Cost and schedule growth for federal programs is created by unrealistic technical performance expectations, unrealistic cost and schedule estimates, inadequate risk assessments, unanticipated technical issues, and poorly performed and ineffective risk management, all contributing to program technical and programmatic shortfalls
Risk Management Tools And Techniques PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Risk Management Tools And Techniques Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of thirty slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Risk Management Tools And Techniques Powerpoint Presentation Slides complete deck.
The most common consequences of ineffective or no procedural risk management are the excessive time spent by managers in dealing with unanticipated difficulties.
Risk Assessment and Risk Assessment Matrix PresentationUsama Saeed
The document discusses the process of conducting a risk assessment. It defines risk assessment as identifying potential harms or dangers in the workplace and determining their likelihood and impact. The document outlines a 5-step process for risk assessment: 1) identify hazards, 2) analyze risks, 3) evaluate risks, 4) control risks, and 5) monitor and review risks. It also discusses using a risk matrix to help prioritize risks based on their probability and potential impact. The risk matrix assigns quantitative values to probability and impact to calculate the overall risk rating.
This document provides guidance on conducting risk assessments through a 5-step process: 1) identify hazards, 2) identify those affected, 3) evaluate risks and controls, 4) record findings, and 5) review regularly. It outlines how to recognize hazards, consider who may be harmed and how, determine existing and needed controls, and document the process. Key steps include walking work areas to find hazards, asking employees for input, and comparing controls to good practices. The goal of risk assessment is to prevent harm through reasonable precautions.
The document provides an overview of implementing a risk management system based on ISO 31000:2018 guidelines. It discusses the principles, framework and process for risk management. The key steps include defining risk management principles, developing a risk management framework, establishing a risk management process involving communication, context establishment, risk assessment, treatment, monitoring and review. The goal is to integrate risk management into all organizational activities and decision making.
Risk assessment and management involves five key steps: 1) identifying hazards, 2) deciding who might be harmed, 3) evaluating risks and precautions, 4) recording findings, and 5) reviewing assessments. A typical risk assessment process first identifies hazards like trench collapse, then evaluates who may be harmed (pipe layers), assesses risks, decides on controls like trench boxes, records findings, and reviews assessments during monitoring. Risk management aims to reduce likelihood and consequences of risks through analysis, treatment, and ongoing monitoring and review to control risks.
This document provides an overview of risk assessment and management. It introduces risk management and identifies types and categories of risk. It then outlines the procedure for managing risk, including planning, identification, assessment, monitoring, and tracking. Tools and practices for risk analysis are presented, including impact analysis, probability analysis, risk mitigation strategies, and qualitative and quantitative analysis. Stakeholder engagement in risk appetite and tolerance is discussed.
Strategic Risk Management as a CFO: Getting Risk Management RightProformative, Inc.
Video & Presentation: http://www.proformative.com/events/strategic-risk-management-cfo-getting-risk-management-right
Enterprise Risk Management should be simple. Unfortunately, companies are responding to regulators and business imperatives to improve their risk management practices, all the while aligning with business strategy and performance as well as capital allocation. Leading practitioners are seeking insight and value from risk management and are using risk management to focus audit and compliance activities. In fact independent research commissioned by SAP and others suggests many successful ERM initiatives still make little use of the increasingly sophisticated technology available. This session will summarize recent research by SAP and others on the state of ERM and will provide simple, practical strategies for how Finance can drive risk management practices that build success and add value.
Speakers:
Bob Tizio, GRC Officer-Americas, SAP America Inc.
Bruce McCuaig, Director, Solution Marketing for Governance Risk & Compliance, SAP
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Risk Management Tools And Techniques PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Risk Management Tools And Techniques Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of thirty slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Risk Management Tools And Techniques Powerpoint Presentation Slides complete deck.
The most common consequences of ineffective or no procedural risk management are the excessive time spent by managers in dealing with unanticipated difficulties.
Risk Assessment and Risk Assessment Matrix PresentationUsama Saeed
The document discusses the process of conducting a risk assessment. It defines risk assessment as identifying potential harms or dangers in the workplace and determining their likelihood and impact. The document outlines a 5-step process for risk assessment: 1) identify hazards, 2) analyze risks, 3) evaluate risks, 4) control risks, and 5) monitor and review risks. It also discusses using a risk matrix to help prioritize risks based on their probability and potential impact. The risk matrix assigns quantitative values to probability and impact to calculate the overall risk rating.
This document provides guidance on conducting risk assessments through a 5-step process: 1) identify hazards, 2) identify those affected, 3) evaluate risks and controls, 4) record findings, and 5) review regularly. It outlines how to recognize hazards, consider who may be harmed and how, determine existing and needed controls, and document the process. Key steps include walking work areas to find hazards, asking employees for input, and comparing controls to good practices. The goal of risk assessment is to prevent harm through reasonable precautions.
The document provides an overview of implementing a risk management system based on ISO 31000:2018 guidelines. It discusses the principles, framework and process for risk management. The key steps include defining risk management principles, developing a risk management framework, establishing a risk management process involving communication, context establishment, risk assessment, treatment, monitoring and review. The goal is to integrate risk management into all organizational activities and decision making.
Risk assessment and management involves five key steps: 1) identifying hazards, 2) deciding who might be harmed, 3) evaluating risks and precautions, 4) recording findings, and 5) reviewing assessments. A typical risk assessment process first identifies hazards like trench collapse, then evaluates who may be harmed (pipe layers), assesses risks, decides on controls like trench boxes, records findings, and reviews assessments during monitoring. Risk management aims to reduce likelihood and consequences of risks through analysis, treatment, and ongoing monitoring and review to control risks.
This document provides an overview of risk assessment and management. It introduces risk management and identifies types and categories of risk. It then outlines the procedure for managing risk, including planning, identification, assessment, monitoring, and tracking. Tools and practices for risk analysis are presented, including impact analysis, probability analysis, risk mitigation strategies, and qualitative and quantitative analysis. Stakeholder engagement in risk appetite and tolerance is discussed.
Strategic Risk Management as a CFO: Getting Risk Management RightProformative, Inc.
Video & Presentation: http://www.proformative.com/events/strategic-risk-management-cfo-getting-risk-management-right
Enterprise Risk Management should be simple. Unfortunately, companies are responding to regulators and business imperatives to improve their risk management practices, all the while aligning with business strategy and performance as well as capital allocation. Leading practitioners are seeking insight and value from risk management and are using risk management to focus audit and compliance activities. In fact independent research commissioned by SAP and others suggests many successful ERM initiatives still make little use of the increasingly sophisticated technology available. This session will summarize recent research by SAP and others on the state of ERM and will provide simple, practical strategies for how Finance can drive risk management practices that build success and add value.
Speakers:
Bob Tizio, GRC Officer-Americas, SAP America Inc.
