HD version: http://1drv.ms/1i8AvZc
This is my publication on the introduction to project management. In this publication I overview important project management terms, definitions, project life cycles, and key project management software and tools
Compilation of key concepts for Time Management and Project Scheduling & Project Mgmt
Learn more tips & techniques at www.pmpwisdom.blogspot.com
Register for a free webinar at
https://pmpwisdom.blogspot.com/p/webinar.html
In today's fast-paced business environment, successful project management has its place on the organizational hall-of-fame.
All major corporations have recognized that the future of their corporate success lies in their employees' abilities to effectively manage overlapping, complex projects.
HD version: http://1drv.ms/1i8AvZc
This is my publication on the introduction to project management. In this publication I overview important project management terms, definitions, project life cycles, and key project management software and tools
Compilation of key concepts for Time Management and Project Scheduling & Project Mgmt
Learn more tips & techniques at www.pmpwisdom.blogspot.com
Register for a free webinar at
https://pmpwisdom.blogspot.com/p/webinar.html
In today's fast-paced business environment, successful project management has its place on the organizational hall-of-fame.
All major corporations have recognized that the future of their corporate success lies in their employees' abilities to effectively manage overlapping, complex projects.
Learn the 5 Key Project Management Phases that every project manager knows. Perfect information for those professionals curious about how Project Managers plan their projects.
Contents are sourced from different authors including PMBOK 5th Edition.
This is provided for free as part of our Continuing Practice in Project Management Professional Certification. You may download, share but please refrain from commercializing it or altering parts. Thanks.
For more on Innovations and Project Management, please visit www.facebook.com/SigmaProcessExcellence
Smart project management - Best Practices to Manage Project effectivelyChetan Khanzode
Best Practices to Manage project effectively.It gives overview of all five groups and ten PM knowledge areas.
Emphasis more important aspects of Project Management
A series of modules on project cycle, planning and the logical framework, aimed at team leaders of international NGOs in developing countries. (Part 3 of 11)
There are two handouts to go with this presentation,
- the Project Planning slides as a handout: http://www.slideshare.net/Makewa/3-proj-plan-handouts
- Project Management Terms: http://www.slideshare.net/Makewa/project-management-terms,
& the Project Planning Presenter Notes: http://www.slideshare.net/Makewa/3-proj-plan-notes
A detail description of project management, project success and factors effecting project success during the whole cycle of project.
To download slides please visit my site:
www.xubitech.com
Learn the 5 Key Project Management Phases that every project manager knows. Perfect information for those professionals curious about how Project Managers plan their projects.
Contents are sourced from different authors including PMBOK 5th Edition.
This is provided for free as part of our Continuing Practice in Project Management Professional Certification. You may download, share but please refrain from commercializing it or altering parts. Thanks.
For more on Innovations and Project Management, please visit www.facebook.com/SigmaProcessExcellence
Smart project management - Best Practices to Manage Project effectivelyChetan Khanzode
Best Practices to Manage project effectively.It gives overview of all five groups and ten PM knowledge areas.
Emphasis more important aspects of Project Management
A series of modules on project cycle, planning and the logical framework, aimed at team leaders of international NGOs in developing countries. (Part 3 of 11)
There are two handouts to go with this presentation,
- the Project Planning slides as a handout: http://www.slideshare.net/Makewa/3-proj-plan-handouts
- Project Management Terms: http://www.slideshare.net/Makewa/project-management-terms,
& the Project Planning Presenter Notes: http://www.slideshare.net/Makewa/3-proj-plan-notes
A detail description of project management, project success and factors effecting project success during the whole cycle of project.
To download slides please visit my site:
www.xubitech.com
Consolidate your SAP System landscape Teched && d-code 2014Goetz Lessmann
My slide deck from this year's SAP Teched && d-code on how to consolidate SAP system landscapes - both for SAP ERP and SAP BW (and actually any other SAP driven systems). The focus is on getting rid of some misconceptions about consolidations and focusing on solutions instead of problems to achieve tangible goals: TCO savings, quick wins, and a clear way of going for a one-SAP landscape.
