Project risk management involves identifying potential risks, analyzing their likelihood and impact, and developing responses to address threats and opportunities. The key processes include planning risk management, identifying risks, performing qualitative and quantitative risk analyses to prioritize risks, and planning risk responses. Qualitative analysis involves assessing probability and impact, while quantitative analysis uses numerical methods to evaluate risk exposure and determine contingency reserves. Risks are continually monitored and the risk register updated throughout the project life cycle.
From Learning Tree International's workshop at Showcase Ontario 2011.
This presentation will provide information on defining clear Project goals & cover these 5 objectives:
Why we need clear project goals
The project life cycle
Goal statement and deliverables
Planning and managing implementation
Smooth project closure
The document discusses project portfolio management (PPM) as a holistic approach to strategically manage initiatives through balancing risk and value, aligning projects to strategy, and using a defined multi-stage life cycle from scoping to realization. PPM aims to select the optimal mix of projects based on cost, return, risk, and other factors to maximize portfolio value while balancing resources across the project portfolio.
The document discusses project risk management. It defines risk as the uncertainty of an action or activity that may impact project objectives. Project risk management is a systematic process used to identify, assess, and respond to risks to minimize negative impacts. The key steps in the risk management cycle are risk identification, assessment, prioritization, response, monitoring, and reporting. Risks should be regularly updated and communicated.
The term PMO has been around for many years but it stills creates confusion.
There is no standard definition of what a PMO is, even what some of the letters represent. A lack of common definition is acceptable, yet desirable since one-size does not fit all.
In this short presentation, the speaker will share his insights on PMO’s, purpose, mandates and why many PMO fails or are challenged. In addition, the speaker will discuss the critical link between PMO (Project Management Office) and OPM (Organizational Project Management) … closing with our hypothesis that unless the PMO own OPM, the organization will not achieve higher level of project management maturity and significantly enhance organization performance.
This document provides an overview of risk and issue management best practices. It discusses key concepts like the differences between risks and issues, how to prioritize them, and the overall process of identifying, analyzing, taking action, monitoring, reviewing, and reporting on risks and issues over the lifecycle of a project. The goal is to familiarize workshop participants with a standardized terminology and approach to proactively manage risks and issues in order to minimize potential impacts on a project.
Our Project Management Methodology is a planning methodology that highlights our premium tool-kit of tools & templates to help you develop a comprehensive approach to project management.
Presenter: Sunder Krishnan - IRDA
Risk Management Strategy
Risk Management Framework
Enhancement and Extension of risk framework across
Support to Risk Based Capital
Rating for ERM (Enterprise Risk Management)
Self Risk Management
Self Risk assessment across functions and decentralization
Facilitation process
Corroborative Risk Management
Automated Risk Management
Quantitative Risk Management tool
Embedding risk management in process, technology and trainings
From Learning Tree International's workshop at Showcase Ontario 2011.
This presentation will provide information on defining clear Project goals & cover these 5 objectives:
Why we need clear project goals
The project life cycle
Goal statement and deliverables
Planning and managing implementation
Smooth project closure
The document discusses project portfolio management (PPM) as a holistic approach to strategically manage initiatives through balancing risk and value, aligning projects to strategy, and using a defined multi-stage life cycle from scoping to realization. PPM aims to select the optimal mix of projects based on cost, return, risk, and other factors to maximize portfolio value while balancing resources across the project portfolio.
The document discusses project risk management. It defines risk as the uncertainty of an action or activity that may impact project objectives. Project risk management is a systematic process used to identify, assess, and respond to risks to minimize negative impacts. The key steps in the risk management cycle are risk identification, assessment, prioritization, response, monitoring, and reporting. Risks should be regularly updated and communicated.
The term PMO has been around for many years but it stills creates confusion.
There is no standard definition of what a PMO is, even what some of the letters represent. A lack of common definition is acceptable, yet desirable since one-size does not fit all.
In this short presentation, the speaker will share his insights on PMO’s, purpose, mandates and why many PMO fails or are challenged. In addition, the speaker will discuss the critical link between PMO (Project Management Office) and OPM (Organizational Project Management) … closing with our hypothesis that unless the PMO own OPM, the organization will not achieve higher level of project management maturity and significantly enhance organization performance.
This document provides an overview of risk and issue management best practices. It discusses key concepts like the differences between risks and issues, how to prioritize them, and the overall process of identifying, analyzing, taking action, monitoring, reviewing, and reporting on risks and issues over the lifecycle of a project. The goal is to familiarize workshop participants with a standardized terminology and approach to proactively manage risks and issues in order to minimize potential impacts on a project.
Our Project Management Methodology is a planning methodology that highlights our premium tool-kit of tools & templates to help you develop a comprehensive approach to project management.
Presenter: Sunder Krishnan - IRDA
Risk Management Strategy
Risk Management Framework
Enhancement and Extension of risk framework across
Support to Risk Based Capital
Rating for ERM (Enterprise Risk Management)
Self Risk Management
Self Risk assessment across functions and decentralization
Facilitation process
Corroborative Risk Management
Automated Risk Management
Quantitative Risk Management tool
Embedding risk management in process, technology and trainings
This document discusses project risk management for an IT project management course. It defines risk management and identifies key risk management processes: planning, identification, analysis, response planning, and monitoring/control. Various risk analysis techniques are described like probability/impact matrices and decision trees. The goal of risk management is to minimize negative risks while maximizing positive opportunities through risk avoidance, acceptance, transference, or mitigation strategies.
The document discusses the purpose and setup of a Project Management Office (PMO). It states that a PMO aims to standardize processes, provide governance and oversight of projects, and help align projects with business strategy. The document outlines the typical services a PMO provides, such as resource management, portfolio management, and reporting. It also discusses how a PMO's processes and goals evolve over the near, medium and long term to eventually establish common development practices, centralized project planning, and continuous process improvements.
Performance-Based Management
integrates Principles, Practices, and Processes
– to assure actionable information is provided to the decision makers that can increase the Probability Of Program Success.
