session5 - Introduction to Project Management Session 5...

Info iconThis preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon
1 of 38 Introduction to Project Management Session 5 James Bowen, Ph.D, PMP
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 of 38 AGENDA Student Presentations Risk Change Control Discuss Assignment #5  Fun Contest
Background image of page 2
3 of 38 Project Risk Definition Risk is the chance that an undesirable event will  occur and the consequences of all its possible  outcomes. Project risks are those events that, if they  materialize can delay or kill a project Needs a Proactive approach to dealing with Risk Preventative process designed to reduce surprise  and negative consequences
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 of 38 Risk Versus Uncertainty Analysis Under Uncertainty - The Management  of Risk The difference between risk and uncertainty Risk  - when the decision maker knows the  probability of each and every state of  nature and thus each and every outcome.   An expected value of each alternative  action can be determined Uncertainty  - when a decision maker has  information that is not complete and  therefore cannot determine the expected  value of each alternative
Background image of page 4
5 of 38 Negative Impacts of Risk Increased cost on projects Tighter scheduling Less flexibility Poor performance
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6 of 38 The Risk Event Graph
Background image of page 6
7 of 38 Risk Analysis
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
8 of 38 Risk Management Process Risk Management A proactive attempt to recognize and manage  internal events and external threats that affect the  likelihood of a project’s success. What can go wrong (risk event). How to minimize the risk event’s impact (consequences). What can be done before an event occurs (anticipation). What to do when an event occurs (contingency plans).
Background image of page 8
9 of 38 Risk Management’s Benefits A proactive rather than reactive approach. Reduces surprises and negative  consequences. Prepares the project manager to take  advantage of appropriate risks. Provides better control over the future. Improves chances of reaching project  performance objectives within budget and  on time.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
10 of 38 Management Team participation Questionnaires and Checklist Examination of Core Competencies Analysis of the degree of novelty: high,  med.or low. WBS
Background image of page 10
11 of 38 Identifying Sources of Risk Macro Examination Analysis of possible project hot  spots/trouble areas List of core competencies Micro Examination WBS And deliverables
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
12 of 38 Risk Breakdown Structure
Background image of page 12
of 38 Risk Checklist The following info should be developed for  each identified risk The undesirable event All the outcomes of the events occurrence The magnitude or severity of the events impact Chances/probability of the event happening When the event might occur in the project Interaction with other parts of this or other projects
Background image of page 13

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 14
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/09/2012 for the course ADM 6260 taught by Professor Bowen during the Winter '11 term at University of Ottawa.

Page1 / 42

session5 - Introduction to Project Management Session 5...

This preview shows document pages 1 - 14. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online