Bruce McCuaig, Director, Solution Marketing for Governance Risk & Compliance, SAP
Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com
Track: Finance Technology | Session: 5
Risk management is the process of identifying and mitigating risks that may have a positive or negative impact on a project. It includes risk management planning, identification, analysis, response planning, and monitoring and control. Analyzing risks qualitatively and quantitatively helps prioritize them so appropriate responses can be developed, such as avoiding, transferring, mitigating, or accepting risks. Monitoring risks ensures new risks are identified and risk responses remain effective over the project lifecycle. The benefits of effective risk management include more efficient resource use, continuous improvement, fewer failures, and enhanced communication and accountability.
The document discusses project risk management. It defines risk as a function of uniqueness and experience. There are two types of risks: business risks relating to gains/losses, and pure risks which only have downsides. The risk management process involves identifying risks early and throughout the project. Risks can then be avoided, mitigated, transferred to a third party, or accepted. Common risk responses include changing plans to avoid risks, reducing probability/impact of risks, assigning risks to third parties, and simply accepting small risks. Preparing for risks requires analyzing and prioritizing them based on likelihood and impact.
Risk is the big topic of conversation in the compliance industry. Businesses are moving at a faster rate and operations continue to increase in complexity, and yet the need for compliance is stronger than ever. So we need to implement a systematic and objective means to maintain compliance, and keep up with the pace of business.
In just 5 minutes, you'll learn why Risk Assessment is the new benchmark, and how to create a simple Risk Matrix for use in your compliance efforts.
This document provides an overview of risk assessment training. It defines risk assessment as a systematic approach to identify hazards, evaluate risks, and implement controls. It emphasizes the importance of risk assessment to protect safety and comply with regulations. The key aspects of risk assessment covered include identifying hazards and potential harms, evaluating risks based on severity and likelihood, implementing controls, and monitoring risks. Risk assessment is a legal requirement under the Workplace Safety and Health Act to ensure reasonable practicable safety measures are taken.
Risk Management Plan In Business PowerPoint Presentation Slides SlideTeam
There might be inherent risk that cannot be avoided and thus a Risk Management Plan in Business PowerPoint Presentation Slides becomes lifeline in such cases. The data compiled and saved in PPT layout not only helps to minimize or eliminate the risk associated but also helps to deal with it effectively at the time of its occurrence. To foresee any risk, a risk assessment matrix is a must and the same is supplied from our end in a structured and professional manner in the presentation template. Line and flow charts in PPT template acts as the oxygen to eliminate risks like strategic, compliance, financial, operational and reputational hazards. The core risk management steps have been addressed carefully in the presentation slide which includes identification, analyzing, evaluation, ranking, monitoring and reviewing of the same. As far as business risk is concerned, a lot of factors come to play like sales volume, input cost and much more, thus every slide in PPT presentation pays special attention to the same. Our Risk Management Plan In Business PowerPoint Presentation Slides ensure thoughts appear extremely balanced. You will display great composure.
Risk Identification Process PowerPoint Presentation SlidesSlideTeam
Showcase planned methods of hazard analysis with our content ready Risk Identification Process PowerPoint Presentation Slides. The hazard awareness process PowerPoint complete deck has forty-five PPT slides like risk management introduction, types of risks, risk categories, stakeholder’s management and engagement, risk appetite and tolerance, procedure, risk management plan, risk identification, risk register, risk assessment, risk analysis, risk response plan, risk response matrix, risk control matrix, risk items tracking, tools and practices, risk impact & profitability analysis, risk mitigations strategies, plans, qualitative and quantitative risk analysis, etc. All PowerPoint templates of risk assessment steps presentation are fully editable, edit them as per your specific project needs. The same risk management presentation deck can also be used to portray topics such as risk analysis, risk appetite, business continuity, risk-based auditing, hazard analysis, risk analysis, risk assessment and so on. Download this professionally designed risk management plan presentation deck to mitigate the risk. Our Risk Identification Process PowerPoint Presentation Slides are magnetic in nature. They will draw the right people to your cause.
This document discusses risk management for projects and programmes. It defines key risk management terms like known knowns, known unknowns, and unknown unknowns. It explains that risk management involves identifying, assessing, planning for, and implementing responses to significant uncertainties that could impact a project's objectives. The goal is to keep the level of risk exposure within the agreed risk appetite in a cost-effective manner through an iterative process.
The document discusses the process of monitoring risk in project management. It involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of the risk management process. Key activities include performing data analysis, conducting risk audits and meetings, technical performance measurement, and reserve analysis. The goals are to improve the efficiency of the risk approach and optimize risk responses. Updates to project documents, risk register, and lessons learned are outputs of this process.
The document outlines a risk management process including risk identification, assessment, response planning, and control. It discusses internal risks like technical and market risks as well as external risks outside a project manager's control. Risks are identified and assessed based on probability and impact. Responses include transferring risk, avoiding risk through plan changes, reducing risk through contingency planning, and accepting some level of risk. The overall process helps manage risks to meet schedule, budget and technical objectives.
The presentation about Project Risk Management conducted by Mr. Mohamad Boukhari for the project management community in Lebanon during PMI Lebanon Chapter monthly lecture.
The document outlines CRH's Life Saving Rules for 2019, which are mandatory rules designed to manage critical safety risks consistently across operations. Key changes from 2018 include additional focus on accountability, requirements for internal audits of the rules and safety culture assessments. Metrics such as leadership interactions and high potential learning events are emphasized for measuring safety performance. Guidance and requirements are provided for contractor management, machinery safety, transport safety, work at height, confined spaces and other high risk activities.
This document discusses project risk management. It defines project risk as an uncertain event that may positively or negatively impact project objectives. There are various types of risks including external risks outside a manager's control, cost risks, schedule risks, technology risks, and operational risks. The document outlines qualitative and quantitative approaches to risk analysis and describes methods for risk identification, response planning including risk avoidance, transfer, mitigation and acceptance, monitoring and control. Regular risk management is important to identify uncertainties and minimize their impacts to help projects meet their objectives on time and on budget.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
A risk assessment identifies hazards within a workplace like a laboratory and evaluates risks to safety. It determines the likelihood and severity of potential harm from hazards and how to minimize risks. A proper risk assessment identifies hazards, evaluates who may be harmed and how, decides on precautions through reasonable and practical means, records the findings, and reviews the assessment periodically or when new hazards emerge. The goal is to protect workers and others on the premises from injury by outlining safety guidelines and precautions for the workplace.
This document outlines the objectives and key components of risk assessment and management. It defines risk management as minimizing adverse risks to an organization. The main stages are identifying hazards, evaluating associated risks, and controlling risks. Quantitative and qualitative risk assessment methods are described. Various risk assessment techniques like failure mode and effects analysis, hazard and operability studies, and fault tree analysis are explained. The document provides a process for practical risk assessment involving classifying work activities, identifying hazards, determining risk levels, deciding if risks are tolerable, and preparing risk control plans. It emphasizes that risk assessment is an ongoing and evolving process.