Successful projects deliver capabilities:
§ Not work efforts,
§ Not cost expenditures,
§ Not documentation, test results, or the processes.
§ These all needed, but they’re not the deliverables.
§ For success projects must deliver tangible beneficial outcomes, assessed in units of measure meaningful to the decision makers.
This slide deck is an extract from the Book of the same name https://www.amazon.com/Performance-Based-Project-Management-Increasing-Probability/dp/0814433308
1. Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project objectives.
2. 66% of IT projects fail, come over budget, or run past deadlines, wasting $55 billion annually in the US.
3. Successful project management requires defining project scope, schedule, costs, quality standards, and risks as well as tracking performance against the project plan.
1. Project risk management involves identifying, analyzing, and responding to risks throughout the project lifecycle to meet objectives.
2. Key steps include risk management planning, identification, qualitative analysis using techniques like probability/impact matrices, quantitative analysis using decision trees and expected monetary value, response planning, and monitoring and control.
3. Software tools can assist with creating risk registers and conducting quantitative analysis, while the overall goal is to run projects smoothly so risk management efforts go unnoticed.
Presentation for Association for Information Systems (AIS) - Indonesia Chapter on 13th August 2016 at Hotel Inna Garuda Yogyakarta, Indonesia.
Presentation Duration: 3 hours
Presentation Content: This presentation describes Software Development Life Cycle on the perspective of Processes and Knowledge Area in Project Management Body of Knowledge (PMBoK) Guide 5th Edition.
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
The document discusses project portfolio management (PPM). It outlines the core objectives of PPM as maximizing value by selecting projects with the greatest value and allocating resources effectively, achieving balance by ensuring an appropriate mix of projects, and strategic alignment by ensuring projects contribute to the overall business strategy. It identifies challenges to implementation such as lack of strategy understanding, resource conflicts, and organizational politics. It also outlines limitations, roles and responsibilities in PPM, and critical success factors.
The document provides an overview of risk management fundamentals and processes. It defines risk, outlines the benefits of a risk management framework, and describes the key components of establishing and implementing an effective risk management system, including:
- Establishing the organizational context and risk criteria
- Identifying, analyzing, and evaluating risks
- Developing and implementing risk treatment plans
- Monitoring and reviewing the risk management process on an ongoing basis
The document discusses key concepts in project management. It defines a project as a temporary endeavor undertaken to create a unique product or service. A project has a definite beginning and end, and is a new undertaking. The document outlines the typical phases of a project life cycle including conception, definition, planning, implementation, and closeout. It also discusses important areas of project management like scope, time, cost, quality management. Project management aims to deliver projects according to the triple constraint of scope, time and cost, while meeting quality standards. The document provides examples of tools and techniques used in project management.
The Project Management Office - Effectiveness and Delivering ValueMatthew Hillhouse
This whitepaper examines the question of whether PMOs are, in fact, negative entities and lack organizational worth. Or, is it possible to effectively leverage a PMO and deliver value to the organization?
This document provides an overview of software project management. It discusses that software development requires management due to budget and schedule constraints. Project management activities include proposal writing, planning, costing, monitoring, personnel selection, and reporting. Techniques from engineering project management can also apply to software projects. Calculating the critical path and using techniques like PERT are important for scheduling projects and accounting for uncertainty in duration estimates. Float refers to slack time in a project schedule where tasks can be delayed without impacting subsequent tasks or the overall completion date.
The document outlines a complete kit to set up initiatives portfolio management including:
1) Establishing a strategic decision making framework and governance process to prioritize non-drug projects similarly to drug development projects.
2) Assigning project management leadership to get resources, drive projects, and ensure they pass tollgates.
3) Having a roadmap of tollgate decisions for projects in the initiatives portfolio.
Planning and strategic planning involve thinking about and organizing activities to achieve goals. Strategic planning determines objectives, resources, and policies to attain objectives. It involves analyzing internal strengths and weaknesses as well as external opportunities and threats. Common strategic planning tools include TOWS matrix, BCG matrix, Porter's analysis, and SERVO analysis. The TOWS matrix develops strategies by matching strengths/weaknesses with opportunities/threats. The BCG matrix evaluates products based on market growth and share. Porter's analysis identifies low-cost/differentiation focus strategies. SERVO examines strategy, environment, resources, values, and organization interactions.
Change occurs in almost every project. It may come in the form to increased project scope, decreased budgets, or accelerated timelines. With all of these opportunities for change, project managers must be prepared to adjust the project plan in response to change. Unfortunately, ineffective project change management practices is one of the most common sources of project failure. Project managers must become better equipped at responding to change in order to increase project success. In this presentation the need for project change management is identified and several tools and strategies for effectively dealing with project change are presented.
PMBOK® Guide 5th edition Processes Flow in English - Simplified VersionRicardo Viana Vargas
THERE'S A NEW VERSION AVAILABLE: https://www.slideshare.net/ricardo.vargas/pmbok-guide-processes-flow-6th-edition-simplified-version
In this simplified version of the PMBOK® Guide 5th edition Processes Flow only the 47 processes names are show, without their inputs, tools and techniques and outputs.
This document provides templates and information for developing a risk mitigation strategy and plan. It includes templates for a risk register, risk assessment scoring, risk analysis, risk response plans, risk mitigation strategies, and risk tracking. The overall goal is to help identify potential risks, analyze their likelihood and impact, develop plans to address high priority risks, and monitor risk mitigation efforts.
The document discusses project risk management. It provides an overview of the risk management process, including the key inputs, tools and techniques, and outputs of each process. Specifically, it describes the processes of risk planning, identification, analysis, and monitoring. It defines risk and outlines the objectives of risk management. It also provides details about developing a risk management plan, identifying risks, performing qualitative analysis using tools like probability/impact matrices, and updating the risk register.