Data Design - the x factor for a successful data migration v1.3Richard Neale
My presentation to SAP's UK #SAPForum in Birmingham on July 03 2013.
Synopsis:
Because data is what drives key business processes, to fully realise return on your SAP investment it's critical that the data you have is of high quality and validated to fully support your business processes. Although most data migrations focus almost exclusively on the technical build the 'X factor' for success lies in good Data Design. This session will explain how to select the optimal migration approach for your requirements, what Data Design actually involves and how collaborating with the business in Data Design will dramatically reduce project risks, timescales and costs.
Best Practices for Managing a Large-Scale SAP System Consolidation ProjectSAPinsider Events
View this session from Managing your SAP Projects 2014. Coming to Las Vegas in November! www.sapprojects2015.com
Get best practices for successfully migrating users, processes, and data from multiple legacy SAP systems in multiple countries to a single, global SAP ERP system. Attend this session for:
- Tips to structure business and IT teams globally and locally to successfully complete an SAP system consolidation project
- Insight into the challenges, tools, and methods for managing this type of project from each major project phase – from prep through go-live
- Guidelines for successfully migrating over 100 different master and transactional data objects across functional domains from multiple countries
Critical Success Factors in Implementation of ERP SystemsStephen Coady
Project Report published for a Masters Degree Course research on Critical Success Factors in the Implementation of ERP Systems. A literature review of journals was used to develop the research questionnaire answered by managers and executives involved in the process of selection of an ERP System.
Comparing SAP, Oracle, and Microsoft Solutions for Project Management; CLASH ...Sasan Hosseyni
The ultimate goal of holding such a seminar is to familiarize the audiences with capabilities and advantages of different systems in order to cover the project management requirements in project-Based companies. Thus, in this presentation, different products from Oracle, SAP AG, and Microsoft are selected deliberately.
The 2015 Guide to New SAP Solutions That Support End-to-End Logistics and Ord...SAPinsider Events
View this session from Logistics and Supply Chain Management 2015 in Las Vegas. Coming to Europe! www.SCM2015.com
The 2015 Guide to New SAP Solutions That Support
End-to-End Logistics and Order Fulfillment by Markus Rosemann, SAP SE
Attend this session to get a firsthand look at SAP's full portfolio of logistics and order fulfillment solutions and its latest vision for supply chain execution convergence. You will:
- Get an overview of new capabilities delivered in the latest transportation management and warehouse management solutions from SAP
- Grasp how SAP solutions for logistics networks extend the portfolio with comprehensive capabilities for increased visibility
Step through real-world examples of how your counterparts are leveraging functionality from SAP to drive overall business value through logistics excellence.
SAP Basis Training Material | www.sapdocs.infosapdocs. info
You can download this material from http://sapdocs.info/sap/basis/download-sap-basis-training-material-pdf-book/
Get more SAP Downloads from http://sapdocs.info/
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.
In this presentation, we will discuss about risk, project risk and four broad strategies to handle risk. We will also talk about the role of buffers and contingency plan in risk management, project tracking meetings.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Building a risk tolerant integrated master scheduleGlen Alleman
Traditional approaches to planning, scheduling, and managing technical performance are not adequate to defend against these disruptions. This paper outlines the six steps for building a risk-tolerant schedule, using a field-proven approach.
· How should the risks be prioritized· Who should do the priori.docxalinainglis
· How should the risks be prioritized?
· Who should do the prioritization of the project risks?
· How should project risks be monitored and controlled?
· Who should develop risk responses and contingency plans?
· Who should own these responses and plans?