Build a professional project Risk PowerPoint Presentation in a couple of minutes. All you have to do is download our pre-designed business risk plan presentation slides. With the help of this risk management PPT templates, project managers can give a presentation to their senior management regarding the risks involved during the implementation of the project. It entails PPT graphics on risk assessment matrix, risk management plan, risk tracker, risk analysis, risk response plan, risk response matrix etc. With the help of above-mentioned components, one can easily demonstrate the risk aspects involved in the project. We have thoroughly covered every aspect of business risk management and included the best PowerPoint presentation designs. Our project risk assessment PowerPoint presentation can be used for the related terms like risk analysis, threat response plan, risk management, risk register, project risk management plan, threat management process, business operation risk management, risks to project, threat reward etc. We have best risk break down structure PPT model. Boost your management team with our project risk management PowerPoint presentation. Forge connections that bind the group with our Project Risk Powerpoint Presentation Slides. It helps generate cohesive forces. https://bit.ly/2VfyKnX
The document discusses project risk management and outlines six processes for managing risk: risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control. It provides details on tools and techniques used in each process, such as documentation reviews, information gathering, probability and impact matrices, and quantitative risk analysis modeling. The overall goal of risk management is to increase the probability of positive events and decrease the probability of negative events on a project.
Risk management of the performance measurement baselineGlen Alleman
Many large government and industry programs are plagued by cost and schedule overruns and technical shortfalls.
Knowledge of project risk provides information needed to make decisions in the presence of uncertainty, where predicting future outcomes is part of the project management process.
When we talk about risk we need to have definitions that are shared across the domain. Risk in federal acquisition programs may not be the same definition as risk in the financial investment
domain.
Building Risk Tolerance into the Program Plan and ScheduleGlen Alleman
This document provides guidance on building a risk-tolerant project schedule. It discusses identifying risks and uncertainties, defining risk mitigation tasks, and incorporating them explicitly into the schedule. Key steps include: 1) Defining measurable maturity milestones; 2) Defining accomplishments and exit criteria; 3) Defining work to meet exit criteria; 4) Ranking tasks by risk level; 5) Defining risk mitigation tasks; and 6) Planning alternative paths for unknown risks. This makes risks and mitigations visible, allowing continuous risk monitoring and adjustment of the risk handling strategy.
Risk management is the process of identifying and mitigating risks that may have a positive or negative impact on a project. It includes risk management planning, identification, analysis, response planning, and monitoring and control. Analyzing risks qualitatively and quantitatively helps prioritize them so appropriate responses can be developed, such as avoiding, transferring, mitigating, or accepting risks. Monitoring risks ensures new risks are identified and risk responses remain effective over the project lifecycle. The benefits of effective risk management include more efficient resource use, continuous improvement, fewer failures, and enhanced communication and accountability.
The document discusses project risk management. It defines risk as a function of uniqueness and experience. There are two types of risks: business risks relating to gains/losses, and pure risks which only have downsides. The risk management process involves identifying risks early and throughout the project. Risks can then be avoided, mitigated, transferred to a third party, or accepted. Common risk responses include changing plans to avoid risks, reducing probability/impact of risks, assigning risks to third parties, and simply accepting small risks. Preparing for risks requires analyzing and prioritizing them based on likelihood and impact.
Risk is the big topic of conversation in the compliance industry. Businesses are moving at a faster rate and operations continue to increase in complexity, and yet the need for compliance is stronger than ever. So we need to implement a systematic and objective means to maintain compliance, and keep up with the pace of business.
In just 5 minutes, you'll learn why Risk Assessment is the new benchmark, and how to create a simple Risk Matrix for use in your compliance efforts.
This document provides an overview of risk assessment training. It defines risk assessment as a systematic approach to identify hazards, evaluate risks, and implement controls. It emphasizes the importance of risk assessment to protect safety and comply with regulations. The key aspects of risk assessment covered include identifying hazards and potential harms, evaluating risks based on severity and likelihood, implementing controls, and monitoring risks. Risk assessment is a legal requirement under the Workplace Safety and Health Act to ensure reasonable practicable safety measures are taken.
Risk Management Plan In Business PowerPoint Presentation Slides SlideTeam
There might be inherent risk that cannot be avoided and thus a Risk Management Plan in Business PowerPoint Presentation Slides becomes lifeline in such cases. The data compiled and saved in PPT layout not only helps to minimize or eliminate the risk associated but also helps to deal with it effectively at the time of its occurrence. To foresee any risk, a risk assessment matrix is a must and the same is supplied from our end in a structured and professional manner in the presentation template. Line and flow charts in PPT template acts as the oxygen to eliminate risks like strategic, compliance, financial, operational and reputational hazards. The core risk management steps have been addressed carefully in the presentation slide which includes identification, analyzing, evaluation, ranking, monitoring and reviewing of the same. As far as business risk is concerned, a lot of factors come to play like sales volume, input cost and much more, thus every slide in PPT presentation pays special attention to the same. Our Risk Management Plan In Business PowerPoint Presentation Slides ensure thoughts appear extremely balanced. You will display great composure.
Risk Identification Process PowerPoint Presentation SlidesSlideTeam
Showcase planned methods of hazard analysis with our content ready Risk Identification Process PowerPoint Presentation Slides. The hazard awareness process PowerPoint complete deck has forty-five PPT slides like risk management introduction, types of risks, risk categories, stakeholder’s management and engagement, risk appetite and tolerance, procedure, risk management plan, risk identification, risk register, risk assessment, risk analysis, risk response plan, risk response matrix, risk control matrix, risk items tracking, tools and practices, risk impact & profitability analysis, risk mitigations strategies, plans, qualitative and quantitative risk analysis, etc. All PowerPoint templates of risk assessment steps presentation are fully editable, edit them as per your specific project needs. The same risk management presentation deck can also be used to portray topics such as risk analysis, risk appetite, business continuity, risk-based auditing, hazard analysis, risk analysis, risk assessment and so on. Download this professionally designed risk management plan presentation deck to mitigate the risk. Our Risk Identification Process PowerPoint Presentation Slides are magnetic in nature. They will draw the right people to your cause.
This document discusses risk management for projects and programmes. It defines key risk management terms like known knowns, known unknowns, and unknown unknowns. It explains that risk management involves identifying, assessing, planning for, and implementing responses to significant uncertainties that could impact a project's objectives. The goal is to keep the level of risk exposure within the agreed risk appetite in a cost-effective manner through an iterative process.
The document discusses the process of monitoring risk in project management. It involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating the effectiveness of the risk management process. Key activities include performing data analysis, conducting risk audits and meetings, technical performance measurement, and reserve analysis. The goals are to improve the efficiency of the risk approach and optimize risk responses. Updates to project documents, risk register, and lessons learned are outputs of this process.
The document outlines a risk management process including risk identification, assessment, response planning, and control. It discusses internal risks like technical and market risks as well as external risks outside a project manager's control. Risks are identified and assessed based on probability and impact. Responses include transferring risk, avoiding risk through plan changes, reducing risk through contingency planning, and accepting some level of risk. The overall process helps manage risks to meet schedule, budget and technical objectives.
The presentation about Project Risk Management conducted by Mr. Mohamad Boukhari for the project management community in Lebanon during PMI Lebanon Chapter monthly lecture.
