Whether your project is translating documentation, localizing a user interface, or providing complete globalization services, risks can be addressed without serious impact to the project schedule and budget. This introductory, interactive session describes how project managers plan for risks to their globalization projects. With a few simple steps and armed with a list of common risks (provided), you’ll learn about up-front planning so that the classic mistakes are avoided or minimized.
The concept of managing the development or deployment of an Information Technology (IT) system using deterministic, linear, and causal analysis contains several pitfalls. As IT systems grow in complexity, the interaction between their components becomes non–linear and indeterminate, creating many opportunities for failure.
This document summarizes a presentation on risk management in five steps. It discusses that risk management is essential for projects to plan for uncertainties and ensure favorable outcomes. The five steps presented are: 1) hoping is not a strategy, plans need estimates of variability; 2) single point estimates are guesses without knowing variability; 3) integrating cost, schedule and performance is key; 4) a risk management model is needed, not an ad hoc process; 5) communicating risks is important. The presentation also discusses categorizing outcomes, types of uncertainties projects may encounter, and how risk tolerance should decrease over time.
This document provides an introduction to programmatic risk management. It discusses key concepts like defining a strategy beyond hope, integrating cost, schedule and technical performance, using statistical models for risk, and communicating risk. It emphasizes that single point estimates are insufficient and that risk management requires understanding uncertainty and using techniques like Monte Carlo simulation to develop probabilistic schedules and assess completion confidence intervals. Managing programmatic risk is essential for project success.
Project examples for sampling and the law of large numbersJohn Goodpasture
The document discusses sampling techniques and how they can be used to estimate parameters about a population. Specifically, it provides examples of how sampling can be applied to estimate proportions and continuous data for project management purposes. The key aspects are estimating proportions and descriptive statistics like averages from a sample to help with tasks like scheduling while managing the risk that the sample may not perfectly represent the entire population. Guidelines are provided for determining appropriate sample sizes to achieve desired confidence levels and margins of error.
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of success.
This document describes the foundations for conducting a risk assessment of a large-scale system development project. Such a project will likely include the procurement of Commercial Off The Shelf (COTS) products as well as their integration with legacy systems.
Immutable principles of project managementGlen Alleman
The document discusses the 5 immutable principles of project management:
1) Define what "done" looks like at the end of the project.
2) Have a plan to achieve the done state.
3) Understand the resources needed to execute the plan.
4) Identify impediments to the plan and how to address them.
5) Measure progress against the plan using meaningful metrics. Risk management is also discussed as the primary role of project management.
The naturally occurring uncertainties (Aleatory) in cost, schedule, and technical performance can be modeled in a Monte Carlo Simulation tool. The Event Based uncertainties (Epistemic) require capture, modeling of their impacts, defining handling strategies, modeling the effectiveness of these handling efforts, and the residual risks, and their impacts of both the original risk and the residual risk on the program.
The document discusses project risk management. It defines risk management as identifying, assigning, and responding to risk throughout a project's life to help meet objectives. It describes risks as potential problems that could impede success and notes risk management can improve success by selecting good projects and developing realistic estimates. It outlines the major processes of project risk management as risk identification, quantification, response development, and control.
The concept of managing the development or deployment of an Information Technology (IT) system using deterministic, linear, and causal analysis contains several pitfalls. As IT systems grow in complexity, the interaction between their components becomes non–linear and indeterminate, creating many opportunities for failure.
This document summarizes a presentation on risk management in five steps. It discusses that risk management is essential for projects to plan for uncertainties and ensure favorable outcomes. The five steps presented are: 1) hoping is not a strategy, plans need estimates of variability; 2) single point estimates are guesses without knowing variability; 3) integrating cost, schedule and performance is key; 4) a risk management model is needed, not an ad hoc process; 5) communicating risks is important. The presentation also discusses categorizing outcomes, types of uncertainties projects may encounter, and how risk tolerance should decrease over time.
This document provides an introduction to programmatic risk management. It discusses key concepts like defining a strategy beyond hope, integrating cost, schedule and technical performance, using statistical models for risk, and communicating risk. It emphasizes that single point estimates are insufficient and that risk management requires understanding uncertainty and using techniques like Monte Carlo simulation to develop probabilistic schedules and assess completion confidence intervals. Managing programmatic risk is essential for project success.
