risk is any project-related event, or managerial behavior,
that is not definitely known in advance but has the potential of adverse conse-
quences on a project objective (PMI, 2004). Project risk management claims to
enable project managers to effectively manage risk and minimize the adverse
influence of risk on the project outcome. However, we have found that IT proj-
ect managers often do not apply a process to manage risks. The reasons for this
vary. Nevertheless, the evidence behind this phenomenon is very scarce, often
descriptive, and inchoate. The purpose of this study was to investigate whether
best practice standards are applied, and if they are not, what reasons led the IT
project manager to decide not to actively approach and manage project risks.
The results show that IT project managers primarily face the problem of
cost justification. Facing costs and time constraints and the uncertainty of
the success of project risk management, they often decided not to actively
manage risks. However, with the benefit of hindsight, we see that such a
decision often turns out to be fatal. Not surprisingly, in projects where proj-
ect risk management is not used, a greater degree of risks materialize than in
those projects where the IT project manager does actively manage risks.
Project Risk Management
Risks may potentially endanger the ability of the project manager to meet
the predefined project objectives, such as scope, time, and cost; tasks may
The .
1Running Head RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE16R.docxvickeryr87
1
Running Head: RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE
16
RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE
MPM344 Project Risk Management
Risk Management Plan
Charles Williams
12/03/18
Table of Contents
RISK MANAGEMENT JUSTIFICATION 3
PROJECT RISK IDENTIFICATION 4
PROJECT RISK ANALYSES 6
PROJECT RISK RESPONSE STRATEGY 11
PROJECT RISK MONITORING 14
PROJECT RISK COMMUNICATIONS PLAN 15
References 16
RISK MANAGEMENT JUSTIFICATION
With a large concern on the occurrence of the accidents due to the weaknesses in building it is important to conduct and write this risk management plan (Gerardus, 2018). On average, various accidents occur due to same failures in building or the construction. It is hence important to outline such failures occurring due to the ignorance of these subcontractors and contractors. The contractors and all persons in the construction of a public infrastructure needs to take some caution to save the lives of the people as well save their properties. The procedure hence needs to be outlined in developing options and actions to enhance the proper opportunities to evade any threats to the objectives.
In this project mitigation and contingency. This means that we try to eliminate or reduce any probability of occurrence of the peril. For contingency, we can try the best to find any other solutions to the peril (Gerardus, 2018). For my risk management plan the method I have chosen will be the waterfall risk management method. The waterfall risk management is most effective in traditional projects such as construction and other examples of more common engineering projects due to the uncomplicated nature of these projects.
PROJECT RISK IDENTIFICATION
There are several risks associated with the building of a bridge. From relatively small issues like severe weather, missed payments, or late deliveries to big problems like accidents on job sites or structural failures, people who do inspection, maintenance, and construction work on bridges face an extraordinary number of risks every day. Most contractors experience inconsistent cash flow at one time or another. Cash flow issues are not usually the result of ineffective money management. Instead, they’re caused by past due payments or not getting paid in full for work that’s been completed. This issue often leads to bankruptcy or the complete failure of the business. Workplace safety should be the number-one priority on every bridge construction site. Inadequate safety practices can lead to serious injuries or even death. Accidents on a job site can cause traffic and construction delays, along with added time to investigate and resolve issues, work stoppages, penalties and fees, increased insurance rates, low morale on the job, and significant harm to a contractor’s reputation. Every contractor tries to avoid it, but it inevitably happens: Work done on a bridge site doesn’t meet regulatory standards or contractual specifications. It costs time and money to.