The document outlines CRH's Life Saving Rules for 2019, which are mandatory rules designed to manage critical safety risks consistently across operations. Key changes from 2018 include additional focus on accountability, requirements for internal audits of the rules and safety culture assessments. Metrics such as leadership interactions and high potential learning events are emphasized for measuring safety performance. Guidance and requirements are provided for contractor management, machinery safety, transport safety, work at height, confined spaces and other high risk activities.
This document discusses project risk management. It defines project risk as an uncertain event that may positively or negatively impact project objectives. There are various types of risks including external risks outside a manager's control, cost risks, schedule risks, technology risks, and operational risks. The document outlines qualitative and quantitative approaches to risk analysis and describes methods for risk identification, response planning including risk avoidance, transfer, mitigation and acceptance, monitoring and control. Regular risk management is important to identify uncertainties and minimize their impacts to help projects meet their objectives on time and on budget.
An introduction to risk management concepts for future outdoor leaders. It serves up metaphors and poses suitable questions for other forms of risk management.
A risk assessment identifies hazards within a workplace like a laboratory and evaluates risks to safety. It determines the likelihood and severity of potential harm from hazards and how to minimize risks. A proper risk assessment identifies hazards, evaluates who may be harmed and how, decides on precautions through reasonable and practical means, records the findings, and reviews the assessment periodically or when new hazards emerge. The goal is to protect workers and others on the premises from injury by outlining safety guidelines and precautions for the workplace.
This document outlines the objectives and key components of risk assessment and management. It defines risk management as minimizing adverse risks to an organization. The main stages are identifying hazards, evaluating associated risks, and controlling risks. Quantitative and qualitative risk assessment methods are described. Various risk assessment techniques like failure mode and effects analysis, hazard and operability studies, and fault tree analysis are explained. The document provides a process for practical risk assessment involving classifying work activities, identifying hazards, determining risk levels, deciding if risks are tolerable, and preparing risk control plans. It emphasizes that risk assessment is an ongoing and evolving process.
Build a professional project Risk PowerPoint Presentation in a couple of minutes. All you have to do is download our pre-designed business risk plan presentation slides. With the help of this risk management PPT templates, project managers can give a presentation to their senior management regarding the risks involved during the implementation of the project. It entails PPT graphics on risk assessment matrix, risk management plan, risk tracker, risk analysis, risk response plan, risk response matrix etc. With the help of above-mentioned components, one can easily demonstrate the risk aspects involved in the project. We have thoroughly covered every aspect of business risk management and included the best PowerPoint presentation designs. Our project risk assessment PowerPoint presentation can be used for the related terms like risk analysis, threat response plan, risk management, risk register, project risk management plan, threat management process, business operation risk management, risks to project, threat reward etc. We have best risk break down structure PPT model. Boost your management team with our project risk management PowerPoint presentation. Forge connections that bind the group with our Project Risk Powerpoint Presentation Slides. It helps generate cohesive forces. https://bit.ly/2VfyKnX
The document discusses project risk management and outlines six processes for managing risk: risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control. It provides details on tools and techniques used in each process, such as documentation reviews, information gathering, probability and impact matrices, and quantitative risk analysis modeling. The overall goal of risk management is to increase the probability of positive events and decrease the probability of negative events on a project.
Risk management of the performance measurement baselineGlen Alleman
Many large government and industry programs are plagued by cost and schedule overruns and technical shortfalls.
Knowledge of project risk provides information needed to make decisions in the presence of uncertainty, where predicting future outcomes is part of the project management process.
When we talk about risk we need to have definitions that are shared across the domain. Risk in federal acquisition programs may not be the same definition as risk in the financial investment
domain.
Building Risk Tolerance into the Program Plan and ScheduleGlen Alleman
This document provides guidance on building a risk-tolerant project schedule. It discusses identifying risks and uncertainties, defining risk mitigation tasks, and incorporating them explicitly into the schedule. Key steps include: 1) Defining measurable maturity milestones; 2) Defining accomplishments and exit criteria; 3) Defining work to meet exit criteria; 4) Ranking tasks by risk level; 5) Defining risk mitigation tasks; and 6) Planning alternative paths for unknown risks. This makes risks and mitigations visible, allowing continuous risk monitoring and adjustment of the risk handling strategy.
Increasing the Probability of Success with Continuous Risk ManagementGlen Alleman
This document summarizes an article from The Measurable News publication that discusses increasing the probability of program success through continuous risk management. It describes how identifying, analyzing, planning, tracking and controlling risk on complex systems can help assess the maturity of an existing risk management process and determine actions needed to improve it. The article provides examples of root cause analysis, assumptions, and sources of risk, and argues that separating risks into aleatory and epistemic categories helps better measure the impacts of each type of risk. Continuous risk management is presented as a way to produce risk-informed decisions that can address issues leading to cost overruns, schedule delays, and shortfalls in technical performance.
Managing in the presence of uncertaintyGlen Alleman
Uncertainty is the source of risk. Uncertainty comes in two types, aleatory and epistemic. It is important to understand both and deal with both in distinct ways, in order to produce a credible risk handling strategy.
Risk management involves identifying potential risks, assessing their probability and impact, prioritizing risks, developing strategies to mitigate high-priority risks, and continuously monitoring risks throughout the project. There are different categories of risk including project risks, technical risks, business risks, known risks, and unpredictable risks. Effective risk management requires proactively identifying risks, tracking them over time, taking steps to reduce impact or likelihood, and open communication across teams.
Project and Program Risk Management
Reasons to Manage Risks
ISO31000 for Risk Management
Risk Management in Project Lifescycle
Tools to manage Project Risks
This presentation talks about how risks in a project are analyzed and quantified. The presentation also discusses benefits of quantification of risks and the various tools at our disposal to manage risks effectively through quantification.
The document discusses practical applications of system safety and risk management. It covers topics like developing safe operational plans using mission analysis, principles of operational risk management, risk assessment models like SPE and GAR, and the risk management process. Assessment tools like the consequence/probability matrix and hazard risk matrix are introduced. Effective communication, supervision, and planning are emphasized as important elements in managing risk.
Risk management involves identifying potential problems before they damage a project. There are three main types of risks: project risks relating to budget, schedule, or personnel; technical risks regarding specifications or implementation; and business risks like building an unnecessary product. To manage risks, the probability and impact of each potential risk must be analyzed. Contingency plans are then developed to minimize disruption if risks occur. Finally, risks are controlled through avoiding, transferring, or reducing their impact on the project.
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 involves identifying potential problems, assessing their likelihood and impacts, and developing strategies to address them. There are two main risk strategies - reactive, which addresses risks after issues arise, and proactive, which plans ahead. Key steps in proactive risk management include identifying risks through checklists, estimating their probability and impacts, developing mitigation plans, monitoring risks and mitigation effectiveness, and adjusting plans as needed. Common risk categories include project risks, technical risks, and business risks.
