The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
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
Risk Management Process And Procedures PowerPoint Presentation SlidesSlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
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
Risk Management Process And Procedures PowerPoint Presentation SlidesSlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.
what is the definition of risk management
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In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Risk is inherent in all software projects. To manage and control them represents gains for the development and success of projects. The main focus of this talk is to present an approach to manage risks aligned with the best practices. This approach is implemented in a project management tool, SCRAIM. http://www.scraim.com/
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.
what is the definition of risk management
risk management services
risk management certification
risk management for project management
risk management terms
celgene risk management
risk management framework
risk management jobs
business research topics for mba
mba topics for presentation
mba project topics
mba research topics in management
dissertation topics for mba
mba finance research topics
mba topics on strategic management
thesis topic for mba
In this presentation we look at approach of analyzing risks, we get into details of qualitative risk analysis and quantitative risk analysis. This presentation will help professionals who are preparing for PMP certification exam
Risk is inherent in all software projects. To manage and control them represents gains for the development and success of projects. The main focus of this talk is to present an approach to manage risks aligned with the best practices. This approach is implemented in a project management tool, SCRAIM. http://www.scraim.com/
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Software publishers and CIOs should think more like Web designers and less like traditional software developers. We are now in a design-led, mobile-first world for enterprise software - in the cloud.
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”
As per PMBOK - "The whole point of undertaking a project is to achieve or establish something new, to venture, to take chances, to risk. Risk may have positive effects or negative effects on the project “Schedule” and/or “Cost”. Positive risks are Opportunities and negative risks are losses or threats; remember both risks are uncertain “percentage of occurrence less than 80%”. Risk Management purpose is to manage (Plan and implement) these uncertainties.
Project and Program Risk Management
Reasons to Manage Risks
ISO31000 for Risk Management
Risk Management in Project Lifescycle
Tools to manage Project Risks
1Risk Reporting
Risk Reporting
Rique Giddens, Anne Saintilus, Katherine Entress, Maria McPhatter, Robert Martinez, Tonya Townsend, Twanna Perkins-Monroe
PM 584
Arnetra Arrington
5/02/16
Risk Reporting
Individual Research
In this paper, each member of Team A reports on a risk monitoring and a risk reporting practice and what lessons learned he or she can apply in their own projects. As a group, the team analyzes the theoretical application of these monitoring and reporting practices. They summarize the strengths and weaknesses of each practice. They conclude by selecting the top two risk monitoring and risk reporting practices.
Project One Risk Manager: Robert
Risk Register
For the Riordan Manufacturing relocation, a risk register would be the one of the best tools to use to help identify the risks that are going to be associated with the move. It is a great tool that can be used in the early stages of planning that will help identify the risks and let the PM know that there are risks that need to be managed. Developing the risk register will also help the project team and PM identifies who they need to communicate with when they are faced with risks. A risk register is a tool that will have all the risks that the team has come into, it will have the severity of the risks the methods to manage, and will update all parties involved about the risks of the project letting everyone involved know whether the risks have been dealt with.
Pros and Cons
One of the good things about using this tool is that you can gather all the risks and start to manage them at an earlier stage. A drawback of the register is that if it is not updated and use correctly it can slow down the team and PM. Project Two Risk Manager - Rique
Risk Register
The risk register and the RAP are both great practices and tools that will help any organization with their project. The Risk Register collects all of the risks and ranks them so that the high priority risks get the attention they need. The register is updated as the project goes on.
RAP
The RAP is a great tool to help the PM report updates to senior leaders and stakeholders. Both of these play a part in other areas like monitoring and controlling risks, and the RAPs helping communication stay in line. Risk monitoring and reporting are essential because it keeps everything in front of the team and doesn't allow risks to creep up. Without the monitoring risks could creep around and cause delays and cost overruns to the project.
Lessons Learned
There are always lessons that can be taken from past projects and keep track of changes and issues can help make sure they don't occur again.
Project Three Risk Manager – Twanna
Risk monitoring - Project Risk Response Audits
The auditors of the risks will take an examination and then document how effectiveness of the risk response. This will be with respect to avoiding, the transfer or the mitigation of the occurrence of the risk (Heldman, Baca, & Jansen, 2007). ...
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The risk management for projects attempts to recognize and manage potential and unforeseen trouble spots which may occur when the project is implemented. It identifies as many risk events as possible. Further classification of risk factors help in resolving it either by mitigation, avoiding, transferring or retaining .Methods of handling risk.
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Artificial intelligence (AI) offers new opportunities to radically reinvent the way we do business. This study explores how CEOs and top decision makers around the world are responding to the transformative potential of AI.