Risk Identification is the process of determining risks that could affect a project. Participants include the project manager, team, risk management team, subject matter experts, customers, end users, and other stakeholders. Risks are identified through iterative processes as the project progresses. Inputs include the project scope statement, risk management plan, and project management plan. Tools used include documentation reviews, brainstorming, checklists, and diagrams. The output is a risk register listing identified risks, potential responses, and risk categories.
This document discusses project risk management for an IT project management course. It defines risk management and identifies key risk management processes: planning, identification, analysis, response planning, and monitoring/control. Various risk analysis techniques are described like probability/impact matrices and decision trees. The goal of risk management is to minimize negative risks while maximizing positive opportunities through risk avoidance, acceptance, transference, or mitigation strategies.
The document discusses the purpose and setup of a Project Management Office (PMO). It states that a PMO aims to standardize processes, provide governance and oversight of projects, and help align projects with business strategy. The document outlines the typical services a PMO provides, such as resource management, portfolio management, and reporting. It also discusses how a PMO's processes and goals evolve over the near, medium and long term to eventually establish common development practices, centralized project planning, and continuous process improvements.
Performance-Based Management
integrates Principles, Practices, and Processes
– to assure actionable information is provided to the decision makers that can increase the Probability Of Program Success.
Successful projects deliver capabilities:
§ Not work efforts,
§ Not cost expenditures,
§ Not documentation, test results, or the processes.
§ These all needed, but they’re not the deliverables.
§ For success projects must deliver tangible beneficial outcomes, assessed in units of measure meaningful to the decision makers.
This slide deck is an extract from the Book of the same name https://www.amazon.com/Performance-Based-Project-Management-Increasing-Probability/dp/0814433308
1. Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project objectives.
2. 66% of IT projects fail, come over budget, or run past deadlines, wasting $55 billion annually in the US.
3. Successful project management requires defining project scope, schedule, costs, quality standards, and risks as well as tracking performance against the project plan.
1. Project risk management involves identifying, analyzing, and responding to risks throughout the project lifecycle to meet objectives.
2. Key steps include risk management planning, identification, qualitative analysis using techniques like probability/impact matrices, quantitative analysis using decision trees and expected monetary value, response planning, and monitoring and control.
3. Software tools can assist with creating risk registers and conducting quantitative analysis, while the overall goal is to run projects smoothly so risk management efforts go unnoticed.
Presentation for Association for Information Systems (AIS) - Indonesia Chapter on 13th August 2016 at Hotel Inna Garuda Yogyakarta, Indonesia.
Presentation Duration: 3 hours
Presentation Content: This presentation describes Software Development Life Cycle on the perspective of Processes and Knowledge Area in Project Management Body of Knowledge (PMBoK) Guide 5th Edition.
Integrating Strategy and Risk ManagementAndrew Smart
"A Holistic Approach to Managing Risk amidst Global Uncertainty"
The RMA/Cass Business School
10–14 February 2013
Advanced Risk Management Programme
Organised by Andrew Smart & Nicholas Hawke
In today’s fast-moving, complex environment, risk executives must cultivate an understanding across all risks and businesses. Business problems are multifaceted, interrelated, and increasingly global. Executives must possess enhanced skills to identify and address a wide range of risks with an integrated approach and enterprise-wide perspective.
The RMA/Cass Advanced Risk Management Programme, led by the faculty at Cass, one of the UK’s top business schools, exposes participants to a rigorous, yet inspiring blend of theory, practice and cutting-edge research, instilling knowledge and skills applicable to the real world of global business. In addition to its focus on the known and quantifiable risks of credit, market, and operational, the programme concentrates on the unknowable and difficult to measure risks, including business, strategic, and reputation. Cass has excellent links to the City of London firms and institutions and is able to complement Cass faculty with guest faculty and senior level business practitioners, considered by their peers to be industry thought leaders
Areas of focus for The RMA/Cass Advanced Risk Management Programme include:
• Risk management as a strategic competitive strength
• An integrated approach to risk management
• Fostering a culture and climate that openly communicates risk
• A framework for rapidly responding to known risks and unraveling the complexities of the unknown
• A focus on risk informed by global perspectives.
The document discusses project portfolio management (PPM). It outlines the core objectives of PPM as maximizing value by selecting projects with the greatest value and allocating resources effectively, achieving balance by ensuring an appropriate mix of projects, and strategic alignment by ensuring projects contribute to the overall business strategy. It identifies challenges to implementation such as lack of strategy understanding, resource conflicts, and organizational politics. It also outlines limitations, roles and responsibilities in PPM, and critical success factors.
The document provides an overview of risk management fundamentals and processes. It defines risk, outlines the benefits of a risk management framework, and describes the key components of establishing and implementing an effective risk management system, including:
- Establishing the organizational context and risk criteria
- Identifying, analyzing, and evaluating risks
- Developing and implementing risk treatment plans
- Monitoring and reviewing the risk management process on an ongoing basis
The document discusses key concepts in project management. It defines a project as a temporary endeavor undertaken to create a unique product or service. A project has a definite beginning and end, and is a new undertaking. The document outlines the typical phases of a project life cycle including conception, definition, planning, implementation, and closeout. It also discusses important areas of project management like scope, time, cost, quality management. Project management aims to deliver projects according to the triple constraint of scope, time and cost, while meeting quality standards. The document provides examples of tools and techniques used in project management.
The Project Management Office - Effectiveness and Delivering ValueMatthew Hillhouse
This whitepaper examines the question of whether PMOs are, in fact, negative entities and lack organizational worth. Or, is it possible to effectively leverage a PMO and deliver value to the organization?
This document provides an overview of software project management. It discusses that software development requires management due to budget and schedule constraints. Project management activities include proposal writing, planning, costing, monitoring, personnel selection, and reporting. Techniques from engineering project management can also apply to software projects. Calculating the critical path and using techniques like PERT are important for scheduling projects and accounting for uncertainty in duration estimates. Float refers to slack time in a project schedule where tasks can be delayed without impacting subsequent tasks or the overall completion date.
The document outlines a complete kit to set up initiatives portfolio management including:
1) Establishing a strategic decision making framework and governance process to prioritize non-drug projects similarly to drug development projects.