Introduction
This week, we will explore risk management. Risk management is one of those areas in project management that separates good project managers from great project managers. A good project manager makes risk management an integral part of every phase of project work. Risks are identified, prioritized, and understood. There are clear responsibilities within the team as to whose is responsible for implementing a risk response to reduce the impact should it occur. So let's get started.
What is Risk?
*Risk: An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Risks can be positive, meaning beneficial to the project, or they can be negative, meaning detrimental to the project.
Many students have a difficult time visualizing positive risks. A positive risk is an opportunity that may increase the probability of success, the return on investment, or the benefits of the project. They may also be ways to reduce project costs or ways to complete the project early. There may even be methods to improve project quality or overall performance. These are all examples of positive risks.
A negative risk can be easier to understand. It is the possibility that something will go wrong, a threat to the success of the project. It is important to remember that a risk is a possibility, not a fact. It is a potential problem. At GettaByte Software, there is the potential that a power outage would occur during data transfer. The potential exists that a key resource could become unavailable due to some unforeseen circumstance, like illness. Those are threats to the success of the project.
When buying a house to renovate, there are potential risks with respect to plumbing, wiring, the foundation, and so on.
A project manager needs to consider trying to make positive risks happen while trying to prevent negative ones from occurring. To do this, a project manager can take a proactive approach to risk management. This means he or she plans a risk response should it look as though the risk will become a reality. In this way, everyone knows exactly how to prepare and respond to the risk once it does become an issue.
The Risk Management Process
A project has both good and bad risks, which are referred to as positive and negative risks or opportunities and threats. For positive risks or opportunities, the project manager can choose from a range of risk responses. For threats, a project manager has a similar range of choices. The following, as described in the PMBOK® Guide, are the risk management processes.
Plan Risk Management:
· Risk Strategy
· Defines the general approach to managing risk on the project
· Methodology
· Defines the specific, tools, .
Table of Contents Project Outline. …………………………………………………………………….docxMARRY7
Table of Contents
Project Outline. ……………………………………………………………………..…………………………………………… 3
Risk Management Justification……………………………………………………………………………………….…….…5
Project Risks Identification……………………………..……………………….……………………………………….…….7
Project Risks Assessment…………….…………………………………………………………….………………………….12
Project Risks Response Strategy…………………………………………………………………………………………... 15
Project Risks Responsibility Plan..…………………………….………..………………………………………………….19
Project Risks Monitoring &Control Plan………….…………………………………….………………………………..20
Project Risks WBS & Budget Updates……………………………………………………………………………………21
Project Risks Communication Plan…………………………………………………………………………………………22
References…………………………………………………………………………………………………………………………….20
Project Outline
The institution that I will be focusing my individual project on is that of the Scotia Bank Institution. Scotia Bank is a world-renowned banking institution founded over fifty years ago. The company whose headquarters are in California has many divisions of business, the most profitable being banking, insurance and stocks. The company features over one hundred and seventy branches that are all connected to one platform and database. The institution has sought to give their clients some degree of unlimited access focusing on alternate means of updating and accessing multiple accounts at once regardless of location.
The information technology department of the scotia bank group has recently launched the development of a mobile application that will increase client relations through the use of improved mediums and levels of access for everyday business transactions. It has come to the attention of the business segment of the. The board of directors that the level of productivity within the organization is rapidly depreciating and as such reevaluation of both software and employee
Personnel have been put in place to identify the reason, risk and solution for the dip in productivity following the implementation of the latest software tactic.
The department of information technology software and development protocols currently uses an agile methodological approach in developing all software. The pros and cons of this approach have long been preferred based on the ever-changing needs of the company. However stakeholders involved would prefer a complete overview of this approach to determine the degree of success or possible need for change as such the a project manager has been selected to provide through detailing on the process of evaluating human and software elements affecting the cooperation as it regards to production.
The company has one branch in every state of the United States as well as twenty branches in the Caribbean and the remaining branches are located in Europe and Asia. The branches hold a little over three hundred employees total with an Information technology of two per branch .The information technology department is focused on developing software and maintaining existing software needed for the ...
