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Managing Project Risks Effectively: Guidelines and Tools for Success

Discover key strategies for managing risk through effective project management. This resource outlines essential practices based on AS/NZS 4360:2004 and HB436:2004 guidelines. Learn to identify and quantify risks, and implement plans to negate or mitigate potential impacts on your project objectives. Explore tools such as PMBOK, Microsoft Project, and customized forms for project status, budget, and risk assessment. Understand common reasons why projects fail, including poor planning and scope changes, and find actionable steps to keep projects on time, within budget, and satisfying to users.

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Managing Project Risks Effectively: Guidelines and Tools for Success

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  1. Manage Risk through Simple Project Management Peter Williamson Barker College

  2. Sources • AS/NZS 4360:2004 Risk Management + HB436:2004 Risk Management Guidelines (PDF copy is $106.52) www.standards.org.au • HB:231:2004 Information Security Risk Management Guidelines • IS & T Project Management Methodology Toolkit http://web.mit.edu/ist/pmm/toolkit.xls • Barker PMM

  3. Project success =? • To specification • On time • Within budget • Satisfying the user

  4. Why projects fail • Poor planning • Running Late • Over budget • Scope change • Loss of sponsor

  5. Tools to use • Prince • PMBOK • Microsoft Project • Home grown …the bare essentials.

  6. Microsoft Project • What actions are needed? • What order must they be done in? • How long will they take? • Who must do them? • Deal with the problems that arise.

  7. Project Forms • Project Status Snapshot • Budget • Risk Assessment • Scope Change • Close out

  8. Risk • Definition - Something that might occur that will have an impact upon objectives. • Size = Consequences x Likelihood. • Can be good or bad.

  9. Risk Management • Identify • Quantify (impact x probability) • Negate • Mitigate • For good risks encourage & accentuate

  10. Identifying Risks • Self compiled list • Previous projects • PESTEL • Outside source (AS/NZ Standards)

  11. Quantify

  12. Negate or Mitigate • Find some way of reducing the likelihood or the consequence (or both) of the bad risks. • If you can’t eliminate the risk put a plan in place to recover if and when it occurs.

  13. Negate • audit and compliance programs; • contract conditions; • formal reviews of requirements, specifications, design, engineering and operations; • inspection and process controls; • investment and portfolio management; • project management • preventative maintenance; • quality assurance, management and standards; • research and development, technological development; • structured training and other programs; • supervision; • testing; • organizational arrangements; and technical controls

  14. Mitigate • contingency planning; • contractual arrangements; • contract conditions; • design features; • disaster recovery plans; • engineering and structural barriers; • fraud control planning; • minimizing exposure to sources of risk; • portfolio planning; • pricing policy and controls; • separation or relocation of an activity and resources; • public relations; and • ex gratia payments.

  15. Thank you

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