Project examples for sampling and the law of large numbersJohn Goodpasture
The document discusses sampling techniques and how they can be used to estimate parameters about a population. Specifically, it provides examples of how sampling can be applied to estimate proportions and continuous data for project management purposes. The key aspects are estimating proportions and descriptive statistics like averages from a sample to help with tasks like scheduling while managing the risk that the sample may not perfectly represent the entire population. Guidelines are provided for determining appropriate sample sizes to achieve desired confidence levels and margins of error.
The role of Risk Assessment and Risk Management is to continuously Identify, Analyze, Plan, Track, Control, and Communicate the risks associated with a project.
The Webster’s definition of risk is the possibility of suffering a loss. Risk in itself is not bad. Risk is essential to progress and failure is often a key part of learning. Managing risk is a key part of success.
This document describes the foundations for conducting a risk assessment of a large-scale system development project. Such a project will likely include the procurement of Commercial Off The Shelf (COTS) products as well as their integration with legacy systems.
Immutable principles of project managementGlen Alleman
The document discusses the 5 immutable principles of project management:
1) Define what "done" looks like at the end of the project.
2) Have a plan to achieve the done state.
3) Understand the resources needed to execute the plan.
4) Identify impediments to the plan and how to address them.
5) Measure progress against the plan using meaningful metrics. Risk management is also discussed as the primary role of project management.
The naturally occurring uncertainties (Aleatory) in cost, schedule, and technical performance can be modeled in a Monte Carlo Simulation tool. The Event Based uncertainties (Epistemic) require capture, modeling of their impacts, defining handling strategies, modeling the effectiveness of these handling efforts, and the residual risks, and their impacts of both the original risk and the residual risk on the program.
The document discusses project risk management. It defines risk management as identifying, assigning, and responding to risk throughout a project's life to help meet objectives. It describes risks as potential problems that could impede success and notes risk management can improve success by selecting good projects and developing realistic estimates. It outlines the major processes of project risk management as risk identification, quantification, response development, and control.
This document discusses risk and change management. It covers risk management processes like risk identification, assessment, analysis, prioritization, planning, control, resolution, monitoring, and communication. Specific risks discussed include schedule, cost, requirements, quality, and operational risks. The document also covers techniques for risk management like defining a risk management strategy early, using checklists to identify risks, estimating probability and impact of risks, prioritizing risks, developing risk management plans, resolving risks through various strategies, monitoring risks using a top 10 risk list, and communicating risks appropriately. Finally, it discusses using miniature milestones as a risk reduction technique.
Project Management 2.0 involves using online collaboration tools to manage virtual teams more effectively. The NASA Dust Management Project used a tool called TeamLeader to plan and track tasks for its 30 team members across 8 field centers. TeamLeader consolidated planning, task management, file sharing, and reporting into one online workspace. This improved accountability, productivity, and knowledge transfer compared to prior email-based management. Challenges included overcoming resistance to change and training on the new technology, but engaging team members and facilitating the transition were keys to success.
Risk management is the process of identifying, evaluating, and controlling threats to an organization. Information technologies have highly influenced risk management by providing tools like risk visualization programs, social media analysis, data integration and analytics, data mining, cloud computing, the internet of things, digital image processing, and artificial intelligence. While information technologies offer benefits to risk management, they also present new risks around technology use, privacy, and costs that must be managed.
An agency-wide team studied alternative designs for the CEV avionics configuration to identify reliability, mass drivers, and the effect on vehicle mass. The team used an iterative risk-driven design approach starting with the simplest possible design and building up fault tolerance based on risk assessments. Safety and reliability analyses informed design trades to improve failure tolerance. The goal was to first make the design work, then make it safe by adding diverse backup systems, make it reliable by adding more redundancy, and ensure it was affordable. This approach provided rationale for design decisions and optimized the configuration based on risk within power and mass constraints.
The document discusses applying risk management techniques to high-risk technology projects, defining key risk management terms like risk, uncertainty, likelihood, and consequences. It presents different frameworks for analyzing and assessing risks, including using condition-consequence or if-then statements to describe risks, and analyzing the likelihood and impact of risks in a summary grid. The goal is to help project managers make sense of the many types of risks that can affect projects and prioritize them for mitigation.