Risk Management is essential for the success of any significant project. Information about key project cost, performance, and schedule attributes is often unknown until the project is underway.
Online PMP Training Material for PMP Exam - Risk Management Knowledge AreaGlobalSkillup
Risk Management Knowledge Area in Project management defined by PMBOK 5th Edition by Project Management Institute (PMI). Provided by GlobalSkillup.com towards PMP Certification Exam.
Project risk management: Techniques and strategiesDebashishDas49
Risk identification techniques and mitigation techniques in the present dynamic scenario of the industry is described here. Also, the recent research area and probable topics that one could choose as a Ph.D. topic are described briefly.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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Affordable Stationery Printing Services in Jaipur | Navpack n Print
Presentation Project managment
1. LU 3 What is Management
MANAGING THE RISKS
Risk is an inherent property of any change activity and particularly projects. Risk
management is the process of managing the uncertainty that always exists in project work
and shows you the way to minimize or even avoid the ‘show-stoppers’ that can cost huge
sums to correct. Every process and procedure in project management is aimed at
minimizing risk and raising the probability of success. The skill is to identify the areas of high
risk in a specific project and apply appropriate levels of monitoring and control.
2. WHAT IS A RISK?
A risk is any uncertain event that, if it occurs, could prevent the project
realizing the expectations of the stakeholders as stated in the agreed
business case of project definition.
Every risk always has a cause and, if it occurs, a positive or negative
consequence. A risk that becomes a reality is treated as an issue.
Effective Risk Management demands a high level of commitment to the risk
management procedures described here. Your success as the Project
Manager depends on encouraging a strong team commitment to always
demonstrate their awareness of potential risks and their consequences.
3.
4. WHY BOTHER?
Some consider risk management is a negative process, but consider the
benefits:
• predicting the serious threats to your project before they happen;
• enabling mitigation actions to be implemented immediately;
• enabling contingency plans to be derived in advance;
• improved decision making in managing the project portfolio;
• providing valuable data for negotiating with suppliers and the marketplace;
• creating clear ‘ownership’ of the risks so they are carefully monitored;
• helping to create a ‘no surprises’ environment for the project;
• encouraging creativity and lateral thinking;
• encouraging decisive leadership rather than management of crisis.
Some will argue it is a costly activity – but never as costly as correcting the issues that
occur later.
5. Risk management is a vital and fundamental tool of project management that
directly impacts your probability of success.
Application of a systematic process to risk management is not an option.
Some small projects with unacceptably high levels of risk could easily
impact other larger projects, so all projects should have a documented risk
management activity.
As Figure 7.2 shows, increasing complexity and innovation with more
cross-functional working increases the need for a structured approach to
risk management.
6. THE RISK MANAGEMENT PROCESS
The process is shown in Figure 7.3 Your objective is to anticipate what
could go wrong at any stage of the project and decide what can be done
to avoid or correct the problem. Risk management is not a single-step
process conducted only once. Unforeseen risks leading to unexpected
issues demand prompt response so it is essentially a continuous process
throughout the project until completion is recorded. All risks identified must
be recorded on the Project Risk Log and never removed.
7. IDENTIFYING THE RISKS
Use a team brainstorming session to initially identify risks during the definition
phase of the project. You are seeking an answer to the question: ‘What could go
wrong at any time during this project?’ Engage your key stakeholders in the
process. Involving the customer in the risk process has been shown to benefit
everyone through agreeing the responsibilities for actions to avoid or mitigate a
risk. You can also use checklists that have been developed from data generated
from past projects. Never regard the checklist as complete or perfect (or just
‘good enough’) and additional questions are always necessary.
8. A TYPICAL STARTER CHECKLIST
CHECKLIST NO 7 – SOME QUESTIONS FOR RISK ASSESSMENT
The project risk log was briefly discussed in Chapter 5 (see Figure 5.4).