Risk and Procurement ManagementDr Paul BaguleyClass Slides.docxlillie234567
Risk and Procurement Management
Dr Paul Baguley
Class Slides
Contents
Definition of Risk
Context of Projects
Risk Management Process
Risk Id
Risk Assessment
Risk Evaluation
Cost Risk
Monte-Carlo Simulation
Management Reserve and Contingency
Risk Management by Procurement
Examples of Contracts to Manage Risk
Learning Objectives
Define Project Risk and identify stages of project risk management
Understand Risk Response Strategy Selection process using risk matrix
Identify characteristics of procurement routes and map risk allocation amongst project stakeholders
Appreciate a more risk informed procurement route selection
What makes project management a risky business
Organisations take risks to compete through projects making projects risky
Indeed risk appetite is the term used to describe the amount of risk an organisation is willing to take
And risk tolerance is the amount of risk an organisation can absorb
Risk is an important subject in APM BoK7 and PMBoK Guide (Chapter 11)
Institute of risk management; the Orange Book from the UK Gov
Communication between stakeholders in the project, suppliers and customer
VUCA (Volatility Uncertainty Complexity Ambiguity) environment
Risks in Projects
https://www.pmi.org/learning/library/top-50-projects-sydney-opera-house-11757
Lack of process and
Large budget over run
Safety regulations
O Ring
Safety disaster
Case: impact of culture on risk
The Nimrod Accident
Case: the conspiracy of optimism
Optimism bias is a known phenomenon which has been described as a psychological factor in estimators. In the defence industry it is recognised there is political pressure for projects to deliver more and cost less.
Activity: What projects do you know failed?
What projects do you know from your own experience which failed in some way and how did they fail? For example “Potters Bar safety disaster”
Definition of Risk and Uncertainty
Before ISO 31000 a working definition of risk was an event that may or may not happen
Uncertainty is variation in something that has happened
For example a machine breakdown may or may not happen
Schedule delay is variation in the delay schedule in terms of time
Risk is defined as an uncertain event or set of circumstances, that should it occur, will have an effect on achievement of one or more objectives, by APM Body of Knowledge 2012
ISO 31000 (2018) definition of risk
ISO 31000 defines risk as the effect of uncertainty on project objectives
Note 1 to entry: an effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats
Note 2 to entry: Objectives can have different aspects and categories, and can be applied at different levels
Note 3 to entry: Risk is usually expressed in terms of risk sources, potential events, their consequences and their likelihood
Project objectives are influenced by the iron triangle and trade-off space between cost, quality and time
This means that cost ris.
Understanding the risks in enterprise project managementOrangescrum
Risks are a given for any initiative or enterprise across industries. No wonder, PMI has dedicated a detailed process around risk management as part of their PMP certification. Risk Management requires experience, thorough knowledge of your business, the projects you are dealing with and a lot of foresight. Read the full article: https://www.orangescrum.org/articles/
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
An introduction to the Risk Management discipline of project management for early career engineers. This lecture was presented to students of Engineering Projects in Community Service (EPICS) classes at Purdue University in fall 2008.
Risk Management is an important component of project management. it all start with the planning stage to the execution stage. There is no way a project can be implemented without strong foundations of risk management. The slides expounds the subject of risk management on sidelines of the project management like a rod and staff
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of success.
This document describes the foundations for conducting a risk assessment of a large-scale system development project. Such a project will likely include the procurement of Commercial Off The Shelf (COTS) products as well as their integration with legacy systems.
Final Class Presentation on Determining Project Stakeholders & Risks.pptxGeorgeKabongah2
“A person or group of people who have a vested interest in the success of an organization or project and the environment in which the organization/ project operates”
Cost Risk Analysis (CRA) by Pedram Daneshmand 19-Jan-2011Pedram Danesh-Mand
As a quantitative risk analysis tool, Cost Risk Analysis enables stakeholders to identify and quantify the project risks and opportunities and, through comparative analysis of possible scenarios, to develop project programmes and budgets with a more level of confidence.
P
A
P
E
R
S
72 September 2009 ■ Project Management Journal ■ DOI: 10.1002/pmj
INTRODUCTION ■
A
ccording to the United Kingdom’s Royal Academy of Engineering, bil-
lions of pounds are wasted every year on new information technology
(IT) systems. Troubled public-sector IT projects such as the National
Health Service (NHS) National Programme for IT, the Child Support
Agency systems, and HM Revenue and Customs’ Tax Credits IT system have
attracted considerable negative press. They have overrun, cost millions of
pounds more than was budgeted, and, in some cases, have been cancelled
before their costs spiral even further out of control. Terms such as “nightmare”
and “disaster” tend to be attached to such projects. IT projects (the provision
of a service to implement systems and solutions, including a variety of hard-
ware and software products; (Howard, 2001) seem to be more problematic
than other types of projects, with a particularly high rate of failure (McGrew &
Bilotta, 2000; The Standish Group International, 2007; Whittaker, 1999).