The document discusses methods to prevent project costs from escalating beyond original estimates. It identifies five common causes of cost escalation: changes to requirements, technology costs, changing quotations, organizational instability, and underestimating risks. Developing an accurate initial budget is crucial to preventing later cost issues. The budget should account for uncertainties and risks using techniques like Monte Carlo analysis. Contingency funds should then be proactively managed to mitigate risks as the project progresses, rather than passively waiting for problems. Regular risk analysis and contingency tracking can help surface issues before costs escalate.
Probabilistic Cost, Schedule, and Risk managementGlen Alleman
All variables on projects are random variables. Cost, Schedule, and Technical performance interact with each other is statistical ways to produce probabilistic outcomes for their values.
Managing a project to a successful outcomes requires not only understanding the underlying statistics, but forecasting outcomes from these interactions in enough time to take corrective actions.
Jonathon Simon, a senior manager at Ernst & Young, presented on risk management. He discussed (1) defining risk management and the risk management lifecycle, (2) examples of good and bad risk management practices, and (3) critical success factors for effective risk management including being proactive and conducting regular risk assessments and scenario planning. The presentation also included an EY case study about implementing robust risk management processes for a government health project.
Increasing the Probability of Project SuccessGlen Alleman
This document discusses principles and practices for increasing the probability of project success by managing risk from uncertainty. It defines risk as the effect of uncertainty on objectives. There are two types of uncertainty - epistemic (reducible) and aleatory (irreducible). Risk from epistemic uncertainty can be reduced through work on the program, while risk from aleatory uncertainty requires establishing margins. The document argues that effective risk management is needed to deliver capabilities on time and budget by identifying risks, understanding their interactions and impacts, and implementing risk handling strategies. This increases the likelihood of project success by preventing problems, improving quality, enabling better resource use, and promoting teamwork.
Increasing the Probability of Success with Continuous Risk ManagementGlen Alleman
Cost and schedule growth is created when unrealistic technical performance expectations, unrealistic cost and schedule estimates, unanticipated technical issues, and poorly performed and ineffective risk management contribute to program technical and programmatic shortfalls
Risk management is a key program control function that requires an environment fostering open discussion of challenges. Prior programs provide lessons on effective practices like engaged leadership, clear communication across all levels, comprehensive training, well-defined processes, and usable risk management tools. These elements encourage accurate identification and handling of risks to contribute to mission success.
This software allows users to assess and manage risks in software projects. It provides a framework to identify risks, analyze them from different perspectives, and develop action plans. Users enter a project description and then assess potential risks across 10 factors and development phases. The tool calculates risk scores and allows viewing risks from different viewpoints to prioritize mitigation efforts. The goal is to help users safely navigate the complex "jungle" of software development.
Iwsm2014 defining technical risk in software development (vard antinyan)Nesma
This document defines and discusses technical risks in software development. It proposes that technical risks should be defined as the degree of uncertainty regarding the magnitude of difference between the actual solution implemented and the optimal solution. The document outlines research on identifying common technical risks faced by companies and defining risks in a way that supports effective risk assessment and quantification of impacts. Workshops with several companies identified 24 common technical risks. The document also discusses how software metrics can be used to assess technical risks by measuring unwanted consequences and properties of design artifacts.
Risk Management is essential to the success of all project work. Information about key project cost, performance, and schedule attributes are often unknown until the project is underway and changes are occurring during execution.
The document discusses the seven deadly sins of project management that can lead to project failure if not addressed. They are: lack of formal training, no project management process, lingering projects, uncontrolled scope creep, poor communications, unreasonable expectations, and incomplete definition. It provides examples and explanations for each sin and recommends solutions like implementing proper project management methodologies, training, establishing a defined process, enforcing change control, and planning communications.
Liberty university busi 313 quiz 3 complete solutions correct answers slideshareSong Love
This document provides the questions and answers to Liberty University's BUSI 313 Quiz 3. It covers key concepts in project risk management and project scheduling including: defining risks, the risk management process, risk assessment tools, risk responses, resource constraints, time constraints, resource leveling, and time-phasing project budgets. Some multiple choice questions assess understanding of these concepts, such as defining different types of constraints, steps in the risk process, and responses to address identified risks.
The basis of decision making for software development started in the 1980's with the application of classical discounted cash flow analysis.