Risk Management Methodologies in Construction IndustriesIRJET Journal
This document discusses risk management methodologies in the construction industry. It begins with an abstract noting that modern construction projects are complex, increasing unpredictability, and that risk management is not always consistently implemented. The document then provides an overview of the key steps in risk management processes: risk identification, analysis, evaluation, and treatment strategies. It explains the identification process involves creating checklists of potential risks, determining consequences, mapping risks, and categorizing risks. The analysis process is described as collecting data, quantifying uncertainties, and evaluating potential impacts. The document stresses the importance of risk management for construction companies and projects.
Netflix employs various risk management practices including risk identification, assessment, monitoring and effective communication. The document outlines Netflix's key risks like content risk, piracy risk and competition risk. It provides recommendations to develop a comprehensive risk management framework, establish a risk team, conduct regular assessments, create risk mitigation and business continuity plans to improve Netflix's approach. The conclusion recommends Netflix focus on these areas to enhance its ability to address risks.
This document discusses managing uncertainty and risk in project schedules. It explains that there are four types of uncertainty that exist in every project: 1) normal variations in task completion, 2) foreseen uncertainties, 3) unforeseen uncertainties, and 4) chaos when the project structure becomes unstable. Each type of uncertainty requires a different handling strategy. The document also discusses identifying risk mitigation tasks in the project plan to address specific, known uncertainties and using techniques like Monte Carlo simulation to determine margin needed to address general, dynamic uncertainties.
Building a risk tolerant integrated master scheduleGlen Alleman
Traditional approaches to planning, scheduling, and managing technical performance are not adequate to defend against these disruptions. This paper outlines the six steps for building a risk-tolerant schedule, using a field-proven approach.
This document outlines the process of risk management for a graduation project on the topic. It defines risk and uncertainty, describes different types of risks like business and operational risks, and explains the principles and benefits of risk management. The key steps in implementing risk management are established as establishing context, risk identification, analysis, evaluation, treatment, and monitoring. Various risk analysis techniques are also presented, along with the application of the risk management process to a case study on developing a synthetic aperture radar system.
Adopting the Quadratic Mean Process to Quantify the Qualitative Risk AnalysisRicardo Viana Vargas
The objective of this paper is to propose a mathematical process to turn the results of a qualitative risk analysis into numeric indicators to support better decisions regarding risk response strategies.
Using a five-level scale for probability and a set of scales to measure different aspects of the impact and time horizon, a simple mathematical process is developed using the quadratic mean (also known as root mean square) to calculate the numerical exposition of the risk and consequently, the numerical exposition of the project risks.
This paper also supports the reduction of intuitive thinking when evaluating risks, often subject to illusions, which can cause perception errors. These predictable mental errors, such as overconfidence, confirmation traps, optimism bias, zero-risk bias, sunk-cost effect, and others often lead to the underestimation of costs and effort, poor resource planning, and other low-quality decisions (VIRINE, 2010).
Risk management is essential for the success of any significant project. Information about key project cost, performance, and schedule attributes is often unknown until the project is underway. Risks that can be identified early in the project that impacts the project later are often termed “known unknowns.” These risks can be mitigated, reduced, or retired with a comprehensive risk management process. For risks that are beyond the vision of the project team a properly implemented risk management process can be used to rapidly quantify the risks impact and provide sound plans for mitigating its affect.
Risk management is important for construction projects. It involves identifying potential risks, assessing their likelihood and consequences, and developing responses to manage risks. The risk management process includes four steps: identifying hazards, assessing risks, controlling risks, and monitoring control measures. It aims to reduce the probability or impact of negative events. Key risks in construction relate to costs, time, and quality going over budget or being delayed. Risk management benefits projects by improving decision making and providing clear understanding of risks.
Managing risk with deliverables planningGlen Alleman
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What is risk?
1. What is Risk?
Glen B. Alleman, Thomas J. Coonce, and Rick A. Price
Cost and schedule growth for federal programs is created by unrealistic technical performance expectations,
unrealistic cost and schedule estimates, inadequate risk assessments, unanticipated technical issues, and poorly
performed and ineffective risk management, all contributing to program technical and programmatic shortfalls,
shown in Figure 1 and documented in a wide range of sources. [12], [13], [16], [18], [25], [30], [31], [38], [57], [58],
[59], [62], [67], [69]
Figure 1 ‒ Four summary sources of program cost and schedule overruns and technical shortfalls are from a more detailed
assessment of the root cause of program cost, schedule, and performance shortfalls [32].
Risk is the effect of uncertainty of objectives. Uncertainty is a state or condition that involves a deficiency of information and
leads to inadequate or incomplete knowledge of understanding. In the context of riskmanagement, uncertainty exists whenever
the knowledge or understanding of an event, consequence, or likelihood is inadequate or incomplete
‒ ISO 31000:2009, ISO 17666:2016, and ISO 11231:2010
Risk is Uncertainty that Matters [29]
Risk can be the potential consequence of a specific outcomethat affects the system’s ability to meet cost,
schedule, and/or technical objectives.Risk has three primary components: [32]
Probability of the activity or event occurringor not occurring,described by a Probability Distribution Function.
Consequence or effect resultingfrom the activity or event occurringor notoccurring,described by a Probability
Distribution Function.
Root Cause (condition and activity) of a future outcome, which when reduced or eliminated, will prevent
occurrence, non‒occurrence, or recurrence of the cause of the risk.
For the program manager, there are three risk categories thatmust be identified and handled:
Technical ‒ risks that may prevent the end item from performing as intended or not meeting performance
expectations. Measures of Effectiveness, Measures of Performance, Technical PerformanceMeasures,and Key
Performance Parameters describe the measures of these expectations.
Programmatic ‒ risks that affect the cost and schedule measures of the program. The programmatic risks are
within the control or influenceof the Program Management or Program Executive Office, through managerial
actions applied to the work activities contained in the Integrated Master Schedule. [17]
Business ‒ risks that originate outside the program office or are not within the control or influence of the
Program Manager or Program Executive Office.
2. Uncertainty comes from the lack information to describe a current state or to predict future states, preferred outcomes, or the
actions needed to achieve them. [51], [70] This uncertainty can originate from the naturally (randomly) occurring processes of
the program (AleatoryUncertainty). Or it can originate from the lack of knowledge about the future outcomes from the work on
the program (Epistemic Uncertainty). [37], [60]
Risks, Their Sources, and Their Handling Strategies
Riskidentification during early design phases of complex systems is commonlyimplemented but often fails to identifyevents and
circumstances that challenge program performance. Inefficiencies in cost and schedule estimates are usually held accountable
for cost and schedule overruns, but the true root cause is often the realization of programmatic risks. A deeper understanding of
frequent risk identification trends and biases pervasive during system design and development is needed, for it would lead to
improved execution of existing identification processes and methods. [52], [53], [54]
Risk management means building a model of the risk, the impact of the risk on the program, and a model for
handlingof the risk,sinceit is a risk,the corrective or preventive action has not occurred yet. [19], [35], [46], [60],
[66]
Probabilistic Risk Assessment(PRA) is the basis of these models and provides the Probability of Program Success
Probabilities resultfrom uncertainty and are central to the analysis of the risk.Scenarios,model assumptions,with
model parameters based on current knowledge of the behavior of the system under a given set of uncertainty
conditions. [43]
The source of uncertainty must be identified, characterized, and the impact on program success modeled and understood, so
decisions can be made about corrective and preventive actions needed to increase the Probability of Program Success.