Despite well-established best practice project management processes, project
managers appear to be ineffective in the light of such failure.
Organizations such as the Project Management Institute (PMI) and the
United Kingdom’s Association for Project Management (APM) promote best-
practice project management standards. As part of these standards, project risk
management is defined as the systematic process of identifying, analyzing, and
responding to risks. Risk is any project-related event, or managerial behavior,
that is not definitely known in advance but has the potential of adverse conse-
quences on a project objective (PMI, 2004). Project risk management claims to
enable project managers to effectively manage risk and minimize the adverse
influence of risk on the project outcome. However, we have found that IT proj-
ect managers often do not apply a process to manage risks. The reasons for this
vary. Nevertheless, the evidence behind this phenomenon is very scarce, often
descriptive, and inchoate. The purpose of this study was to investigate whether
best practice standards are applied, and if they are not, what reasons led the IT
project manager to decide not to actively approach and manage project risks.
The results show that IT project managers primarily face the problem of
cost justification. Facing costs and time constraints and the uncertainty of
the success of project risk management, they often decided not to actively
manage risks. However, with the benefit of hindsight, we see that such a
decision often turns out to be fatal. Not surprisingly, in projects where proj-
ect risk management is not used, a greater degree of risks materialize than in
those projects where the IT project manager does actively manage risks.
Project Risk Management
Risks may potentially endanger the ability of the project manager to meet
the predefined project objectives, such as scope, time, and cost; tasks may
The .
1Running Head RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE16R.docxvickeryr87
1
Running Head: RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE
16
RISK MANAGEMENT PLAN FOR BUILDING A BRIDGE
MPM344 Project Risk Management
Risk Management Plan
Charles Williams
12/03/18
Table of Contents
RISK MANAGEMENT JUSTIFICATION 3
PROJECT RISK IDENTIFICATION 4
PROJECT RISK ANALYSES 6
PROJECT RISK RESPONSE STRATEGY 11
PROJECT RISK MONITORING 14
PROJECT RISK COMMUNICATIONS PLAN 15
References 16
RISK MANAGEMENT JUSTIFICATION
With a large concern on the occurrence of the accidents due to the weaknesses in building it is important to conduct and write this risk management plan (Gerardus, 2018). On average, various accidents occur due to same failures in building or the construction. It is hence important to outline such failures occurring due to the ignorance of these subcontractors and contractors. The contractors and all persons in the construction of a public infrastructure needs to take some caution to save the lives of the people as well save their properties. The procedure hence needs to be outlined in developing options and actions to enhance the proper opportunities to evade any threats to the objectives.
In this project mitigation and contingency. This means that we try to eliminate or reduce any probability of occurrence of the peril. For contingency, we can try the best to find any other solutions to the peril (Gerardus, 2018). For my risk management plan the method I have chosen will be the waterfall risk management method. The waterfall risk management is most effective in traditional projects such as construction and other examples of more common engineering projects due to the uncomplicated nature of these projects.
PROJECT RISK IDENTIFICATION
There are several risks associated with the building of a bridge. From relatively small issues like severe weather, missed payments, or late deliveries to big problems like accidents on job sites or structural failures, people who do inspection, maintenance, and construction work on bridges face an extraordinary number of risks every day. Most contractors experience inconsistent cash flow at one time or another. Cash flow issues are not usually the result of ineffective money management. Instead, they’re caused by past due payments or not getting paid in full for work that’s been completed. This issue often leads to bankruptcy or the complete failure of the business. Workplace safety should be the number-one priority on every bridge construction site. Inadequate safety practices can lead to serious injuries or even death. Accidents on a job site can cause traffic and construction delays, along with added time to investigate and resolve issues, work stoppages, penalties and fees, increased insurance rates, low morale on the job, and significant harm to a contractor’s reputation. Every contractor tries to avoid it, but it inevitably happens: Work done on a bridge site doesn’t meet regulatory standards or contractual specifications. It costs time and money to.