Some risks become obvious quite early on in the project life cycle, but
when you have completed a more thorough examination of the risks, the
project risk log must be updated in preparation for the addition of
quantifying data from detailed analysis of each risk. The project risk log is
not a data document logged in the PDR when completed and never to see
the light of day ever again. It is a living document that must be reviewed
and updated regularly by the project team.
Update the project risk log
9. Constraints in a project are often confused with risks and we need to
separate them. Constraints are those things that are imposed on the project,
knowingly or unknowingly, that you cannot control and have to live with
throughout the life of the project or work around them to achieve your
objectives. Constraints may help you bring the project to ground zero and
the real world rather than be forced into a ‘mission impossible’.
Risk or constraint?
Some typical constraints include:
• available budget and/or cash flow requirement;
• a business critical date when the project must be completed;
• minimum resources required and their availability;
• skills required and not available;
• external resources needed and their funding;
• senior management support and commitment.
10. DECIDE THE PRIMARY RESPONSE STRATEGY
With your team review the list of risks and separate them into three lists:
• Avoidance risks – risks that you can clearly see can be avoided by revising your
approach to the project. You may have to revise the initial schedule derived for the
business plan.
• Transfer risks – risks that could possibly be transferred to a third party for
management and monitoring such as suppliers and contractors.
• Residual risks – risks that can be managed and monitored within the project team.
These risks must then be listed on the Project Risk Log, using a separate Log for
each of the above types. Avoidance risks can take considerable time to correct.
The consequence could require a revision of the business case, which may lead to
more Residual risks being identified. Your primary focus is then on the Residual
risks and how these are managed. If you do need to revise the business case then it
must be approved by the PST.
11. QUANTIFYING THE RISKS
When you have derived your list of residual risks, work with your team, using
their experience to decide for each risk:
• the probability of occurrence on a scale of 0.0 to 1.0:
– 0.1 is low – most unlikely to happen;
– 1.0 is very high – essentially a certainty it will happen;
• the impact on the project if it does happen:
– 0.65–1.0 HIGH – significant effect on the schedule and project costs;
– 0.3–0.64 MEDIUM – less serious effect on the schedule, some effect on
costs;
– 0.1–0.29 LOW – some effect on schedule, little effect on costs.
12.
13. UNACCEPTABLE RISK – Signals a potential disaster. The project cannot proceed
without some immediate actions to reduce this risk ranking to lower the probability of
occurrence, either with alternative strategies or making significant decisions about cost,
schedule or scope.
HIGH RISK – Major impact on the project schedule and costs. Serious consequent
impact on other related projects. Likely to affect one or more project milestones. Must be
monitored regularly and carefully. Identify possible mitigation actions you can take now to
reduce the ranking or minimize the impact.
MEDIUM RISK – Significant impact on the project with possible impact on other projects.
Not expected to directly affect a project milestone. Review at each project meeting and
assess ranking. Monitor regularly to ensure it does not have indirect effects and turn into
a HIGH RISK.
LOW RISK – Not expected to have any serious impact in the project. Review regularly
for ranking and monitor. Low risks can change adversely.
14. The nature of the impact could cover a number of characteristics and it is
sometimes easier to focus on the cost, schedule and scope, in that order,
by asking:
• How does this risk impact the project cost?
• What is the potential impact on the schedule?
• What is the impact on our current scope?
Generally cost is preferred as a more definitive measure of impact since
higher costs are related to schedule and/or scope in some manner.
Deciding the impact is an increase in cost will help you to decide some
mitigation actions that could include reducing the scope in order to
maintain a schedule commitment later.
15. Risks that do not apparently have an impact on cost can eventually lead to
other risks with a cost impact.
This exposure to potential project loss must be subject to analysis to enable
effective decision making by the PST when considering continuation of the
project.
Record risk probability, impact and ranking on the project risk log.