Since risk is the outcome of Uncertainty, distinguishing between the types of uncertainty in the definition and
management of risk on complex systems is useful when buildingrisk assessmentand management models.[8], [25],
[27], [35], [43], [71]
Epistemic uncertainty ‒ from the Greek επιστηµη (episteme), meaning knowledge of uncertainty due to a lack
of knowledge of quantities or processes of the system or the environment. Epistemic uncertainty is represented
by the ranges of values for parameters, a range of workable models, the level of model detail, multipleexpert
interpretations, and statistical confidence. Epistemic uncertainty derives from a lack of knowledge about the
appropriate value to use for a quantity that is assumed to have a fixed value in the context of a particular
analysis. The accumulation of information and implementation of actions reduce epistemic uncertainty to
eliminateor reduce the likelihood and/or impactof risk.This uncertainty is modeled as a subjectiveassessment
of the probability of our knowledge and the probability of occurrence of an undesira ble event.
Incomplete knowledge about some characteristics of the system or its environment are primary sources of Epistemic
uncertainty.
Aleatory uncertainty ‒ from the Latin alea (a single die in Latin) is the inherent variation associated with a
physical system or the environment. Aleatory uncertainty arises from an inherent randomness, natural
stochasticity, environmental or structural variation across space and time in the properties or behavior of the
system under study. [1] The accumulation of more data or additional information cannot reduce aleatory
uncertainty. This uncertainty is modeled as a stochastic process of an inherently random physical model. The
projected impact of the risk produced by Aleatory uncertainty can be managed through cost, schedule, and/or
technical margin.
Naturally occurring variations associated with the physical system are primary sources of Aleatory uncertainty.
There is a third uncertainty found on some programs in the Federal Systems community that is not addressed by
this White Paper, sincethis uncertainty is notcorrectable
Ontological Uncertainty ‒ is attributable to the complete lack of knowledge of the states of a system. This is
sometimes labeled an Unknowable Risk. Ontological uncertainty cannot be measured directly.
Ontological uncertainty creates risk from Inherent variations and incomplete information that is not knowable.
Separating Aleatory and Epistemic Uncertainty for Risk Management
Aleatory is mentioned 55 times and Epistemic 120 times in NASA/SP-2011-3421, Probabilistic Risk Assessment Procedure Guide
for NASA Managers and Practitioners. [42]
Knowing the percentage of reducible uncertainty versus irreducible uncertainty is needed to construct a credible risk model.
Without the separation, knowing what uncertainty is reducible and what uncertainty is irreducible inhibits the design of the
corrective and preventive actions needed to increase the probability of program success.
3. Separatingthe types of uncertainty serves to increasetheclarity of risk communication,makingitclear which type
of uncertainty can be reduced and which types cannot be reduced. For the latter (irreduciblerisk),only margin can
be used to protect the program from the uncertainty. [9], [37]
As uncertainty increases,the ability to precisely measurethe uncertainty is reduced to where a direct estimate of
the risk can no longer be assessed through a mathematical model. Whilea decision in the presence of uncertainty
must still bemade, deep uncertainty and poorly characterized risks lead to the absence of data and risk models in
the Defense and Space Acquisition domain. [39], [42]
Epistemic Uncertainty Creates Reducible Risk
The risk created by Epistemic Uncertainty represents resolvable knowledge, with elements expressed as
probabilistic uncertainty of a future valuerelated to a loss in a futureperiod of time. [3], [72] Awareness of this lack
of knowledge provides the opportunity to reduce this uncertainty through direct corrective or preventive actions.
[36]
Epistemic uncertainty, and the risk it creates, is modeled by defining the probabil ity that the risk will occur, the
time frame in which that probability is active,and the probability of an impact or consequence from the risk when
it does occur, and finally, the probability of the residual risk when the handing of that risk has been applied.
Epistemic uncertainty statements define and model these event‒based risks:
If‒Then ‒ if we miss our next milestone then the program will fail to achieveits business valueduring the next
quarter.
Condition‒Concern ‒ our subcontractor has notprovided enough information for us to status the schedule,and
our concern is the schedule is slipping and we do not know it.
Condition‒Event‒Consequence ‒ our status shows there aresome tasks behind schedule,so we could miss our
milestone, and the program will fail to achieve its business value in the next quarter.
For these types of risks, an explicit or an implicit risk handling plan is needed. The word handling is used with
special purpose.“WeHandle risks”in a variety of ways. Mitigation is oneof those ways.In order to mitigatethe risk,
new effort (work) must be introduce into the schedule. We are buying down the risk,or we areretiring the risk by
spending money and/or consuming time to reduce the probability of the risk occurring. Or we could be spending
money and consuming time to reduce the impactof the risk when it does occur. In both cases actions aretaken to
address the risk.
Reducible Cost Risk
Reducible cost risk is often associated with unidentified reducible Technical risks, changes in tec hnical
requirements and their propagation thatimpacts cost. [7] Understandingthe uncertainty in costestimates supports
decision making for setting targets and contingencies, risk treatment planning, and the selection of options in the
management of program costs. Before reducible cost risk can take place, the cost structure must be understood.
Cost risk analysis goes beyond capturing the cost of WBS elements in the Basis of Estimate and the Cost Estimating
Relationships. This involves:
Development of quantitative modellingof integrated cost and schedule,incorporatingthe drivers of reducible
uncertainty in quantities, rates and productivities, and the recording of these drivers in the Risk Register.
Determining how cost and schedule uncertainty can be integrated in the analysis of the cost risk model
Performing sensitivity analysis to provide understanding of the effects of reducible uncertainty and the
allocation of contingency amounts across the program.
Reducible Schedule Risk
While there is significant variability, for every 10% in Schedule Growth there is a corresponding 12% Cost Growth. [10]
Schedule Risk Analysis (SRA) is an effective technique to connect the risk information of programactivities to the
baselineschedule,to provide sensitivity information of individual programactivities to assess the potential impact
of uncertainty on the final program duration and cost.
Schedule risk assessment is performed in 4 steps:
1. BaselineSchedule‒ Construct a credibleactivity network compliantwith GAO‒16‒89G, “Schedule
Assessment Guide: Best Practices for ProjectSchedule.”
2. Define ReducibleUncertainties ‒ for activity durations and costdistributionsfromthe Risk Register and
assign theseto work activities affected by the risk and/or the work activities assigned to reduce the risk.
4. 3. Run Monte‒Carlo simulations‒ for the scheduleusingthe assigned Probability Distribution Functions
(PDFs), usingthe Min/Max values of the distribution,for each work activity in the IMS.
4. Interpret Simulation Results ‒ usingdata produced by the Monte Carlo Simulation,includingatleast: [61]
Criticality Index (CI): Measures the probability that an activity is on the critical path. [14], [15]
Significance Index (SI): Measures the relative importance of an activity. [63], [64]
Schedule Sensitivity Index (SSI): Measures the relative importance of an activity taking the CI into account.