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The case study discusses the potential of drone delivery and the challenges that need to be addressed before it becomes widespread.
Key takeaways:
Drone delivery is in its early stages: Amazon's trial in the UK demonstrates the potential for faster deliveries, but it's still limited by regulations and technology.
Regulations are a major hurdle: Safety concerns around drone collisions with airplanes and people have led to restrictions on flight height and location.
Other challenges exist: Who will use drone delivery the most? Is it cost-effective compared to traditional delivery trucks?
Discussion questions:
Managerial challenges: Integrating drones requires planning for new infrastructure, training staff, and navigating regulations. There are also marketing and recruitment considerations specific to this technology.
External forces vary by country: Regulations, consumer acceptance, and infrastructure all differ between countries.
Demographics matter: Younger generations might be more receptive to drone delivery, while older populations might have concerns.
Stakeholders for Amazon: Customers, regulators, aviation authorities, and competitors are all stakeholders. Regulators likely hold the greatest influence as they determine the feasibility of drone delivery.
Senior Project and Engineering Leader Jim Smith.pdfJim Smith
I am a Project and Engineering Leader with extensive experience as a Business Operations Leader, Technical Project Manager, Engineering Manager and Operations Experience for Domestic and International companies such as Electrolux, Carrier, and Deutz. I have developed new products using Stage Gate development/MS Project/JIRA, for the pro-duction of Medical Equipment, Large Commercial Refrigeration Systems, Appliances, HVAC, and Diesel engines.
My experience includes:
Managed customized engineered refrigeration system projects with high voltage power panels from quote to ship, coordinating actions between electrical engineering, mechanical design and application engineering, purchasing, production, test, quality assurance and field installation. Managed projects $25k to $1M per project; 4-8 per month. (Hussmann refrigeration)
Successfully developed the $15-20M yearly corporate capital strategy for manufacturing, with the Executive Team and key stakeholders. Created project scope and specifications, business case, ROI, managed project plans with key personnel for nine consumer product manufacturing and distribution sites; to support the company’s strategic sales plan.
Over 15 years of experience managing and developing cost improvement projects with key Stakeholders, site Manufacturing Engineers, Mechanical Engineers, Maintenance, and facility support personnel to optimize pro-duction operations, safety, EHS, and new product development. (BioLab, Deutz, Caire)
Experience working as a Technical Manager developing new products with chemical engineers and packaging engineers to enhance and reduce the cost of retail products. I have led the activities of multiple engineering groups with diverse backgrounds.
Great experience managing the product development of products which utilize complex electrical controls, high voltage power panels, product testing, and commissioning.
Created project scope, business case, ROI for multiple capital projects to support electrotechnical assembly and CPG goods. Identified project cost, risk, success criteria, and performed equipment qualifications. (Carrier, Electrolux, Biolab, Price, Hussmann)
Created detailed projects plans using MS Project, Gant charts in excel, and updated new product development in Jira for stakeholders and project team members including critical path.
Great knowledge of ISO9001, NFPA, OSHA regulations.
User level knowledge of MRP/SAP, MS Project, Powerpoint, Visio, Mastercontrol, JIRA, Power BI and Tableau.
I appreciate your consideration, and look forward to discussing this role with you, and how I can lead your company’s growth and profitability. I can be contacted via LinkedIn via phone or E Mail.
Jim Smith
678-993-7195
jimsmith30024@gmail.com
2. Purpose of this document
Learning about project management doesn’t end when you pass the PMP exam. PMP teaches a
methodology that every practitioner must follow.
However, the PMP content is quite detailed and is geared for large projects and many small
projects, typically in IT industry, do not follow all processes described in the PMBOK.
As a result, many PMP certified project managers either forget what their learnt or start thinking
that most of what they studied is not relevant for their roles.
This slide deck is intended for all of us who wish to retain the most important and practice advice
that PMP taught us irrespective of how big or small our projects are.
4. Why Risk Management Matters
Risk Management is the most important activity for a project manager because:
ü It helps prevent problems
ü Reduces potential impact of problems
ü Saves time and money on the project
Risk Management activities are an integral part of a project manager’s daily work.
5. Key Concepts
Uncertainty
Risk Averse
Risk Factors
Threats & Opportunities
RiskTolerance
RiskThreshold
Uncertainty is a lack of knowledge about any event that makes it difficult to predict
the outcome of the event.
Risk Averse is the characteristic of someone who doesn’t want to take risks or
chances.
Risk Factors include things like how likely is the risk occurrence, impact, frequency
and timing.
If the outcome of a risk event is positive, it is an opportunity. If the outcome is
negative, it is a threat.
It is the degree to which a person or an organization is willing to accept risk.