2) Assigning project management leadership to get resources, drive projects, and ensure they pass tollgates.
3) Having a roadmap of tollgate decisions for projects in the initiatives portfolio.
Planning and strategic planning involve thinking about and organizing activities to achieve goals. Strategic planning determines objectives, resources, and policies to attain objectives. It involves analyzing internal strengths and weaknesses as well as external opportunities and threats. Common strategic planning tools include TOWS matrix, BCG matrix, Porter's analysis, and SERVO analysis. The TOWS matrix develops strategies by matching strengths/weaknesses with opportunities/threats. The BCG matrix evaluates products based on market growth and share. Porter's analysis identifies low-cost/differentiation focus strategies. SERVO examines strategy, environment, resources, values, and organization interactions.
Change occurs in almost every project. It may come in the form to increased project scope, decreased budgets, or accelerated timelines. With all of these opportunities for change, project managers must be prepared to adjust the project plan in response to change. Unfortunately, ineffective project change management practices is one of the most common sources of project failure. Project managers must become better equipped at responding to change in order to increase project success. In this presentation the need for project change management is identified and several tools and strategies for effectively dealing with project change are presented.
PMBOK® Guide 5th edition Processes Flow in English - Simplified VersionRicardo Viana Vargas
THERE'S A NEW VERSION AVAILABLE: https://www.slideshare.net/ricardo.vargas/pmbok-guide-processes-flow-6th-edition-simplified-version
In this simplified version of the PMBOK® Guide 5th edition Processes Flow only the 47 processes names are show, without their inputs, tools and techniques and outputs.
This document provides templates and information for developing a risk mitigation strategy and plan. It includes templates for a risk register, risk assessment scoring, risk analysis, risk response plans, risk mitigation strategies, and risk tracking. The overall goal is to help identify potential risks, analyze their likelihood and impact, develop plans to address high priority risks, and monitor risk mitigation efforts.
The document discusses project risk management. It provides an overview of the risk management process, including the key inputs, tools and techniques, and outputs of each process. Specifically, it describes the processes of risk planning, identification, analysis, and monitoring. It defines risk and outlines the objectives of risk management. It also provides details about developing a risk management plan, identifying risks, performing qualitative analysis using tools like probability/impact matrices, and updating the risk register.
Risk Identification is the process of determining risks that could affect a project. Participants include the project manager, team, risk management team, subject matter experts, customers, end users, and other stakeholders. Risks are identified through iterative processes as the project progresses. Inputs include the project scope statement, risk management plan, and project management plan. Tools used include documentation reviews, brainstorming, checklists, and diagrams. The output is a risk register listing identified risks, potential responses, and risk categories.
For your project to be successful you need to think and account for Risk (Opportunities and Threats) beforehand, so you are ready when they happen and you do not panic.
Heba is following a risk mitigation strategy to respond to the identified risk of resource attrition on a software migration project at a bank. Mitigation strategies aim to reduce the probability and/or impact of adverse risks. Specifically, Heba is providing good increments to team members, which helps retain resources and mitigate the risk of attrition. Quantitative risk analysis uses modeling techniques like decision trees and Monte Carlo simulation to numerically analyze the effects of risks on project objectives. If the team cannot identify a suitable risk response strategy, the default is typically risk acceptance, where the project management plan is not changed to account for that risk.
This document provides a summary of a course on risk management. It outlines the course objectives, expected outcomes, skills developed, required materials, instructional methods, schedule, assessment criteria, resources, and instructor contact information. The course objectives focus on planning, identification, analysis, responses, monitoring and control of risks on a project. It will be taught through lectures, demonstrations, discussions, and projects. Assessment will include weekly assignments, projects, quizzes, and a final exam. The instructor can be contacted by email or during posted office hours.
Kumar Bishwakarma gave a presentation on the basics of risk management. He discussed (1) reactive and proactive risk handling strategies, with reactive focusing on problems after they occur and proactive identifying risks in advance. He also covered (2) software risks like project, technical, business, known, predictable and unpredictable risks. Finally, he explained the process of (3) risk identification, projection, assessment, refinement, and developing a risk management, mitigation, monitoring and management plan to address risks throughout a project.
The presentation about Project Risk Management conducted by Mr. Mohamad Boukhari for the project management community in Lebanon during PMI Lebanon Chapter monthly lecture.
This document discusses various tools and techniques for project risk management. It covers the key steps in risk management including risk planning, identification, analysis, response, and monitoring. Some common tools for risk identification include brainstorming, checklists, and SWOT analysis. Qualitative analysis involves assessing probability and impact, while quantitative analysis uses expected monetary value and decision trees to assign numerical values to risk. Risk responses can involve avoiding, transferring, mitigating, or accepting risks. Commercial risk management software tools are also listed.
The document discusses the key processes in project risk management: planning risk management, identifying risks, performing qualitative and quantitative risk analysis, planning risk responses, and monitoring and controlling risks. It provides details on each process, including inputs, tools and techniques, and outputs. The overall aim is to understand how to approach risk management in projects by identifying risks, analyzing them, developing responses, and continuously monitoring risks and the effectiveness of responses throughout the project lifecycle.
Project Risk Management ( With :Decision tree analysi,Simulation,Sensitivity ...IndraYu2
This document discusses project risk management. It defines risk management and explains its importance in improving project success. It outlines the six main processes in project risk management: 1) risk management planning, 2) risk identification, 3) qualitative risk analysis, 4) quantitative risk analysis, 5) risk response planning, and 6) risk monitoring and control. Key tools and techniques are described for each process, such as using a risk register, probability/impact matrices, and decision trees. The benefits of effective risk management include appearing to run projects effortlessly.