Risk and Procurement ManagementDr Paul BaguleyClass Slides.docxlillie234567
Risk and Procurement Management
Dr Paul Baguley
Class Slides
Contents
Definition of Risk
Context of Projects
Risk Management Process
Risk Id
Risk Assessment
Risk Evaluation
Cost Risk
Monte-Carlo Simulation
Management Reserve and Contingency
Risk Management by Procurement
Examples of Contracts to Manage Risk
Learning Objectives
Define Project Risk and identify stages of project risk management
Understand Risk Response Strategy Selection process using risk matrix
Identify characteristics of procurement routes and map risk allocation amongst project stakeholders
Appreciate a more risk informed procurement route selection
What makes project management a risky business
Organisations take risks to compete through projects making projects risky
Indeed risk appetite is the term used to describe the amount of risk an organisation is willing to take
And risk tolerance is the amount of risk an organisation can absorb
Risk is an important subject in APM BoK7 and PMBoK Guide (Chapter 11)
Institute of risk management; the Orange Book from the UK Gov
Communication between stakeholders in the project, suppliers and customer
VUCA (Volatility Uncertainty Complexity Ambiguity) environment
Risks in Projects
https://www.pmi.org/learning/library/top-50-projects-sydney-opera-house-11757
Lack of process and
Large budget over run
Safety regulations
O Ring
Safety disaster
Case: impact of culture on risk
The Nimrod Accident
Case: the conspiracy of optimism
Optimism bias is a known phenomenon which has been described as a psychological factor in estimators. In the defence industry it is recognised there is political pressure for projects to deliver more and cost less.
Activity: What projects do you know failed?
What projects do you know from your own experience which failed in some way and how did they fail? For example “Potters Bar safety disaster”
Definition of Risk and Uncertainty
Before ISO 31000 a working definition of risk was an event that may or may not happen
Uncertainty is variation in something that has happened
For example a machine breakdown may or may not happen
Schedule delay is variation in the delay schedule in terms of time
Risk is defined as an uncertain event or set of circumstances, that should it occur, will have an effect on achievement of one or more objectives, by APM Body of Knowledge 2012
ISO 31000 (2018) definition of risk
ISO 31000 defines risk as the effect of uncertainty on project objectives
Note 1 to entry: an effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats
Note 2 to entry: Objectives can have different aspects and categories, and can be applied at different levels
Note 3 to entry: Risk is usually expressed in terms of risk sources, potential events, their consequences and their likelihood
Project objectives are influenced by the iron triangle and trade-off space between cost, quality and time
This means that cost ris.
Understanding the risks in enterprise project managementOrangescrum
Risks are a given for any initiative or enterprise across industries. No wonder, PMI has dedicated a detailed process around risk management as part of their PMP certification. Risk Management requires experience, thorough knowledge of your business, the projects you are dealing with and a lot of foresight. Read the full article: https://www.orangescrum.org/articles/
Canadian Immigration Tracker March 2024 - Key SlidesAndrew Griffith
Highlights
Permanent Residents decrease along with percentage of TR2PR decline to 52 percent of all Permanent Residents.
March asylum claim data not issued as of May 27 (unusually late). Irregular arrivals remain very small.
Study permit applications experiencing sharp decrease as a result of announced caps over 50 percent compared to February.
Citizenship numbers remain stable.
Slide 3 has the overall numbers and change.
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Up the Ratios Bylaws - a Comprehensive Process of Our Organizationuptheratios
Up the Ratios is a non-profit organization dedicated to bridging the gap in STEM education for underprivileged students by providing free, high-quality learning opportunities in robotics and other STEM fields. Our mission is to empower the next generation of innovators, thinkers, and problem-solvers by offering a range of educational programs that foster curiosity, creativity, and critical thinking.
At Up the Ratios, we believe that every student, regardless of their socio-economic background, should have access to the tools and knowledge needed to succeed in today's technology-driven world. To achieve this, we host a variety of free classes, workshops, summer camps, and live lectures tailored to students from underserved communities. Our programs are designed to be engaging and hands-on, allowing students to explore the exciting world of robotics and STEM through practical, real-world applications.
Our free classes cover fundamental concepts in robotics, coding, and engineering, providing students with a strong foundation in these critical areas. Through our interactive workshops, students can dive deeper into specific topics, working on projects that challenge them to apply what they've learned and think creatively. Our summer camps offer an immersive experience where students can collaborate on larger projects, develop their teamwork skills, and gain confidence in their abilities.
