STR N421 - Lecture 12 - 2011

Risk owner and pm document results of the risk event

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Unformatted text preview: atus at project meetings 9. Risk owner and PM document results of the risk event and the response plan for the benefit of future projects Dr. Maged Ezzat Georgy Responding Responding to Unknown Risks Projects have unknown/unpredictable risks, for which response response plans do not exist. In this case, response plans –which are called “workarounds”- are devised as the unpredictable risks materialize. Dr. Maged Ezzat Georgy Workarounds This This term is used to imply: ◦ Unplanned responses to risks that were unknown / unidentified during the risk identification process. ◦ Unplanned responses to risks that were passively accepted. Workarounds are similar to contingency plans, expect expect that they are devised and implemented as the risk/problem risk/problem is recognized. Dr. Maged Ezzat Georgy Risk Audits What is a “Risk Audit” ?? A risk audit is a review performed to examine the effectiveness of: ◦ Project’s risk management planning, and ◦ Risk response plans. Think of risk audits as a means to define the lessons learned. Dr. Maged Ezzat Georgy When When to Perform Perform a “Risk Audit” ?? A risk audit is performed at the end of a project. Further, for medium and large projects, risk audits may be performed at major milestones throughout the project. Dr. Maged Ezzat Georgy What What to Examine Examine in a “Risk Audit” ?? Completeness of the risk management plan. Success of the risk identification process. Level of accuracy of probability and impact scores. Performance of the risk owners Identification and monitoring of risk triggers Dr. Maged Ezzat Georgy What What to Examine Examine in a “Risk Audit” ?? Effectiveness of the risk response strategies. Budget allocated for risks. Contingency plans. Recommendations for future risk plans etc. Dr. Maged Ezzat Georgy Risk Management in Construction Course Wrap-up Ri Risk Management Process Within the Project Life Cycle Dr. Maged Ezzat Georgy Risk Identification This involves identifyi...
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This document was uploaded on 01/22/2014.

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