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Manage Risk through Simple Project Management

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

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Manage Risk through Simple Project Management

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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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