This document discusses project risk management. It defines risk as an uncertain event that can positively or negatively impact project objectives. Risk management is the systematic process of identifying, analyzing, and responding to project risks. The six processes of risk management are: 1) plan risk management, 2) identify risks, 3) perform qualitative risk analysis, 4) perform quantitative risk analysis, 5) plan risk responses, and 6) monitor and control risks. Tools used include risk breakdown structures, probability and impact matrices to assess risks, and decision trees to evaluate responses. The goal is to prioritize and respond to risks to help ensure project success.
This document discusses risk management in software engineering projects. It covers risk identification, estimation of probability and impact, and developing a risk management, monitoring and mitigation plan. Key aspects include categorizing risks, using checklists to identify known and predictable risks, estimating probability and impact on a scale, prioritizing risks, and developing contingency plans to reduce risks with high probability and impact. The goal is to take proactive steps to avoid risks and have plans in place to manage unavoidable risks in a controlled manner.
This document discusses risk management in software engineering projects. It covers risk identification, risk projection/estimation, and risk mitigation, monitoring and management. Key points include defining risk, categorizing risks as project, technical or business risks, using checklists and questionnaires to identify known and predictable risks, estimating the probability and impact of risks, and developing a risk management plan to mitigate high-probability, high-impact risks.
The document discusses risk management in software engineering projects. It covers risk identification by using risk checklists and questionnaires to determine known and predictable risks. It then discusses risk projection, which estimates the probability and impact of identified risks. Finally, it discusses developing a risk mitigation, monitoring, and management plan to proactively address risks through avoidance, monitoring, and contingency planning. The overall goal is to prioritize and systematically manage risks to avoid issues and keep projects on track.
The document discusses project risk management and outlines the key steps: plan risk management, identify risks and opportunities, perform qualitative and quantitative risk analysis, plan risk responses, implement responses, and monitor risks. It defines risks as uncertain future events that could negatively impact objectives and opportunities as uncertain future events that could positively impact objectives. The risk assessment process determines the probability of a risk occurring and its potential impact. A risk matrix is provided as an example to assess risks based on probability and impact. The goal of risk management is to reduce risks and exploit opportunities to increase the likelihood of project success.
This document outlines the six steps of project risk management: 1) plan risk management, 2) identify risks, 3) perform qualitative risk analysis, 4) perform quantitative risk analysis, 5) plan risk responses, and 6) monitor and control risks. It describes the inputs, tools and techniques, and outputs of each step. The overall purpose is to systematically manage potential threats and opportunities to achieving the objectives of a project.
Review of Enterprise Security Risk ManagementRand W. Hirt
The document discusses enterprise security risk management and provides details on the risk assessment process. It defines risk as the likelihood of an adverse event occurring multiplied by the impact. Risk management aims to identify and mitigate risks to acceptable levels. The risk assessment process involves determining scope, gathering information, assessing risks, recommending controls, and determining residual risk. Controls can reduce risk through preventative, detective or corrective measures. Ongoing monitoring ensures the organization's risk posture remains consistent over time.
This document outlines a risk assessment methodology for organizations. It discusses how risk assessments are often not implemented formally or do not provide practical advice. The presented method uses foundation documents, risk evaluation criteria, and a multi-round review process called the Delphic Technique to provide a standardized risk assessment. It recommends developing reusable templates, defining assessment scope and objectives, using the methodology to identify and evaluate risks, and creating formal treatment plans. Time is included as a variable to show changing risks over time. The goal is for assessments to identify practical risk reduction options.
This document discusses robot actuation and feedback components, including electric motors and servo motors. It provides details on different types of DC motors like series wound, shunt wound, compound wound, and separately excited motors. It also covers stepper motors, explaining their specifications and full step and half step commutation sequences. Servo motors are defined as motors that can rotate with precision using a closed-loop feedback system to control the shaft position. Applications of different motor types are also listed.
- Nyquist plots are used to determine the stability of closed-loop control systems by analyzing the open-loop transfer function's frequency response.
- The Nyquist stability criterion relates the number of encirclements of the (-1,0) point on the Nyquist plot to the number of open-loop poles in the right half-plane.
- If the number of encirclements equals the number of open-loop poles in the right half-plane, the system is stable. Otherwise it is unstable.
This document discusses the Routh-Hurwitz stability criterion for determining the stability of linear time-invariant systems. It introduces the Routh array method, where the number of sign changes in the first column of the Routh array corresponds to the number of roots in the open right half-plane. Several examples demonstrate applying the Routh-Hurwitz criterion to polynomials of different orders to determine stability. Exercises are provided to reinforce applying the Routh-Hurwitz criterion to control system examples using the Routh array.
LECTURE 1. Control Systems Engineering_MEB 4101.pdfMUST
This document provides an overview of the course "Control Systems Engineering". It discusses key topics that will be covered, including control systems terminology and definitions, modeling and performance, dynamic response, stability criteria and analysis, feedback control system analysis and design, practical aspects of control systems, and measuring systems. The course content is divided into 7 modules that will cover these essential control systems engineering concepts and applications. Students will be continuously assessed and have an end of semester exam.
Stability criteria and Analysis_Control Systems Engineering_MEB 4101.pdfMUST
This document provides an overview of stability criteria and analysis for control systems engineering. It discusses topics like transfer functions, poles and zeros, stability definitions, Routh-Hurwitz stability criterion, and using the Routh array to analyze system stability based on the characteristic equation. Examples are provided to demonstrate identifying poles and zeros, checking if systems satisfy necessary stability conditions, and using the Routh table to determine stability.
LECTURE 3_On-off_Control Systems Engineering_MEB 4101.pptxMUST
This document provides an overview of on-off and continuous control systems for mechanical, thermal, and chemical systems. It discusses how an on-off controller works by switching fully on when the error is positive and fully off when the error is zero or negative. As an example, it describes how an on-off controller could be used to control the temperature of an industrial oven by turning the heating elements fully on or fully off based on the difference between the setpoint and measured temperatures. The document also notes that systems have characteristics like dead time and capacitance that affect how quickly a controller can respond to disturbances.