In addition to our local programs, Up the Ratios is committed to making a global impact. We take donations of new and gently used robotics parts, which we then distribute to students and educational institutions in other countries. These donations help ensure that young learners worldwide have the resources they need to explore and excel in STEM fields. By supporting education in this way, we aim to nurture a global community of future leaders and innovators.
Our live lectures feature guest speakers from various STEM disciplines, including engineers, scientists, and industry professionals who share their knowledge and experiences with our students. These lectures provide valuable insights into potential career paths and inspire students to pursue their passions in STEM.
Up the Ratios relies on the generosity of donors and volunteers to continue our work. Contributions of time, expertise, and financial support are crucial to sustaining our programs and expanding our reach. Whether you're an individual passionate about education, a professional in the STEM field, or a company looking to give back to the community, there are many ways to get involved and make a difference.
We are proud of the positive impact we've had on the lives of countless students, many of whom have gone on to pursue higher education and careers in STEM. By providing these young minds with the tools and opportunities they need to succeed, we are not only changing their futures but also contributing to the advancement of technology and innovation on a broader scale.
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
This session provides a comprehensive overview of the latest updates to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly known as the Uniform Guidance) outlined in the 2 CFR 200.
With a focus on the 2024 revisions issued by the Office of Management and Budget (OMB), participants will gain insight into the key changes affecting federal grant recipients. The session will delve into critical regulatory updates, providing attendees with the knowledge and tools necessary to navigate and comply with the evolving landscape of federal grant management.
Learning Objectives:
- Understand the rationale behind the 2024 updates to the Uniform Guidance outlined in 2 CFR 200, and their implications for federal grant recipients.
- Identify the key changes and revisions introduced by the Office of Management and Budget (OMB) in the 2024 edition of 2 CFR 200.
- Gain proficiency in applying the updated regulations to ensure compliance with federal grant requirements and avoid potential audit findings.
- Develop strategies for effectively implementing the new guidelines within the grant management processes of their respective organizations, fostering efficiency and accountability in federal grant administration.
1. Jump to first page
1
9. Managing project risk
Project risk management is the art and
science of identifying, assigning, and
responding to risk throughout the life of a
project and in the best interests of meeting
project objectives
Risk management is often overlooked, but it
can help improve project success by helping
select good projects, determining project
scope, and developing realistic estimates
2. Jump to first page
2
9. What is risk?
A dictionary definition of risk is “the possibility
of loss or injury”
Project risk involves understanding potential
problems that might occur on the project and
how they might impede project success
Risk management is like a form of insurance;
it is an investment.
3. Jump to first page
3
9. Why take risks?
Opportunities
Risks
Try to balance risks and opportunities
4. Jump to first page
4
9. Risk utility
Risk utility or risk tolerance is the amount of
satisfaction or pleasure received from a
potential payoff
Utility rises at a decreasing rate for a person
who is risk-averse
Those who are risk-seeking have a higher
tolerance for risk and their satisfaction
increases when more payoff is at stake
The risk neutral approach achieves a balance
between risk and payoff
6. Jump to first page
6
9. Common source of risks for
IT projects
Several studies show that IT projects share
some common sources of risk
The Standish Group developed an IT
success potential scoring sheet based on
potential risks
McFarlan developed a risk questionnaire to
help assess risk
Other broad categories of risk help identify
potential risks
7. Jump to first page
7
9. McFarlan’s risk questionnaire
1. What is the project estimate in calendar (elapsed) time?
( ) 12 months or less Low = 1 point
( ) 13 months to 24 months Medium = 2 points
( ) Over 24 months High = 3 points
2. What is the estimated number of person days for the system?
( ) 12 to 375 Low = 1 point
( ) 375 to 1875 Medium = 2 points
( ) 1875 to 3750 Medium = 3 points
( ) Over 3750 High = 4 points
3. Number of departments involved (excluding IT)
( ) One Low = 1 point
( ) Two Medium = 2 points
( ) Three or more High = 3 points
4. Is additional hardware required for the project?
( ) None Low = 0 points
( ) Central processor type change Low = 1 point
( ) Peripheral/storage device changes Low = 1
( ) Terminals Med = 2
( ) Change of platform, for example High = 3
PCs replacing mainframes
8. Jump to first page
8
9. Risk types
Market risk: Will the new product be useful to the
organization or marketable to others? Will users
accept and use the product or service?
