Risk ManagementSlide 2Slide 3Slide 4Slide 5Slide 6Problem ResolutionProject EthicsSlide 9Slide 10Risk ManagementRisk ManagementAssessing, reducing, and controlling risks so that project objectives are met without requiring excessive schedules or resource budgets.Note, all project planning can be consider risk management, however, this topic discusses specific actions to plan for risk.Risk ManagementRisk AssessmentRisk Item Identification•Risks concerned with the tasks themselves•Risks that occur between tasksRisk Consequence Estimation•Monetary cost of shortfall•Impact to schedule overrun•Shortfall on cost and schedule overrunRisk ManagementRisk ReductionUncertainty Reduction•Prototyping, simulation, modeling •Planning in detail•Parallel alternative developments•Checking references•Using trained or certified staff•Using proven technology•Verifying suitability of inputsRisk ManagementRisk Reduction – cont.Consequence Reduction•Decoupling related items•Providing margins or reservesRisk ManagementRisk Avoidance•Reducing requirements•Increasing budget (locally)•Extending schedule (locally)Risk ManagementRisk Transfer•Insurance•Aligning responsibility and authorityProblem ResolutionProblems are inherent in complex projects. Problem Identification•Motivation•Conflict•Technology•Poor Planning•Mother NatureProblem Solving•Communication•Root cause analysis•Obtain adviceProject EthicsAre there clear always clear answers to ethical questions?Sample discussion questions:Should you quote projects for less than the estimated cost?If you do under-quote a project should you go back and ask for additional funds?Should you ever go back and ask for additional funds?Project EthicsDiscussion questions continued:If in your opinion, the specifications are in excess of what is required, should you design to a more realistic set of specifications in order to save the customer money?If there is an opportunity to save the customer money even though it may mean smaller profits for yourself, should you inform the customer?Should you give more attention to the “squeaky wheel”?Project EthicsDiscussion questions continued:Should you pay one worker more than another, even though they do equivalent work?If you make an agreement to purchase materials from a vendor, but find a lower price elsewhere, should you buy from the new source?Other situational questions from the
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