LECTURE 4. Stability criteria and Analysis_Control Systems Engineering_MEB 41...MUST
This document discusses stability criteria and analysis for control systems engineering. It covers topics like transfer functions, poles and zeros, stability definitions, and the Routh-Hurwitz stability criterion. The Routh-Hurwitz criterion provides a systematic way to determine if a system is stable by constructing an array from the coefficients of the characteristic equation and checking that the first column entries are all positive. The document provides examples of analyzing stability for different characteristic equations using these concepts.
The document discusses various types of actuators and drive systems used in industrial robotics. It describes pneumatic, hydraulic, and electric drive systems, focusing on servo drives. For electric drives it covers stepper motors, DC motors, AC motors, and direct drive motors. It provides details on operation, benefits, disadvantages, and examples of each type of actuator and drive system. The goal is to help understand the options for moving and positioning robot components.
Module 1 discusses process control concepts including mathematical models of processes, control actions, and controller modes. It describes first and higher order processes, interacting and non-interacting systems, and continuous and batch processes. The basic control actions of on-off, proportional, integral, and derivative control modes are covered as well as combined P+I, P+D, and P+I+D control modes. Both pneumatic and electronic controllers used to realize various control actions are introduced.
The document discusses project procurement management. It covers planning procurement management, which involves documenting procurement decisions, specifying the approach, and identifying potential sellers. It also covers conducting procurements, which involves obtaining seller responses, selecting a seller, and awarding a contract. Finally, it discusses controlling procurements, which involves managing procurement relationships, monitoring contract performance, and closing out contracts. The document provides details on the key processes, inputs, tools and techniques, and outputs for project procurement management.
This document discusses project cost management. It defines key concepts like earned value management, life cycle costing, and value analysis. It outlines the four main processes for project cost management: plan cost management, estimate costs, determine budget, and control costs. It also discusses trends like expanding earned value management to include earned schedule and tailoring considerations for areas like knowledge management, estimating and budgeting, and governance.
This document discusses key elements of effective contract management. It begins with defining what a contract is and explaining the contract management life cycle. It then discusses several important aspects of contract management including planning and information collection, contract administration, performance monitoring, relationship management, and issues that can arise at each stage of the contract management life cycle from procurement to closure. Effective contract management requires identifying risks, setting clear performance measures, maintaining strong communication between parties, and having dispute resolution procedures in place.
This document discusses project procurement management. It covers the importance of procurement management and outlines the key processes involved: procurement planning, solicitation planning, solicitation, source selection, contract administration, and contract close-out. It also discusses the use of tools like requests for proposals, evaluation criteria, and software to assist with procurement management.
This document provides an overview of Module 11 on Project Risk Management. It covers 8 lessons: (1) key concepts and terms, (2) plan risk management, (3) identify risks, (4) perform qualitative risk analysis, (5) perform quantitative risk analysis, (6) plan risk responses, (7) implement risk responses, and (8) monitor risks. The module defines risk management and its processes. It discusses risk types, tools and techniques for risk planning, identification, analysis, response planning, implementation, and monitoring. The goal is to increase positive risks and decrease negative risks to optimize project success.
1) The document discusses the natural response of first and second order systems. For first order systems described by Ty0 + y = 0, the natural response is an exponential decay or growth given by y(t) = y(0)e-t/T.
2) For second order systems described by ay00 + by0 + cy = 0, the natural response depends on the roots of the characteristic polynomial as2 + bs + c. Real distinct roots yield a response as a sum of exponentials. Real equal roots yield a response as exponentials plus a decaying term. Complex roots yield a decaying or growing sinusoidal response.
3) A second order system is stable if the roots of
The document provides a history of robotics from ancient times to modern day. Some key points include:
- The first known robot was created around 400-350 BC by Archita and was a steam-powered pigeon.
- In the 18th century, automatons like Jaquet-Droz's Writer and Musician were created using intricate mechanisms.
- In 1898, Nikola Tesla invented and demonstrated the first remote controlled vessel, pioneering remote controlled robotics.
- Alan Turing formalized the concept of the algorithm and computation with the Turing machine in 1936, laying foundations for modern computers.
- In 1960, the first industrial robot, Unimate, was introduced to perform
This document discusses machine vision systems, which use integrated electronic components, computer hardware, and software algorithms to process and analyze images captured from their environment. The data is then used to control and automate processes or inspect products. Machine vision systems are composed of five main components - a camera, lighting, optics, image processing hardware and software. They are widely used in manufacturing for tasks like inspection that would otherwise be too slow, expensive or error-prone if done manually.
This document discusses project human resource management. It covers the importance of good HR management, defining project HR management and its key processes. These include human resource planning, acquiring the project team, developing the team, and managing the team. It also summarizes several theories on motivation from Maslow, Herzberg, McClelland, and McGregor. Additionally, it discusses tools for organizational planning, acquiring staff, developing the team through training, and managing the team.
This 3-sentence document summary provides information about a course on robot actuation and feedback components. The course code is ME 6320 and is worth 6 credits. It was prepared by Masoud Kamoleka Mlela who has a BSc in Electromechanical Engineering from the University of Dar es Salaam, an MSc in Renewable Energy also from the University of Dar es Salaam, and a PhD in Mechanical Engineering from Hebei University of Technology in China.
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Public speaking transcends mere eloquence; it serves as the medium through which leaders articulate their vision, inspire action, and foster engagement. For leaders, refining public speaking skills is essential, elevating their ability to influence, persuade, and lead with resolute conviction. Here are some key tips to consider: https://joellandau.com/the-public-speaking-tips-to-help-you-be-a-stronger-leader/
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During an organizational transformation, the shift is from the previous state to an improved one. In the realm of agility, I emphasize the significance of identifying polarities. This approach helps establish a clear understanding of your objectives. I have outlined 12 incremental actions to delineate your organizational strategy.
