OMIS 352 class 18 - 24Mar2016 - Managing Projects in...

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Managing Projects in Business OMIS 352 Lecture 18 – 24 March 2016 Prof. John Pendergrass 1
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Content Risk management Prof. John Pendergrass 2
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Project Risk “An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality.” PMBOK Guide 5e, page 310 Prof. John Pendergrass 3
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Project Risk Risk arises from uncertainty Downside – unexpected problems or threats Upside – positive events or opportunities Prof. John Pendergrass 4
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Project Risk Risk arises from uncertainty Downside – unexpected problems or threats Upside – positive events or opportunities How do these events affect the project beyond the project’s objectives? Prof. John Pendergrass 5
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Risk Attitude Based on: Risk appetite Risk tolerance Risk threshold Prof. John Pendergrass 6
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Project Risk Effective and successful risk management requires: Commitment by all stakeholders Stakeholder responsibility Different risks for different types of projects Prof. John Pendergrass 7
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