This paper speaks to the extension of those principles to the development of Agile software
Effective Risk Management,
Measurement, Monitoring & Control is
the process of:
proactively planning for risks
identifying risks
diligently conducting sound risk
management,
fully analyzing risk
customizing risk response being
sensitive to the 1st impact and the
earliest timing
Monitoring risks until they no longer
exist &/or the project objectives are
achieved or cancelled
Effectively and Efficiently
controlling risk outcomes
Managing Risk in Agile Development: It Isn’t MagicTechWell
Has the adoption of agile techniques magically erased risk from software projects? When we change the project and product environment by adopting agile, have we tricked ourselves into thinking that risk has been abolished—when it hasn’t? Agile risk management is a continuous process that makes risk management part of how the team works so they get value from the activity. Thomas Cagley suggests that we develop user stories that specifically address risk so it is prioritized, planned, and executed as part of the normal agile cadence. Agile techniques—daily standups, demonstrations, retrospectives, and sprint-planning activities—provide a platform for monitoring and controlling risks. The built-in feedback loops act as a safety net to ensure eyes are continuously looking at what is happening and what could be happening. By constantly evaluating risk, agile processes avoid spending significant time analyzing risks that are not on the horizon, while making it very difficult for an unseen risk to sneak up on your project.
Webinar - Building Team Efficiency and EffectivenessInvensis Learning
Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.
This document provides a summary of project risk management. It begins with introducing the importance of managing risk for project success. It then outlines various project risks from human factors, project design issues, and external dependencies. The document describes a six step overall risk management process including preliminary assessment, planning, identification, analysis, response planning, and monitoring. Each step is explained in one to two sentences. Examples of risk matrices and registers are also provided.
This document discusses risk and change management. It covers risk management processes like risk identification, assessment, analysis, prioritization, planning, control, resolution, monitoring, and communication. Specific risks discussed include schedule, cost, requirements, quality, and operational risks. The document also covers techniques for risk management like defining a risk management strategy early, using checklists to identify risks, estimating probability and impact of risks, prioritizing risks, developing risk management plans, resolving risks through various strategies, monitoring risks using a top 10 risk list, and communicating risks appropriately. Finally, it discusses using miniature milestones as a risk reduction technique.
Project Management 2.0 involves using online collaboration tools to manage virtual teams more effectively. The NASA Dust Management Project used a tool called TeamLeader to plan and track tasks for its 30 team members across 8 field centers. TeamLeader consolidated planning, task management, file sharing, and reporting into one online workspace. This improved accountability, productivity, and knowledge transfer compared to prior email-based management. Challenges included overcoming resistance to change and training on the new technology, but engaging team members and facilitating the transition were keys to success.
Risk management is the process of identifying, evaluating, and controlling threats to an organization. Information technologies have highly influenced risk management by providing tools like risk visualization programs, social media analysis, data integration and analytics, data mining, cloud computing, the internet of things, digital image processing, and artificial intelligence. While information technologies offer benefits to risk management, they also present new risks around technology use, privacy, and costs that must be managed.
An agency-wide team studied alternative designs for the CEV avionics configuration to identify reliability, mass drivers, and the effect on vehicle mass. The team used an iterative risk-driven design approach starting with the simplest possible design and building up fault tolerance based on risk assessments. Safety and reliability analyses informed design trades to improve failure tolerance. The goal was to first make the design work, then make it safe by adding diverse backup systems, make it reliable by adding more redundancy, and ensure it was affordable. This approach provided rationale for design decisions and optimized the configuration based on risk within power and mass constraints.
The document discusses applying risk management techniques to high-risk technology projects, defining key risk management terms like risk, uncertainty, likelihood, and consequences. It presents different frameworks for analyzing and assessing risks, including using condition-consequence or if-then statements to describe risks, and analyzing the likelihood and impact of risks in a summary grid. The goal is to help project managers make sense of the many types of risks that can affect projects and prioritize them for mitigation.
The document discusses methods to prevent project costs from escalating beyond original estimates. It identifies five common causes of cost escalation: changes to requirements, technology costs, changing quotations, organizational instability, and underestimating risks. Developing an accurate initial budget is crucial to preventing later cost issues. The budget should account for uncertainties and risks using techniques like Monte Carlo analysis. Contingency funds should then be proactively managed to mitigate risks as the project progresses, rather than passively waiting for problems. Regular risk analysis and contingency tracking can help surface issues before costs escalate.
Probabilistic Cost, Schedule, and Risk managementGlen Alleman
All variables on projects are random variables. Cost, Schedule, and Technical performance interact with each other is statistical ways to produce probabilistic outcomes for their values.