Sethurathnam Ravi: A Legacy in Finance and LeadershipAnjana Josie
Sethurathnam Ravi, also known as S Ravi, is a distinguished Chartered Accountant and former Chairman of the Bombay Stock Exchange (BSE). As the Founder and Managing Partner of Ravi Rajan & Co. LLP, he has made significant contributions to the fields of finance, banking, and corporate governance. His extensive career includes directorships in over 45 major organizations, including LIC, BHEL, and ONGC. With a passion for financial consulting and social issues, S Ravi continues to influence the industry and inspire future leaders.
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.
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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
1. 11 - Project Risk Management
Project Management Training
Created by ejlp12@gmail.com, June 2010
2. Project Risk Management
Knowledge
Area
Process
Initiating Planning Executing Monitoring & Contol Closing
Risk
Plan Risk Management
Identify Risk
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Response
Monitor and Control Risks
Enter phase/
Start project
Exit phase/
End project
Initiating
Processes
Closing
Processes
Planning
Processes
Executing
Processes
Monitoring &
Controlling Processes
3. Project Risk Management
• Risk is an uncertain event or condition that, if occurs, has an effect
on at least one project objective.
• Risk management objectives:
– increase the probability and impact of positive events (opportunities).
– decrease the probability and impact of negative events (threat).
• Terms & concepts:
– Uncertainty: a lack of knowledge about an event that reduces confidence
– Risk averse: someone who does not want to take risks.
– Risk tolerances: area of risk that are acceptable/unacceptable.
– Risk thresholds: the point at which a risk become unacceptable
• Remember that in this area there is no activity in executing process group
4. Project Risk Management
Risk factors
1.
The probability
that it will occur
2.
The range of
possible
outcome
(impact)
3.
Expected
timing (when)
in the project
life cycle
4.
The anticipated
frequency of
risk event
(how often)
5. 11.1 Plan Risk Management
• The process of defining how to conduct risk management activities for a
project.
Inputs
1. Project scope statement
2. Cost management plan
3. Schedule management
plan
4. Communication
management plan
5. Enterprise environmental
factors
6. Organizational process
assets
Tools &
Techniques
1. Planning meetings and
analysis
Outputs
1. Risk management plan
6. Plan Risk Management
• Importance of Risk Management Planning
– Ensure that the degree, type, and visibility of risk management are commensurate
– Provide sufficient resource and time for risk management activities
– Establish an agreed-upon basis for evaluating risk
• Risk Categories
– A standard list of risk categories can help to make sure areas of risk are not forgotten.
– Companies and PMO should have standard list of risk categories to help identify risk.
• 2 Main type of Risk
– Business – Risk of gain or loss
– Pure (insurable) risk – Only a risk of loss (i.e. fire, theft, personal injury, etc)
• Sources of risk = risk categories
• Risk categories may be structured into Risk Breakdown Structure (RBS)
7. Risk Management Plan
• Risk management plan describe how risk management will be structured and
performed on the project.
• Subset of project management plan.
• May includes:
Methodology
Roles & responsibilities
Budgeting
Timing
Risk categories.
Definition of probability and impact
Stakeholder tolerances
Reporting formats
Tracking
Probability and impact matrix (?)
8. 8.2 Identify Risk
• The process of obtaining seller responses, selecting a seller, and awarding a
contract.
Inputs
1. Project management
plan
2. Procurement
documents
3. Source selection criteria
4. Qualified seller list
5. Seller proposals
6. Project documents
7. Make-or-buy decisions
8. Teaming agreements
9. Organizational process
assets
Tools &
Techniques
1. Documentation reviews
2. Information gathering
techniques
3. Checklist analysis
4. Assumptions analysis
5. Diagramming
techniques
6. SWOT analysis
7. Expert judgment
Outputs
1. Risk register
Q: Who should be involved in risk
identification?
A: EVERYONE
9. Identify Risk
• Risk should be continually reassessed (iterative) such as in integrated change
control activity, when working with resources, when dealing with issues.
• Information gathering techniques
– Brainstorming
– Delphi technique: Expert participate anonymously; facilitator use questionnaire; consensus may
be reached in a few rounds; Help reduce bias in the data and prevent influence each others.
– Interviewing: interviewing experts, stakeholders, experienced PM
– Root cause analysis: Reorganizing the identified risk by their root cause may help identify more
risks
• Checklist analysis: checklist developed based on accumulated historical information from previous
similar project
• Assumption analysis: identify risk from inaccuracy, instability, inconsistency, incompleteness.
• SWOT analysis – Strengths, Weaknesses, Opportunities, Threats
10. Diagramming techniques
• Cause and effect diagrams (fish-bone diagram)
• System or process flow charts.
• Influence diagrams
– show the casual influences among project variables, the timing or time ordering of events, and the
relationships among other project variables and their outcomes.
– excellent for displaying a decision’s structure
Described in Quality Management
Risk Register
• After Indentify Risk process the output is initial entries into the risk register. It
includes:
List of risk
List of POTENTIAL responses
Root causes of risks
Updated risk categories
11. 11.3 Perform Qualitative Risk Analysis
• The process of prioritizing risks for further analysis of action by assessing
and combining their probability of occurrence and impact.
Inputs
1. Risk register
2. Risk management plan
3. Project scope statement
4. Organizational process
assets
Tools &
Techniques
1. Risk probability and
impact assessment
2. Probability and impact
matrix
3. Risk data quality
assessment
4. Risk categorization
5. Risk urgency
assessment
6. Expert judgment
Outputs
1. Risk register updates
12. Qualitative Risk Analysis
• Help to focus on high priority risks
• A subjective analysis
• Analysis using…
– Relative probability or likelihood of occurrence
– Impact on project objective
– Time frame response
– Organization’s risk tolerance
– Etc.
• Can be also used to:
– Compare risk to the overall risk of other projects
– Determine whether the project should be selected, continued or terminated.
