OPMA 5364 Part 7

OPMA 5364 Part 7 - OPMA 5364 Project Management Part 7...

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OPMA 5364 Project Management Part 7 Project Risk Management
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 2 Topic Outline: Risk Management Project risks and risk management Identification of risks Risk assessment and risk analysis Contingency planning Time and cost padding Expected values Risk management exercise PERT analysis Computer simulation analysis
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 3 Project Risks Uncertainty a random chance that something will happen, with no way to control whether it happens Risk an uncertain event or condition that could negatively impact project performance Each risk has a likelihood, or probability, of occurring and possible outcomes if it does occur
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 4 Managing Risks Since the project manager is responsible for project success, he or she can increase the likelihood of success by better managing risks Risk management is a proactive approach to dealing with uncertainties rather than a reactive approach Some risks can be disregarded and some can be avoided, but others should be planned for
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 5 Project Risk Management Risk management in projects involves: Identifying risks Assessing and analyzing the likelihood and impacts of risks Trying to reduce the uncertainties (by gathering more information or making different decisions) Trying to lessen the impacts of risks Developing contingency plans for critical risks Monitoring risks as the project progresses
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 6 PMI’s View of Risk Management Risk management consists of 6 subprocesses: Risk Management Planning How to approach and conduct risk mgmt. activities Risk Identification Qualitative Risk Analysis Assessing likelihoods and possible outcomes Quantitative Risk Analysis Computer simulations; decision tree analysis; etc. Risk Response Planning Risk Monitoring and Control
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Copyright 2004, Dr. Greg Frazier Part 7 - Project Risk Mgmt. 7 Identification of Risks Identifying all of the possible events or conditions that might occur and may negatively impact project performance A
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OPMA 5364 Part 7 - OPMA 5364 Project Management Part 7...

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