16. RISK SCORE
The risk score is a useful way to prioritize the risks identified
and focus the team on the risks to monitor. For each risk:
Risk Score = (Risk Probability) × (Risk Impact) × 100
Record the score on the project risk log and ideally rearrange
the listing in order of the score to show the highest at the top of
the list.
17. WHAT DO I DO NOW?
Any risks ranked unacceptable must be closely analysed in more detail. For
unacceptable risks you should attempt to reduce the risk score deriving and
implementing a risk mitigation strategy with clear actions and action owners
to avoid or minimize the risk now. Record and track the actions on a risk
mitigation plan (see Figure 7.5).
If any such risks could cause project failure it may be necessary to reduce
the level of risk by recommending to your key stakeholders that some
changes to the definition are considered. No project should continue with
many such risks remaining.
Record the planned actions on a risk management plan (see Figure 7.6)
showing:
18. RISK OWNERSHIP
The risk management process is dominated by the essential assignment of an owner to every
risk ranked unacceptable and high. Do not attempt to take all this responsibility on yourself; it is
important to involve all the team members and utilize their specialist skills. In some
circumstances it is appropriate to assign one or more risks to the sponsor or other stakeholders.
The responsibilities include:
• ownership for response tracking and monitoring;
• completing the risk mitigation plan or risk management plan as appropriate;
• allocating specific actions to others with necessary skills when appropriate;
• agreeing completion dates for agreed actions with action owners;
• seeking approval of any completed risk mitigation plans or risk management plans;
• monitoring progress with the action plans;
• reviewing outcome of action plans and modifying actions if necessary;
• keeping the project manager informed on a regular basis of status of owned risks.
19. Every risk must be assigned an owner to monitor the risk and derive action
plans to avoid occurrence.
Successful risk management involves giving the risk owners appropriate
authority to do the work that only you as project manager can delegate. Risk
owners are often faced with taking decisions that cannot wait for management to
react. You are accountable to your sponsor for any risks that you assign to
yourself.
20. MONITORING RISKS
Once risks to the project have been identified and action plans derived, these
must be monitored to make sure prompt action is taken when appropriate.
Because Risks change with time project success is dependent on effective
monitoring and appropriate action plans to minimize the probability of
occurrence.
21. Effective monitoring is a key activity towards achieving success. If risks happen they become
issues that have a time-related cost impact. Unresolved issues do not disappear, they just
accumulate and threaten to drown the whole project. You must act promptly to avoid this
happening.
• Assign each risk to a team member who has the knowledge, experience and responsibility for
that part of the project most likely to be affected by the risk. Stress the importance of this
responsibility in relation to project success and avoiding losing effort on corrective actions after
the event has occurred.
• Insert ‘risk triggers’ in the project plans to focus the peak period of possible occurrence. For
example, if additional skilled extended team members are required in a certain part of the project,
there is a risk they may not be available on time. Insert a trigger in the plan several weeks ahead
of the timing of this need to focus actions to avoid the risk, rather than wait and see if everything
works out as planned.
• Create the ‘Look ahead watchlist’ from those risks listed on the risk log. As the project proceeds
you should review the risks at regular intervals and identify those risks that are expected could
occur in the next 4–6 weeks. Stress to the team the importance of watching for any signals that
one or more of these risks are about to hit your project.
22. ISSUES
An issue is a risk that has become a reality and needs to be
resolved promptly. Do not assume that issues only happen during
the execution phase. They often appear during the other phases of
a project and must be treated with equal importance.
23. SUMMARY
Ensure everyone appreciates the need for risk management and understands
the process. Spend time with your team to:
• Identify as many potential risks as possible
• Decide a primary risk response strategy
• Quantify all residual risks
• Derive Risk Mitigation and Risk Management plans
• Assign ownership of each risk to a team member
Ensure team members understand their responsibility as risk owners and know
what is expected of them.