– Determine whether to proceed to Perform Quantitative Risk Analysis
13. No Category Description of Risk IMPACT
PROBA
BILITY
RISK
LEVEL
1 Resource Testing environment not available 4 B ORANGE
2 Schedule
Documentation approval took longer
time
4 A RED
Probability Impact Matrix
• Different matrices can be used for cost, time, scope
• It helps guide risk responses (priority action & response strategies)
Colors shows
level of
importance
14. Risk Register Updates
• Update/add additional information to previous output i.e. Risk
Register, which include:
– Relative ranking/priority
– Risk grouped by categories
– List of risk requiring additional analysis in the near term
– List of risk for additional analysis and response
– Watch-list (non-critical or non-top risks)
– Trends
Since risk analysis process is iterative, PM should know if risk is increasing, decreasing
or staying the same
– Cause of risk requiring particular attention
15. 11.4 Perform Quantitative Risk Analysis
• The process of numerically analyzing the effect of identified risks on overall
project objectives.
Inputs
1. Risk register
2. Risk management plan
3. Cost management plan
4. Project scope statement
5. Organizational process
assets
Tools &
Techniques
1. Data gathering and
representation
techniques
2. Quantitative risk
analysis and modeling
techniques
3. Expert judgment
Outputs
1. Risk register updates
If not necessary, this process may be
skipped.
16. Quantitative Risk Analysis
• Is a numerical evaluation (more objective)
• This process may be skipped.
• Purpose of this process
– Determine which risk events warrant a response.
– Determine overall project risk (risk exposure).
– Determine the quantified probability of meeting project objectives.
– Determine cost and schedule reserves.
– Identify risks requiring the most attention.
– Create realistic and achievable cost, schedule, or scope targets.
17. Quantitative Risk Analysis: Tools & Techniques
• Determining Quantitative Probability and Impact might be done by:
– Interviewing
– Cost and time estimating
– Delphi technique
– Use of historical records from previous projects
– Expert judgment
– Sensitivity analysis – tornado diagram
– Expected monetary value (EMV) analysis
– Decision tree
– Monte Carlo analysis (simulation)
18. Decision Tree and EMV
• EVM used with Decision Tree to choose between many alternative which take into
account the future events
• Example:
(Impact)
ty)
(Probabili
EVM
Example Source:
19. Sensitivity Analysis
• To determine which risks have the most potential impact to the project
• Changing one or more elements/variables and set other elements to
its baseline then see the impact.
• One typical display of sensitivity analysis is the tornado diagram
20. Risk Register Updates
• Update/add additional information to previous output i.e. Risk
Register, which include:
– Prioritize list of quantified risks
– Amount of contingency time and cost reserve needed
– Possible realistic and achievable completion dates, project cost, with
confidence level
– The quantified probability of meeting project objectives
– Trends
21. 11.5 Plan Risk Response
• The process of developing option and action to enhance opportunities and to
reduce threats to project objectives.
Inputs
1. Risk register
2. Risk management plan
3. Cost management plan
4. Project scope statement
5. Organizational process
assets
Tools &
Techniques
1. Strategies for negative
risks or threats
2. Strategies for positive
risks or opportunities
3. Contingent response
strategies
4. Expert judgment
Outputs
1. Risk register updates
2. Risk-related contract
decisions
3. Project management
plan updates
4. Project document
updates
22. Plan Risk Responses/Mitigation
• Do something to eliminate threats before they happens
• Do something to make sure the opportunities happens
• Decrease the probability and/or impact of threats
• Increase the probability and/or impact of opportunities
• For the remaining (residual) threats that cannot be eliminated:
– Do something if the risk happens (contingency plan).
– Do something if contingency plan not effective (fallback plan)
23. Strategies for Threats
• Avoid
– Eliminate the threat entirely
– Isolate project objectives from the risk’s impact
• Transfer (Deflect, Allocate)
– Shift some or all the negative impact of a threat to a third party
• Mitigate
– Implies a reduction in the probability and/or impact of an adverse risk event
to be within acceptable threshold limits
• Accept
– Deal with the risks
– Project management plan is not changed
Transferring a risk will leave some risk
behind.
24. Strategies for Opportunities
• Exploit
– Seek to ensure the opportunities definitely happen
• Share
– Allocate some or all of the ownership of the opportunity to a third party who
is best able to capture the opportunity for the project benefit.
• Enhance
– Increase the probability and/or the positive impacts of an opportunity.
• Accept
– Not actively pursuing an opportunity
25. 11.6 Monitor & Control Risk
• The process of ..
– implementing risk response plans,
– tracking identified risks,
– monitoring residual risks,
– identifying new risks, and
– evaluating risk process effectiveness throughout the project.
Inputs
1. Risk register
2. Project management
plan
3. Work performance
information
4. Performance report
Tools &
Techniques
1. Risk reassessment
2. Risk audits
3. Variance and trend
analysis
4. Technical performance
measurement
5. Reserve analysis
6. Status meetings
Outputs
1. Risk register updates
2. Organizational process
assets updates
3. Change requests
4. Project management
plan updates
5. Project document
updates
26. Risk Monitoring & Controlling
• Other purposes are to determines if
– Project assumptions are still valid
– Risk has changed or can be retired
– Risk management policy & procedure are being followed
– Align contingency reserves with current risk assessment
28. Important Terms
• Mutual Exclusive: if two events cannot both occur in a single trial
• Probability: something will occur
• Normal Distribution: common probability density distribution chart
• Statistical independence: the probability of one event occurring does not affect the
probability of another event occurring
• Standard deviation (or Sigma): how far you are from the mean
• 3 or 6 sigma
– Represent the level of quality has decided to try to achieve
– 6σ is higher quality standard than 3σ
– Used to calculate the upper and lower control limits in a control chart
Number of σ
Percentage of occurrences
between two control limits
1 68.26%
2 95.64%
3 99.73%
6 99.99985%
31. Example: Influence Diagram
• Diagramming technique used when Identify Risk
Image Source: Influence Diagram & Decision Trees, Lecture slide MHA 6350, Dr. Lloyd R. Burton
Economic
Value
Usage
decision
Cancer
Cost
Net
Value
Cancer
Risk
Human
Exposure
Carcinogenic
potential
Survey
Test
Decision Node
ValueNode
Chance event
Node