[49], [63], [64]
Cruciality Index (CRI): Measures the correlation between the activity duration and the total program
duration. [63], [64]
Reducible Technical Risk
Technical risk is the impact on a program, system, or entire infrastructurewhen the outcomes from engineering
development do not work as expected, do not provide the needed technical performance, or create higher than
planned risk to the performance of the system. Failure to identify or properly manage this technical risk results in
performance degradation, security breaches, system failures,increased maintenancetime, and significantamount
of technical debt 1 and addition cost and time for end item deliver for the program.
Reducible Cost Estimating Risk
Reducible cost estimating risk is dependent on technical, schedule, and programmatic risks, which must be
assessed to provide an accurate picture of program cost. Cost risk estimating assessment addresses the cost,
schedule, and technical risks that impact the cost estimate. To quantify these cost impacts from the reduci blerisk,
sources of risk need to be identified. This assessment is concerned with three sources of risk and ensure that the
model calculating the cost also accounts for these risks: [23]
The risk inherentin the costestimatingmethod. The Standard Error of the Estimate (SEE), confidenceintervals,
and prediction intervals.
Risk inherent in technical and programmatic processes. The technology’s maturity, design and engineering,
integration, manufacturing, schedule, and complexity. [68]
The risk inherent in the correlation between WBS elements, which decides to what degree one WBS element’s
change in cost is related to another and in which direction.WBS elements within federal systems have positive
correlations with each other, and the cumulative effect of this positive correlation increases the range of the
costs. 2
Unidentified reducible Technical Risks are often associated with Reducible Cost and Schedule risk.
Aleatory Uncertainty Creates Irreducible Risk
Aleatory uncertainty and the risk it creates comes not from the lack of information, but from the naturally
occurring processes of the system. For aleatory uncertainty, more information cannot be bought nor specific risk
reduction actions taken to reduce the uncertainty and resulting risk. The objective of identifying and managing
aleatory uncertainty to be preparing to handle the impacts when risk is realized.
The method for handling these impacts is to provide margin for this type of risk, including cost, schedule, and technical margin.
Using the NASA definition, Margin is the difference between the maximum possible value and the maximum
expected Value and separate from Contingency. Contingency is the difference between the current best estimates
and maximum expected estimate. For systems under development, the technical resources and the technical
performance values carry both margin and contingency.
Schedule Margin should be used to cover the naturally occurring variances in how long it takes to do the work.
Cost Margin is held to cover the naturally occurring variances in the price of something being consumed in the
program. Technical margin is intended to cover the naturally occurring variation of technical products.
Aleatory uncertainty and the resultingrisk ismodeled with a Probability Distribution Function (PDF) thatdescribes
the possiblevalues theprocess can takeand the probability of each value.The PDF for the possibledurationsfor the
work in the program can be determined. Knowledge can be bought about the aleatory uncertainty
1
Technical debt is a term used in the Agile community to describe eventual consequences of deferring complexity or implementin g incomplete changes. As a
development team progresses there may be additional coordinated work that must be addressed in other places in the schedule. When these changes do not
get addressed within the planned time or get deferred for a later integration, the program accumulates a debt that must be paid at some point in the future.
2
The use of Design Structure Matrix provides visibility and modeling of these dependencies. Many models consider the dependencies as statistic or fixed at
some value. But the dependencies are dynamic driven by nonstationary stochastic processes, that evolve as the program evolves .
5. through Reference Class Forecasting and past performance modeling. [11], [21], [71] This new information then
allows us to update ‒ adjust ‒ our past performance on similar work will provide information about our future
performance. But the underlyingprocesses is still random,and our new information simply created a new aleatory
uncertainty PDF.
The firststep in handlingIrreducibleUncertainty is thecreation of Margin.Schedulemargin,Costmargin,Technical
Margin,to protect the programfrom the risk of irreducibleuncertainty.Margin isdefined as theallowancein budget,
programed schedule … to account for uncertainties and risks. [44]
Margin needs to be quantified by:
Identifying WBS elements that contribute to margin.
Identifying uncertainty and risk that contributes to margin.
Irreducible Schedule Risk
Programs are over budget and behind schedule, to some extent because uncertainties are not accounted for in
scheduleestimates. Research and practiceis now addressing this problem, often by using Monte Carlo methods to
simulatethe effect of variances in work packagecosts and durationson total costand date of completion. However,
many such program risk approaches ignorethe significantimpactof probabilistic correlation on work package cost
and duration predictions. [5], [33]
Irreducibleschedulerisk ishandled with Schedule Margin which is defined as the amount of added time needed
to achievea significantevent with an acceptableprobability of success. [2] Significantevents are major contractual
milestones or deliverables. [48]
With minimal or no margins in schedule, technical, or cost present to deal with unanticipated risks, successful acquisition is
susceptible to cost growth and cost overruns. Error! Reference source not found.
The Program Manager owns the schedule margin.It does not belong to the clientnor can it be negotiated away
by the business management team or the customer. This is the primary reason to CLEARLY identify the Schedule
Margin in the Integrated Master Schedule. [17] It is there to protect the program deliverable(s).Schedulemargin is
not allocated to over‒runningtasks,rather is planned to protect the end item deliverables.
The schedulemargin should protect the delivery date of major contractevents or deliverables.This isdonewith
a Task in the IMS that has no budget (BCWS). The duration of this Task is derived from Reference Classes or Monte
Carlo Simulation of aleatory uncertainty that creates risk to the event or deliverable. [11],[47]
The IMS, with schedule margin to protect against the impact aleatory uncertainty, represents the most likely and realistic risk‒
based plan to deliver the needed capabilities of the program.
Irreducible Technical Risk
The last 10 percent of the technical performance generates one‒third of the cost and two‒thirds of the problems ‒ Norman
Augustine’s 15th Law. [6]
Using the NASA definition, Margin is the difference between the maximum possible value and the maximum
expected Value and separate that from contingency is the difference between the current best estimates and
maximum expected estimate, then for the systems under development, the technical outcome and technical
performance values both carry margin and contingency.
Technical Margin and Contingency serve several purposes:
Describe the need for and use of resource margins and contingency in system development.
Define and distinguish between margins and contingency.
Demonstrate that, historically, resource estimates grow as designs mature.
Provide a representative margin depletion table showing prudent resource contingency as a function of
program phase.
For any system, in any stage of its development, there is a maximum possible, maximum expected, and current
best estimate for every technical outcome. The current best estimate of a technical performance changes as the
development team improves the design and the understanding of that design matures.
For a system in development, most technical outcomes should carry both margin and contingency. As designs
mature, the estimate of any technical resource usually grows. This is true historically and, independent of exactly
why, development programs must plan for it to occur. [41]
6. The goal of Technical Margin (unlikeCostand ScheduleMargin) is to reduce the margins (for example Size Weight
and Power) to as close to zero as possible, to maximize mission capabilities. The technical growth and its handling
include:
Expected technical growth ‒ contingency accounts for expected growth
Recognize mass growth is historically inevitable.