Managing a project to a successful outcomes requires not only understanding the underlying statistics, but forecasting outcomes from these interactions in enough time to take corrective actions.
Jonathon Simon, a senior manager at Ernst & Young, presented on risk management. He discussed (1) defining risk management and the risk management lifecycle, (2) examples of good and bad risk management practices, and (3) critical success factors for effective risk management including being proactive and conducting regular risk assessments and scenario planning. The presentation also included an EY case study about implementing robust risk management processes for a government health project.
Increasing the Probability of Project SuccessGlen Alleman
This document discusses principles and practices for increasing the probability of project success by managing risk from uncertainty. It defines risk as the effect of uncertainty on objectives. There are two types of uncertainty - epistemic (reducible) and aleatory (irreducible). Risk from epistemic uncertainty can be reduced through work on the program, while risk from aleatory uncertainty requires establishing margins. The document argues that effective risk management is needed to deliver capabilities on time and budget by identifying risks, understanding their interactions and impacts, and implementing risk handling strategies. This increases the likelihood of project success by preventing problems, improving quality, enabling better resource use, and promoting teamwork.
Increasing the Probability of Success with Continuous Risk ManagementGlen Alleman
Cost and schedule growth is created when unrealistic technical performance expectations, unrealistic cost and schedule estimates, unanticipated technical issues, and poorly performed and ineffective risk management contribute to program technical and programmatic shortfalls
Risk management is a key program control function that requires an environment fostering open discussion of challenges. Prior programs provide lessons on effective practices like engaged leadership, clear communication across all levels, comprehensive training, well-defined processes, and usable risk management tools. These elements encourage accurate identification and handling of risks to contribute to mission success.
This software allows users to assess and manage risks in software projects. It provides a framework to identify risks, analyze them from different perspectives, and develop action plans. Users enter a project description and then assess potential risks across 10 factors and development phases. The tool calculates risk scores and allows viewing risks from different viewpoints to prioritize mitigation efforts. The goal is to help users safely navigate the complex "jungle" of software development.
Iwsm2014 defining technical risk in software development (vard antinyan)Nesma
This document defines and discusses technical risks in software development. It proposes that technical risks should be defined as the degree of uncertainty regarding the magnitude of difference between the actual solution implemented and the optimal solution. The document outlines research on identifying common technical risks faced by companies and defining risks in a way that supports effective risk assessment and quantification of impacts. Workshops with several companies identified 24 common technical risks. The document also discusses how software metrics can be used to assess technical risks by measuring unwanted consequences and properties of design artifacts.
Risk Management is essential to the success of all project work. Information about key project cost, performance, and schedule attributes are often unknown until the project is underway and changes are occurring during execution.
The document discusses the seven deadly sins of project management that can lead to project failure if not addressed. They are: lack of formal training, no project management process, lingering projects, uncontrolled scope creep, poor communications, unreasonable expectations, and incomplete definition. It provides examples and explanations for each sin and recommends solutions like implementing proper project management methodologies, training, establishing a defined process, enforcing change control, and planning communications.
Liberty university busi 313 quiz 3 complete solutions correct answers slideshareSong Love
This document provides the questions and answers to Liberty University's BUSI 313 Quiz 3. It covers key concepts in project risk management and project scheduling including: defining risks, the risk management process, risk assessment tools, risk responses, resource constraints, time constraints, resource leveling, and time-phasing project budgets. Some multiple choice questions assess understanding of these concepts, such as defining different types of constraints, steps in the risk process, and responses to address identified risks.
The basis of decision making for software development started in the 1980's with the application of classical discounted cash flow analysis.
This paper speaks to the extension of those principles to the development of Agile software
Effective Risk Management,
Measurement, Monitoring & Control is
the process of:
proactively planning for risks
identifying risks
diligently conducting sound risk
management,
fully analyzing risk
customizing risk response being
sensitive to the 1st impact and the
earliest timing
Monitoring risks until they no longer
exist &/or the project objectives are
achieved or cancelled
Effectively and Efficiently
controlling risk outcomes
Managing Risk in Agile Development: It Isn’t MagicTechWell
Has the adoption of agile techniques magically erased risk from software projects? When we change the project and product environment by adopting agile, have we tricked ourselves into thinking that risk has been abolished—when it hasn’t? Agile risk management is a continuous process that makes risk management part of how the team works so they get value from the activity. Thomas Cagley suggests that we develop user stories that specifically address risk so it is prioritized, planned, and executed as part of the normal agile cadence. Agile techniques—daily standups, demonstrations, retrospectives, and sprint-planning activities—provide a platform for monitoring and controlling risks. The built-in feedback loops act as a safety net to ensure eyes are continuously looking at what is happening and what could be happening. By constantly evaluating risk, agile processes avoid spending significant time analyzing risks that are not on the horizon, while making it very difficult for an unseen risk to sneak up on your project.