Financial risk: Can the organization afford to
undertake the project? Is this project the best way to
use the company’s financial resources?
Technology risk: Is the project technically feasible?
Could the technology be obsolete before a useful
product can be produced?
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9. Technology risk
David Anderson, a project manager for Kaman Sciences
Corp., shared his lessons learned from a project failure in
an article for CIO Enterprise Magazine. After spending two
years and several hundred thousand dollars on a project to
provide new client-server based financial and human
resources information systems for their company, Anderson
and his team finally admitted they had a failure on their
hands. Anderson admitted that he was too enamored by
using cutting edge technology and took a high-risk approach
on the project. He "ramrodded through" what the project
team was going to do, and he admitted that he was wrong.
The company finally decided to switch to a more stable
technology to meet the business needs of the company.
Hildebrand, Carol. “If At First You Don’t Succeed,” CIO Enterprise Magazine, April 15, 1998
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9. What is project risk?
The goal of project risk management is to minimize
potential risks while maximizing potential
opportunities. Major processes include
Risk identification: determining which risks are likely
to affect a project
Risk quantification: evaluating risks to assess the
range of possible project outcomes
Risk response development: taking steps to
enhance opportunities and developing responses to
threats
Risk response control: responding to risks over the
course of the project
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9. Identifying risk
Risk identification is the process of
understanding what potential unsatisfactory
outcomes are associated with a particular
project
Several risk identification tools include
checklists, flowcharts, and interviews
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9. Potential risk areas
Knowledge Area Risk Conditions
Integration Inadequate planning; poor resource allocation; poor integration
management; lack of post-project review
Scope Poor definition of scope or work packages; incomplete definition
of quality requirements; inadequate scope control
Time Errors in estimating time or resource availability; poor allocation
and management of float; early release of competitive products
Cost Estimating errors; inadequate productivity, cost, change, or
contingency control; poor maintenance, security, purchasing, etc.
Quality Poor attitude toward quality; substandard
design/materials/workmanship; inadequate quality assurance
program
Human Resources Poor conflict management; poor project organization and
definition of responsibilities; absence of leadership
Communications Carelessness in planning or communicating; lack of consultation
with key stakeholders
Risk Ignoring risk; unclear assignment of risk; poor insurance
management
Procurement Unenforceable conditions or contract clauses; adversarial relations
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9. Quantifying risk
Risk quantification or risk analysis is the
process of evaluating risks to assess the
range of possible project outcomes
Determine the risk’s probability of occurrence
and its impact to the project if the risk does
occur
Risk quantification techniques include
expected monetary value analysis,
calculation of risk factors, PERT estimations,
simulations, and expert judgment
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Bid the Best Project by utilizing EMV
and your personal risk tolerance
Project Chance of Outcome Estimated Profits
Project 1
50%
50%
$120,000
-$50,000
Project 2
30%
40%
30%
$100,000
$50,000
-$60,000
Project 3
70%
30%
$20,000
-$5,000
Project 4
30%
30%
20%
20%
$40,000
$30,000
$20,000
-$50,000
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9. Simulation for quantifying risk
McDonnell Aircraft Company used Monte Carlo simulation to help
quantify risks on several advanced-design engineering projects. The
National Aerospace Plan (NASP) project involved many risks. The
purpose of this multi-billion dollar project was to design and develop a
vehicle that could fly into space using a single-stage-to-orbit approach.
A single-stage-to-orbit approach meant the vehicle would have to
achieve a speed of Mach 25 (25 times the speed of sound) without a
rocket booster. A team of engineers and business professionals
worked together in the mid-1980s to develop a software model for
estimating the time and cost of developing the NASP. This model was
then linked with Monte Carlo simulation software to determine the
sources of cost and schedule risk for the project. The results of the
simulation were then used to determine how the company would invest
its internal research and development funds. Although the NASP
project was terminated, the resulting research has helped develop
more advanced materials and propulsion systems used on many
modern aircraft.