As systems mature through their development life cycle, with better understanding of the design emerging
from conceptual to actual designs.
Requirements changes often increase resource use
Unplanned technical growth ‒ margins account for unexpected growth
Recognize all system development is challenging
Programs encounter “unknown unknowns” with the use of new technology that is difficult to gauge, that
develop into uncertainties in design and execution of the program, all the way to manufacturing variations.
Ontological Uncertainty
On the scale of uncertainty ‒ from random naturally occurring processes (aleatory) to the Lack of Knowledge
(epistemic), Ontological uncertainty lies atthe far end of this continuum and is a state of complete ignorance.Not
only arethe uncertainties notknown, the uncertainties may notbe knowable.Whilethe truth is outthere, 3 itcannot
be accessed because it is simply not known where to look in the first instance. NASA calls it operating outside the
experience base, where things are done for the first time and operate in a state of ignorance.
Management of uncertainty is the critical success factor of effective program management. Complex programs
and the organizations thatdeliver them organizations can involvepeople with different genders, personality types,
cultures, first languages, social concerns, and/or work experiences.
Such differences can lead to ontological uncertainty and semantic uncertainty. Ontological uncertainty involves
different parties in the same interactions having different conceptualizations about what kinds of entities inhabit
their world;what kinds of interactions theseentities have; how the entities and their interactions changeas a result
of these interactions. Semantic uncertainty involves different participants in the same interactions giving different
meanings to the same term, phrase and/or actions. Ontological uncertainty and semantic uncertainty can lead to
intractable misunderstandings between people. [22], [55]
When new technologies are introduced into these complex organizations, concepts, principles and techniques
may be fundamentally unfamiliar and carry a higher degree of ontological uncertainty than more mature
technologies.A subtler problemis these uncertainties areoften implicitrather than explicitand become an invisible
and unquestioned partof the system. When epistemic and ontological uncertainty represents our lack of knowledge,
then reducing the risks produced by this uncertainty requires improvement in our knowledge of the system of
interest or avoiding situations that increase these types of uncertainty. To reduce Epistemic and Ontological
uncertainty there must be a reduction in the uncertainty of the model of system behavior (ontology) or in the
model’s parameters (epistemology).
Call To Action
A great deal of work has been done on improving risk identification and analysis. The knowledge created by these efforts
provides a more complete list of risks and better estimates of their likelihood and consequences, but the fruits of this effort have
NOT been powerful enough to change the written guidance of DOD and other agencies.
Successful risk management can be applied to increasethe probability of programsuccess,but only if it can be
assured that:
The models of Aleatory and Epistemic uncertainty properly represent the actual uncertainties on the program.
The corrective and preventive actions for the risks created by Epistemic uncertainty and margins used for the
Aleatory uncertainties will reduce risk as well as increase the probability of program success.
In 2002,ClaudeBolton 4 said,there are still too many surprises, usingtraditional metrics for poorly performingand
failingprograms in a briefing to Army senior leadership. [28] Pastefforts to build dashboards,provide guidanceto
services (USAF, Navy, and ARMY) have fallen into disuse.
3
Apologies to Mulder and Scully and the X‒Files
4
Retired United States Air Force Major General who served as United States Assistant Secretary of the Army for Acquisition, Lo gistics, and Technology from 2002
to 2008.
7. Two Critical Steps start the path toward Increasing Probability of Program Success
3. Fix budgeting process and 6. Align Technical Plan with Budgeting
Table 1 ‒ Corrective and preventive actions for programmatic root causes reducing probability of program success
Condition or Action (Cause) Undesirable Outcome (Effect) Corrective Action
1. Government failsto definewhat Done
lookslike in unitsofmeasure meaningful
to the decision makers, priorto RFP.
Systemsare deliveredthat don’t provide the
desired capabilities, arrive too late,and cost more
than budgeted.
Government definestheMoE’s
for the program prior to issuing
the RFP.
2. Different participantsin theacquisition
processimpose conflicting demandson
programs. [24]
Participantsdo what isin theirown best interest
versusthe best interest oftechnical, cost,and
schedule performancefor the program.
Agreed upon MoP’sdefined at
IBR for each program deliverable.
3. Budget processesforcefunding decisions
to be made in advance ofprogram
decisions. [12], [69]
Budget processencouragesundueoptimism that
createsprogram risk for cost, schedule, and
technical performance.
Government providesarisk
adjusted cost loaded Integrated
Master Plan prior to Milestone‒
B/KDP-B.
4. Program managers’ short tenures,
limitationsin experience, and lack of
formal training. [4], Error! Reference
source notfound.
The program manager focused on minimizing risk
to Keep theProgram Sold and creating the
opportunity for career advancement.
Program Manager assigned from
start of development (KDP-B)to
completion.
Table 2 ‒ Corrective and preventive actions for cost, schedule, and technical root causes reducing probability of program success
A fundamental responsibility in the acquisition of major systems is to ensure that visibility of progress is sufficient to re liably
assess the results being obtained. [56]
Without the integration of the risk adjusted cost, schedule, and technical performance measures, and preventive and corrective
actions needed to reduce or eliminate the impact of these risks, the probability of program success is not likely to meet the
needs of those paying for the outcomes.
Condition or Action (Cause) Undesirable Outcome (Effect) Corrective Action
5. Schedule and Cost Margin not assignedto
protect key contractual deliverablesor end
items. [10],[34]
Lack ofcost and schedule margin causesthe
program to under deliver technical, go over
budget, and deliver late.
Maintain the required schedule and cost
margin to protect key contractual
deliverables.
6. Technical Plan not aligned with Budget
and Spend Plan, with missing Schedule
Margin and risk buy down plan. [69]
Lack ofintegrated cost, schedule,technical
progressgiveswrong information offuture
performance.
Develop resource loadedIntegrated
Master Schedule, aligned with Technical
and Budget adjusted with Marginat
(IBR).
7. Alternative PointsofIntegrationnot
considered in IMS whenrisk becomesan
issue. [50]
No Plan-B meansProbability ofSuccessis
reduced.
Have a Plan-B on baseline in theform an
alternative pointsofintegration.
8. Cost, Schedule,and Technical
UncertaintiesimpactProbability of
Program Successwithout handling plans.
[26]
Without acredible risk strategy, there isno
credible plan for success.
Develop risk modelsfor integrated cost,
schedule, and technical performance.
9. Missing Resource Loaded Scheduleto
assure staff, facilities, and other resources
available when needed. [45]
If resourcesare not availablewhenneeded,
there isno credibleplan for success.
Develop and maintain aresourceloaded
schedule.
10. Propagation ofAleatory and Epistemic
Uncertainty not considered in risk profile
or handling plans. [2], [20], [40], [65]
Without understanding thedynamicsofrisk
and itspropagation, there isno credible
plan to Keep the Program Green. Error!
Referencesourcenot found.
Model network ofactivitiesto reveal risk
propagation using DSM.
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