Risk Factors include things like how likely is the risk occurrence, impact, frequency
and timing.
7. Risk Categorization
Risks can be categorized in various ways. Some PMs categorize risks using the source of the risk and some may use
other approaches. One approach that is often used is:
Technical Unforeseeable
Internal External
Risks caused due to technical
factors, software or hardware
issues, patches or changes in
technology.
Risks caused by factors internal
to the project or the
organization such as scope, cost,
staffing, planning etc.
Only a small number of risks
will actually fall under this
category. E.g.Tsunami, Flash
floods, terrorist attacks etc.
Risks caused by regulatory,
government, environmental
factors etc.
8. Risk Management Process Steps
Plan Risk
Management
Identify
Risks
Perform
Risk Analysis
Plan Risk
Response
Monitor and
Control
Risks
Throughout
9. Risk Analysis
Risk Analysis is the process of analyzing risks, their
probability and potential impact to determine which of
the risks warrant a response.
Planning a risk response for every risk, irrespective of
their impact, would be an expensive process.Therefore,
it is important to determine which ones are worth
managing.
Risks to be targeted
Quantitative
Risk Analysis
Qualitative
Risk Analysis
10. Qualitative Risk Analysis
Qualitative Risk Analysis is a subjective analysis of the risks.
• Every risk is assigned a probability like High, Low and Medium (or using a scale of 1 to 3)
• Impact of every risk is assigned a value too.Again, Low, Medium, High or using a scale.
Shortcomings of Qualitative Risk Analysis
Such analysis is highly subjective in nature.What one person considers critical, may not be critical for
somebody else.
Therefore, to ensure consistent risk analysis, organizations need to develop a rating system. Probability and
Impact matrix is one such tool.
11. Quantitative Risk Analysis
Quantitative Risk Analysis is a numerical analysis of the risks. It is also known as risk assessment.
• A quantified probability (80%, 60%) is determined for every risk.
• Impact of every risk is measured in terms of amount at stake.
Expected MonetaryValue Analysis (EMV)
Calculating EMV of every risks helps rank the risks to understand which ones definitely deserve a thorough
response planning.
EMV of a risk = Probability of the risk x Impact (Amount at Stake)
Monte Carlo Simulation
Monte Carlo Analysis uses simulation to simulate the cost and schedule of the project over a high number of
iteration.This calculates the overall risk of the project. It results in a probability distribution and determines
the probability of completing the project on a specific day or for a specific cost.
12. Risk Register
Risk Register is the project artifact where all data about risks is stored and maintained. Please note that risk register
is updated throughout the project.
Risk
ID
Risk
Description
Potential
Responses
Root
Cause
Risk
Category
Risk
Probability
Impact Risk Rank
As the risk management process progresses, more columns are added to the risk register as risk analysis results in
more data being captured.
13. Risk Response Strategies - Opportunities
The risk response strategies for Opportunities include:
Exploit Enhance
Share Accept
Try to make sure that the
opportunity occurs.
Form a partnership or
joint venture that will
increase the chances to
achieve the opportunity.
Increase the likelihood or
the (positive) impact of
the opportunity (risk
event)
Do nothing.Accept the
risk
14. Risk Response Strategies - Threats
The risk response strategies for Threats include:
Avoid Mitigate
Transfer Accept
Eliminate the risk by
removing the cause of the
risk.
Make another party
responsible for the risk by
purchasing insurance or by
outsourcing the work.
Reduce the likelihood or
the (negative) impact of
the threat (risk event)
Do nothing.Accept the
risk
15. Some Terms to know
Residual Risks
Contingency Plans
Secondary Risks
RiskTriggers
Fallback Plans
Reserves
Risks remaining after the risk response planning.These include risks that have been
accepted. Stakeholders must be informed about risks that have been accepted.
These are plans that describe what will be done when the risk event occurs.
These are risks created as a result of implementing any risk response strategy. For
example, risks associated with outsourcing the work.
Risk triggers are events that triggers the contingency response.
These are plans that describe what will be done if the contingency plan is not
effective.Think of these as Plan B.
Reserves are funds for time and cost that are maintained to cover risks and is an
important part of cost management planning. Contingency reserves are for
known risks that have been identified during risk planning process and are used to
address residual risks. Management reserves are for those risks that could not
be identified during risk management process.
16. Risk Management – Errors to avoid
Ø Cost and schedule are finalized without completing identifying all risks and completing risk
management.
Ø Risk management is not given due attention during project execution.
Ø Risks are not discussed in every project meeting.
Ø Procurements are completed before all risks to the project have been discussed.
Ø Project Manager does not involve team members and other stakeholders in the risk
management process.