Drmagedezzatgeorgy advantages advantages of risk risk

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Unformatted text preview: ed risks, ◦ Respond and deal with the risks as they occur, ◦ Identify new risks and plan for them (with proper updates updates to the existing plans), and ◦ Evaluate risk response plans for effectiveness. Dr. Maged Ezzat Georgy Advantages Advantages of Risk Risk Management 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 Advantages of Risk Risk Management ◦ 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 Obstacles to Risk Risk Management Unfortunately, not all companies adopt the known risk management approaches in their projects. Among the th reasons are: ◦ 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 Obstacles to Risk Risk Management ◦ Expenses you’d have to pay for the risk response strategies (i.e., paying the insurance premiums), while paying while risks might not materialize in reality. ◦ Not all commonly-used software packages in project management incorporate risk parameters in their calc calculations and results. Dr. Maged Ezzat Georgy Risk Identification Basics Basics The identification of risks can start with a simple question. 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, Project ◦ etc? Dr. Maged Ezzat Georgy The Beginning To be able to answer this question… “Y “You have to have a good u...
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This document was uploaded on 01/22/2014.

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