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◦ Respond and deal with the risks as they occur,
◦ Identify new risks and plan for them (with proper
updates to the existing plans), and
◦ Evaluate risk response plans for effectiveness.
Dr. Maged Ezzat Georgy Advantages
There is no doubt that applying the PMI’s approach
for risk management is useful in many aspects:
◦ Represents a proactive approach to probable future
problems in the projects.
◦ Provides the project manager with a better
understanding of the project and the possible directions
it might take. Dr. Maged Ezzat Georgy Advantages
◦ Fundamental to identifying the precautionary measures
that need to be taken to safeguard the project.
◦ Gives guidance on the reasonable response actions (i.e.,
how much to pay for insurance premiums).
◦ Improving the product or service quality.
◦ etc. Dr. Maged Ezzat Georgy Obstacles
Unfortunately, not all companies adopt the known risk
management approaches in their projects. Among the
◦ Some organizations have a culture that prefers not to
discuss problems that do not exist yet.
◦ Expenses associated with running a risk management
program can be high. Dr. Maged Ezzat Georgy Obstacles
◦ Expenses you’d have to pay for the risk response
strategies (i.e., paying the insurance premiums), while
risks might not materialize in reality.
◦ Not all commonly-used software packages in project
management incorporate risk parameters in their
calculations and results. Dr. Maged Ezzat Georgy Risk Identification Basics
The identification of risks can start with a simple
What are the potential events that threaten:
◦ The achievement of project scope,
◦ Project completion on time,
◦ Project completion within budget,
◦ Project completion with the presumed quality standards,
Dr. Maged Ezzat Georgy The Beginning
To be able to answer this question…
“You have to have a good u...
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- Winter '14