This document discusses developing a risk architecture framework that fits into an organization's risk management strategy. It provides steps for 1) determining a project's risk appetite by analyzing risk exposure, 2) keeping risk exposure at an acceptable level within the project's risk appetite, and 3) designing contingency plans to treat project risks. It emphasizes that risk is dynamic and requires constant monitoring and communication among project teams.
The presentation about Project Risk Management conducted by Mr. Mohamad Boukhari for the project management community in Lebanon during PMI Lebanon Chapter monthly lecture.
Project Risk Management Plan
A project risk management plan based on the assumption of a new company -O2D- created by our team
Planned and Presented in UCI PM class
This lecture provides short and comprehensive view of software project and risk management. It has basic examples and calculations which is main concern of software project manager. This lecture helps to understand basics of risk management.
The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Kuala Lumpur - PMI Global Congress 2009 - Risk ManagementTorsten Koerting
Presentation on Risk Management Tools, like Risk Register, Risk Profile Presentation Options, How to facilitate a Risk Assessment and effective Processes for day to day application of Risk Management in your Project
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
Develop options and determine actions to enhance opportunities and minimize threats to Departments/project objectives.Assign responsibility to individuals or parties for each risk response.
- Risks you'll encounter while throughout software development and testing.
- Cataloguing and managing you risks
- Adding value to your QA by managing your risks.
Full webinar recording:
https://www.practitest.com/qa-learningcenter/webinars/testing-risk-management-webinar/
Risk Management is the identification, assessment, and prioritization of risks to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
The same is explained by real example of managing project via project management simulator SimulTrain(R). Simultrain(R) prepares managers to confront risks in real projects. Major conclusion is showing how managers do it in real projects every day.
The presentation about Project Risk Management conducted by Mr. Mohamad Boukhari for the project management community in Lebanon during PMI Lebanon Chapter monthly lecture.
Project Risk Management Plan
A project risk management plan based on the assumption of a new company -O2D- created by our team
Planned and Presented in UCI PM class
This lecture provides short and comprehensive view of software project and risk management. It has basic examples and calculations which is main concern of software project manager. This lecture helps to understand basics of risk management.
The above presentation talks about the risk involved in any project. The project risk identification, quantification, response and its control is also thoroughly explained.
A risk is defined as “an uncertain event or condition that, if it occurs, has a positive and negative effect on a project’s objectives.” Risk is inherent with any project, and project managers should assess risk continually and develop plan to address them. The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critical, risk management plans include a risk strategy.
This module on Managing Risk discusses different type of risk that needs to be taken into account by the management while implementing a project. The other topics converged in this module include probability-impact matrix, Risk Quantification; Mitigating/Transferring risk; Risk audits/Review; Sample Risk plan and how to initiate Risk Management Planning.
Kuala Lumpur - PMI Global Congress 2009 - Risk ManagementTorsten Koerting
Presentation on Risk Management Tools, like Risk Register, Risk Profile Presentation Options, How to facilitate a Risk Assessment and effective Processes for day to day application of Risk Management in your Project
Episode 25 : Project Risk Management
Understand what risk is and the importance of good project risk management.
Discuss the elements involved in risk management planning and the contents of a risk management plan.
List common sources of risks in engineering and information technology projects.
Describe the risk identification process, tools, and techniques to help identify project risks, and the main output of risk identification, a risk register.
SAJJAD KHUDHUR ABBAS
Chemical Engineering , Al-Muthanna University, Iraq
Oil & Gas Safety and Health Professional – OSHACADEMY
Trainer of Trainers (TOT) - Canadian Center of Human
Development
Develop options and determine actions to enhance opportunities and minimize threats to Departments/project objectives.Assign responsibility to individuals or parties for each risk response.
- Risks you'll encounter while throughout software development and testing.
- Cataloguing and managing you risks
- Adding value to your QA by managing your risks.
Full webinar recording:
https://www.practitest.com/qa-learningcenter/webinars/testing-risk-management-webinar/
Risk Management is the identification, assessment, and prioritization of risks to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
The same is explained by real example of managing project via project management simulator SimulTrain(R). Simultrain(R) prepares managers to confront risks in real projects. Major conclusion is showing how managers do it in real projects every day.
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Online PMP Training Material for PMP Exam - Risk Management Knowledge AreaGlobalSkillup
Risk Management Knowledge Area in Project management defined by PMBOK 5th Edition by Project Management Institute (PMI). Provided by GlobalSkillup.com towards PMP Certification Exam.
In this presentation, we will discuss about risk, project risk and four broad strategies to handle risk. We will also talk about the role of buffers and contingency plan in risk management, project tracking meetings.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
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.
Critical role of_risk_assessment_in_international_projects_enVyacheslav Guzovsky
Risk is usually applied to negative events, things that might go wrong. Hopefully there are things that we can do, systems that we can put into place that will prevent bad things from happening, or at least if bad things happen, will minimize the likelihood of it being a total catastrophe. Some of these things are obvious, some of them are not so obvious and might sound like common sense, but there is a lot of science to back this up. This science is called risk management. It is a whole profession and may take you a few years to get there. The good news is it is a gradual process, and all we need to know is that it can be a handy tool for our trade and achievable by changing our working habits.
Finance is the procurement (to get, obtain) of funds and effective (properly planned) utilization of funds. It also deals with profits that adequately compensate for the cost and risks borne by the business
Project and Program Risk Management
Reasons to Manage Risks
ISO31000 for Risk Management
Risk Management in Project Lifescycle
Tools to manage Project Risks
Pmbok 5th planning process group part four _ Project Risk ManagementHossam Maghrabi
This is PMBOK Guide Planning Process Group Part Four. It includes one Knowledge Area - Project Risk Management - with five processes - Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses -.
This Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants specialized in risk management. It will help you easily identify, assess, prioritize and mitigate the key risks & issues of your project or company. It includes all the Frameworks, Tools & Templates to help your increase your risk management skills and the risk management capability of your company. This Slideshare Powerpoint presentation is only a small preview of our Toolkit. You can download the entire Toolkit in Powerpoint and Excel at www.slidebooks.com
Project risk management: Techniques and strategiesDebashishDas49
Risk identification techniques and mitigation techniques in the present dynamic scenario of the industry is described here. Also, the recent research area and probable topics that one could choose as a Ph.D. topic are described briefly.
Similar to Singapore Risk management seminar presentation pack (20)
1. Developing a Risk Architecture Framework that fits into your
risk management strategy
Carlos Villasmil
KPOC Interface Engineer
2. Risk Mind-set
and Culture
Identify and
assess your
major risks
Decide which
risks are
natural
Determines
your capacity
and appetite
for risk
Embed risk in
all decisions
and processes
Align governance
and organization
around risk
1. Determining your project risk appetite by analyzing your risk exposure
3. 1. Determining your project risk appetite by analyzing your risk exposure
Definition:
“Risk appetite is the level of risk that management is willing to accept while
attempting to create value for the organization.”
Risk Exposure is also define as the “amount of risk you simply can’t avoid”.
Exposure may also be referred to as Threat
That means that the Risk management process should be able to determine
the risk exposure, which is the final outcome of the application of Contingency
and mitigation plans.
A good strategy to determine the risk exposure:
• focus on a few Top risks that can affect negatively the cash flow or the
completion date of your project.
• The residual risks after mitigation and the low probability – low impact risks
will be much likely the ones that will satisfy the risk appetite of the Project
management.
4. 1. Determining your project risk appetite by analyzing your risk exposure
Project or companyThreats
Threats
Threats
Threats Threats
Threats Threats
Threats
Threats
RMS
Top Risks
Acceptable level of
risks exposure
Management
attention and
focus
5. 2. Keeping an acceptable level of your risk exposure within your
project risk appetite
An acceptable level of the risk exposure will depend on issues as diverse
as size of the company, financial health, Management “risk” perception
( conservative or optimist).
A way to do this is select which ranks of risks can be acceptable for the
company using a proper top-down, holistic view of risk exposures that
will not affect the organization’s ability to achieve strategic, operation,
reporting, and compliance objectives.
6. Always have in mind that:
“Risk is dynamic and subject to constant change therefore required of
constant monitoring and communication among the project team
members”.
A healthy practice to “sense” the status of a risk is an open conversation
between the discipline leaders in the project team. This can be done
weekly or monthly as required. The open conversation helps to:
1. discuss the nature of a risk identified.
2. Determine if the risk is properly stated then understand by all team
members.
3. Evaluate the evolution of a risk and their mitigation or contingency plan
4. Evaluate the assessment and therefore the effectiveness of the action plan
5. Check for inconsistencies or changes in the circumstances or specific
situations of the project
7. 3. Designing contingency plan to treat your project risks
• Contingency plans are only drawn upon when a risk occurs
• The Contingency plan should limit the damage to the project.
•You should normally prepare contingency plans for any risk which
cannot be mitigated immediately -
in particular high probability, high impact risks, i.e. those of
high severity.
• Contingency plans should be ready before the risk occurs so that
you have resources agreed and are prepare to take action
quickly.
• In preparing contingency plans some mitigation actions may be
generated.
• Identify the trigger point at which the contingency plan needs to be
implemented.
• Quantify the cost and time estimates for the contingency plan.
Evaluate benefits for the project of implement this contingency plan.
8. 4. Measuring the effectiveness and accuracy of your planning assumptions
• This is difficult since Risk planning is dealing with the
intrinsically uncertain.
• One way to measure the effectiveness of a risk planning
assumption is with the prioritization of all the risks and then the
reassessment of the risk.
• Assign numeric values to the probability ( % of occurrence) and the
impact.( level of impact in cost, time, production) be as specific as
possible in the consequence description (i.e. Project will be delayed
by 13 days) in that case you can set a numeric value to a pre
established range of impacts.
• Once you determine your mitigation plan ( reduce the probability of
occurrence) or the contingency plan ( to reduce the impact once the
risk occurs) then you can check how this plan assumptions works
and then you can determine the risk reduction. This can be done
using a Risk Assessment Matrix.
• A Quantitative Risk Analysis (QRA) is also a good technique to
measure how effective have been your planning assumptions and
also to make the proper adjustment to this assumptions.
9. 5. Exploring the impact and consequences of risks for your risk planning
Select and implement a Risk response strategy. (Treat, Take, Transfer or
Terminate), this will allow to select those risks that can be influenced or not
by the project organization therefore helps the management to select
where to direct their effort.
• Risks once identified, require to be prioritized assessing their probability
of occurrence and the impact on the project objectives.
• Investigate the nature of a risk. What are their cause, then you can
determine the immediate consequence if the risk occurred and the
consequence derives of the initial ones.
• You can make your risk response plan based on this and of course
combining it with the risk response strategy. This will help to select those
risks that can really affect the project objectives.
•Remember, risk is dynamic therefore their consequence and impact also
can change with time.
• Good conversation between team members is a good way to check the
validity of the impact and also to make the proper adjustments to your risk
planning.
10. 6. Re-evaluating your risk management plan after you complete each phase
of your project
•Brainstorming sessions or periodic team meetings to openly discuss the
actual risks and to identify new is also required right after the completion of
each phase.
• The change of stage in a project brings more definition. The risk
management plan document needs to be adapted to this higher level of
definition.