Webinar - Building Team Efficiency and EffectivenessInvensis Learning
Wouldn’t it be great if you could get to better ideas faster? If you learn to master just two thinking skills, you can! Many of the PMI supported tools have origins in creativity. As such, these tools are best leveraged when you apply divergent thinking (to generate) or convergent thinking (to narrow). This session will explore the principles of divergent and convergent thinking and provide examples of techniques to maximize their power in decision making, problem solving and performance feedback.
This document provides a summary of project risk management. It begins with introducing the importance of managing risk for project success. It then outlines various project risks from human factors, project design issues, and external dependencies. The document describes a six step overall risk management process including preliminary assessment, planning, identification, analysis, response planning, and monitoring. Each step is explained in one to two sentences. Examples of risk matrices and registers are also provided.
The document provides information on project risk management processes and concepts. It discusses the seven processes of project risk management according to PMBOK, including plan risk management, identify risks, perform qualitative risk analysis, perform quantitative risk analysis, plan risk responses, implement risk responses, and monitor risks. It also covers key concepts such as different types of risks, risk thresholds, and considering stakeholder risk tolerance levels. Additionally, it provides an overview of uncertainty as a performance domain and describes what a tornado diagram is and how it can be used to determine the impact of various risks.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
This document provides an overview of project risk management. It discusses what project risk is, the risk management process, and tools for risk identification, analysis, response planning, monitoring and control. The risk management process involves planning risk management, identifying risks, analyzing their probability and impact, developing response plans, monitoring risks throughout the project, and using tools like risk logs and templates. Managing risks proactively helps improve project success rates.
This document provides an overview of project risk management. It discusses the goals of risk management, including identifying and planning for risks to help projects succeed. The key aspects covered are identifying risks, analyzing their probability and impact, planning responses, and continuously monitoring risks. Qualitative and quantitative approaches to analysis are outlined. The overall process aims to move projects from reactive "firefighting" to proactive risk-based decision making.
The document provides instructions for completing a project risk register. The risk register tracks key information about identified project risks such as the risk number, date identified, risk description, category, potential impact, risk owner, probability of occurrence, impact of risk, risk level, response, status, date response invoked, and whether a contingency plan was developed. The document also provides examples of project risks in different phases to help identify risks and memory joggers to aid in the risk identification process.
The document discusses risk management strategies for projects. It identifies four types of risks: schedule, budget, operational, and technical. Schedule risks can occur due to wrong time estimation or resource issues. Budget risks include wrong cost estimation and overruns. Operational risks stem from priority conflicts and process impacts. Technical risks involve changing requirements, unavailable technology, complexity, and integration difficulties. External risks outside a project's control include funding issues, market changes, and shifting strategies or government rules. The key is to identify risks early to minimize costs and impacts through avoidance, transfer, acceptance, or mitigation approaches.
This document provides an overview of project risk management. It defines project risk as an event that could have a positive or negative impact on a project. Risk management involves identifying risks and developing plans to minimize their effects. The key steps in risk management are risk identification, analysis, response planning, monitoring and control. Managing risks helps improve project success rates, schedule and cost performance by moving from reactive to proactive decision making.
This document provides an overview of project risk management presented by Keith Farndale. It discusses identifying, analyzing, and responding to risks throughout a project's lifecycle. The key processes covered include risk identification, qualitative and quantitative risk analysis, risk response planning including strategies like avoid, mitigate, transfer and accept, and risk monitoring and control. Interactive workshops are used to help participants practice applying these risk management techniques to their own projects.
