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Project Risk Management

Project Risk Management. Presented by: Michael C. Nollet, MBA, PMP ®. Performance Objectives. What’s new in PMBOK® 3rd edition? Three tips for more effective risk management Select common problems and brainstorm solutions Document our possible solutions

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Project Risk Management

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  1. Project Risk Management Presented by: Michael C. Nollet, MBA, PMP®

  2. Performance Objectives • What’s new in PMBOK® 3rd edition? • Three tips for more effective risk management • Select common problems and brainstorm solutions • Document our possible solutions • Start to improve project risk management in the real world!

  3. About Boston University • Founded in 1839 • 4th largest private university in U.S. • Over $1.4 billion annual budget • $2.6 billion in assets • Largest foreign student population in the world • 17 Schools and Colleges • Over 3,000 Faculty Members

  4. Boston University Corporate Education Center (BUCEC) • Project Management • ITIL • PRINCE2™ • Management & Communication • Business Process Management • Leadership • Six Sigma • Team Building • Business Analysis • Information Technology

  5. What is Project Risk?

  6. Risks and Objectives RISK RISK Time Cost RISK Stakeholder Needs and Expectations RISK Scope/Quality

  7. What’s New in PMBOK 3rd Edition? • Look at the Inputs, Tools, Techniques and Outputs!

  8. Risk Management Process Start Identify Risk Monitor and Control Risk Analyze Risk Respond to Risk Finish

  9. Key Concepts

  10. Risk Knowledge Area

  11. Risk Management Planning

  12. Risk Identification

  13. Risk Identification

  14. Qualitative Risk Analysis

  15. Qualitative Analysis

  16. Quantitative Risk Analysis

  17. Risk Response Planning

  18. Risk Monitoring and Control

  19. Three • Risk • Tips

  20. 1. Risk and Impact Travel Together! There is a risk thatIMPACT, Because (of)RISK EVENT Or

  21. 2. Make Risk Visible R3 R1 R2

  22. 3. Show Total Risk Exposure

  23. 3.5 Include Contingency in the Plan A 4 WD $X B 6 WD $Y C 8 WD $21,030 F

  24. Group Exercise • Identify 5 common risks on your projects • Review in your small groups • Select at least one common risk, and brainstorm all the potential responses you can come up with… and write them down!

  25. Web Resources • PMI Risk Special Interest Group (SIG) • www.risksig.com • Society of Risk Analysis • www.sra.org • Tech Republic • www.techrepublic.com

  26. Reference Books • PMBOK, chapter 11 • Wideman, “Project and Program Risk Management” • Martin and Chadbourne, “The Professional Guide to Risk Assessment” • DeMarco and Lister, “Waltzing with Bears”

  27. Next Steps • Document today’s results • Email our potential solutions • Start a dialogue • Improve project risk management practices • What else could we do?

  28. Thank You ! Please send comments to: mnollet@usa.net

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