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9. Expert judgment
Many organizations rely on the intuitive
feelings and past experience of experts to
help identify potential project risks
The Delphi method is a technique for
deriving a consensus among a panel of
experts to make predictions about future
developments
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9. Response to risk
Risk avoidance: eliminating a specific threat
or risk, usually by eliminating its causes
Risk acceptance: accepting the
consequences should a risk occur
Risk mitigation: reducing the impact of a risk
event by reducing the probability of its
occurrence
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9. Risk Mitigation Strategies
Technical Risks Cost Risks Schedule Risks
Emphasize team support
and avoid stand alone
project structure
Increase the frequency of
project monitoring
Increase the frequency of
project monitoring
Increase project manager
authority
Use WBS and PERT/CPM Use WBS and PERT/CPM
Improve problem handling
and communication
Improve communication,
project goals understanding
and team support
Select the most experienced
project manager
Increase the frequency of
project monitoring
Increase project manager
authority
Use WBS and PERT/CPM
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9. Risk planning
A risk management plan documents the
procedures for managing risk throughout the
project
Contingency plans are predefined actions
that the project team will take if an identified
risk event occurs
Contingency reserves are provisions held by
the project sponsor for possible changes in
project scope or quality that can be used to
mitigate cost and/or schedule risk
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9. Risk management questions
Why is it important to take/not take this risk in
relation to the project objectives?
What specifically is the risk and what are the risk
mitigation deliverables?
How is the risk going to be mitigated? (What risk
mitigation approach is to be used?)
Who are the individuals responsible for implementing
the risk management plan?
When will the milestones associated with the
mitigation approach occur?
How much is required in terms of resources to
mitigate risk?
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9. Response to risks
Risk response control involves executing the
risk management processes and the risk
management plan to respond to risk events
Risks must be monitored based on defined
milestones and decisions made regarding
risks and mitigation strategies
Sometimes workarounds or unplanned
responses to risk events are needed when
there are no contingency plans
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9. Tracking risks
Top 10 risk item tracking is a tool for
maintaining an awareness of risk throughout
the life of a project
Establish a periodic review of the top 10
project risk items
List the current ranking, previous ranking,
number of times the risk appears on the list
over a period of time, and a summary of
progress made in resolving the risk item
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9. Example for risk tracking
Monthly Ranking
Risk Item This
Month
Last
Month
Number
of Months
Risk Resolution
Progress
Inadequate
planning
1 2 4 Working on revising the
entire project plan
Poor definition
of scope
2 3 3 Holding meetings with
project customer and
sponsor to clarify scope
Absence of
leadership
3 1 2 Just assigned a new
project manager to lead
the project after old one
quit
Poor cost
estimates
4 4 3 Revising cost estimates
Poor time
estimates
5 5 3 Revising schedule
estimates
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9. Tools for tracking risks
Databases can keep track of risks
Spreadsheets can aid in tracking and
quantifying risks
More sophisticated risk management
software helps develop models and uses
simulation to analyze and respond to
various project risks
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9. Good project risk management
Unlike crisis management, good project risk
management often goes unnoticed
Well-run projects appear to be almost
effortless, but a lot of work goes into running
a project well
Project managers should strive to make
their jobs look easy to reflect the results of
well-run projects
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9. Discussion questions
Can you avoid risks?
What are common sources of risk for IT
projects?
How does spreadsheet help to quantify risk?
How does simulation help to quantify risk?
What is the best way to plan for risks?
What is the difference between contingency
plan and contingency reserve?
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9. Discussion questions
Read and comment on interview questions
and answers at the end of this chapter.
What question or which response do you
find interesting and why?
Which group of risks (internal, external)
described in this chapter is more critical to
an information system project? Why? What
is the most critical risk for any information
system project?
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9. Discussion questions
Is user involvement important to risk
management? Why?
Comment on sources of risk:
continued management support
top management style
alignment with organizational needs
user acceptance
shifting goals and objectives
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9. Discussion questions
Comment on sources of risk:
vendors
consultants
contract employees
market and change fluctuation
government regulation
What are effective ways of avoiding the risk
of losing internal talents to external
providers?