Rethinking Risk-Based Project Management in the Emerging IT initiatives.pptxInflectra
The pressure to deliver faster to the market has never been more insistent and pervasive than today’s business environment. The Agile world of iterative and incremental delivery has enabled great advances in terms of delivery speed; however, the lack of an integrated risk framework is creating challenges in terms of matching speed with quality. On the one hand, the standards-setting organizations such as the Project Management Institute (PMI) have updated their book of knowledge (PMBOK v7) to move away from highly prescriptive processes to lean thinking. On the other hand, Agile standards themselves have started to emerge, recognizing the need for some prescriptive guidelines on coming up with release and iteration goals. Struggling in between this continuum are the innovative technology projects that wonder how “creativity can be timeboxed” to deliver value!
While the impact of leadership to form the team and the organizational culture to embrace continuous learning are unquestionable, it is important to realize that the areas of strategy, leadership, and culture are not substitutes for the lack of risk-based project thinking. When delivering IT applications that are contain inherent conceptual, technical, and compliance risks, a more systematic approach is needed. In this presentation, you will hear about the emerging space of IT initiatives that are impacted by such risks and the need to adopt risk-based frameworks in application lifecycle management. You will also see practical examples of how risk-based lifecycle management can be done in real-time.
Agile-Risk-Management in Project ManagementNajmul Hussain
Traditional risk management is done upfront to identify potential risks, quantify impact and likelihood, and create contingencies. Agile risk management identifies risks throughout the lifecycle using practices like transparency, collaborative planning, and customer involvement. Both approaches can be used together, with more traditional upfront risk management applied to longer, riskier or compliant projects and lighter application for simpler, shorter projects.
The document discusses various aspects of risk management for projects. It describes reactive risk management where risks are addressed after occurring versus proactive risk management where formal risk analysis is performed upfront. It identifies different types of project risks and provides questions to assess risks due to factors like product size, business impact, customers, and development processes. Overall project risk management involves identifying, analyzing, planning for, and tracking risks.
Most organizations have multiple project going on concurrently. They need a framework that allows them to evaluate (and mitigate) project risk in a way that reflects the potential business impact of this portfolio of projects.
The document discusses challenges with risk management in IT projects and provides recommendations for improving risk management practices. Specifically, it notes that IT project managers often do not apply formal risk management processes and provides possible reasons for this. It then outlines expectations for improved risk management in the current business environment and provides techniques project managers can use to strengthen risk management, such as defining a risk management methodology, building a risk universe, and creating schedule-aligned risk profiles. The document emphasizes that risk management is critical for project and business success.
The document discusses risk management for projects. It defines risk as any uncertain event or condition that could positively or negatively impact a project's objectives. It notes that through risk management, a project manager can identify potential problems, take actions to prevent or minimize risks, and stay in control of the project. The document outlines the key steps in risk management as identifying risks, analyzing them, planning responses, implementing responses, and monitoring risks. It also discusses different ways to handle risks, such as avoiding, mitigating, transferring, accepting, or escalating risks.
The document discusses project risk management. It defines risk as uncertainty that could negatively or positively impact a project's objectives. There are various types of risks like schedule, budget, operational, technical, and programmatic risks. Risk management involves identifying, analyzing, and responding to risks throughout the project life cycle to help meet objectives. The key aspects of risk management are planning risk management, identifying risks, performing qualitative and quantitative risk analysis, planning risk responses, and monitoring and controlling risks. The overall goal is to minimize threats and maximize opportunities related to project risks.
What You Will Learn
After this one-hour session, learners will be able to:
Demonstrate to others how the risk management processes in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) apply to your project’s environment
Differentiate between Project and Program Risk Management and understand how they support one another
Speaker
Keith is a Senior Consultant, Trainer and Coach with over 25 years of successful management and consulting experience and business planning. Keith is a leader in Agile training, coach and transitioning to Agile and is well known for his public speaking skills and enthusiasm and has been a welcomed facilitator at numerous fortune 500 corporations, universities, and associations worldwide. He is engaging, energetic, entertaining and informative.
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.
Similar to Risk Management Basics for Globalization Projects (20)
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NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
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The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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The Role of White Label Bookkeeping Services in Supporting the Growth and Sca...YourLegal Accounting
Effective financial management is important for expansion and scalability in the ever-changing US business environment. White Label Bookkeeping services is an innovative solution that is becoming more and more popular among businesses. These services provide a special method for managing financial duties effectively, freeing up companies to concentrate on their main operations and growth plans. We’ll look at how White Label Bookkeeping can help US firms expand and develop in this blog.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.