PM in Practice | Risk Management PROJECT MANAGEMENT WEBINAR
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PM in Practice | Risk ManagementPROJECT MANAGEMENT WEBINAR
Things to know…
All participants will be on mute
Questions are welcome
Use the question box to ask questions
PM training is valid for 1 PDU
Must be in attendance for full session
PDU certificate sent by the end of the day
Recording and slides sent by tomorrow
Schedule a customized demo today!
+1 (949) 476-6499 x3
Request info: www.projectinsight.net
Project Insight
Diane White
Instructor and Curriculum Development
Training in project management,
PMP® and CAPM® certification, leadership,
business analysis, agile and six sigma
Past PMI Chapter President & Global PMI Board
www.coreperformanceconcepts.com
Presenter
PMP® and CAPM® are registered trademarks of the Project Management Institute
Poll Question
Objectives
To be able to put into practice risk concepts from the
previous webinar
Risk responses, risk owners, risk triggers, contingency plans
To discuss questions about risk management from the
community
To reflect on new ideas for risk strategies you can put
into practice
Risk Management Overview
Purpose of risk management
Maximize positive risk events
Minimize negative risk events
Responsibility of the Project Manager
Communicate, communicate, communicate!
Help senior management make good decisions
ST
EP
S
Managing Risk
1. Plan for risk management
2. Identify risks
3. Assess, prioritize, and quantify risks
4. Plan responses and contingencies
5. Proactively and consistently monitor and control
What strategy can be used to introduce Risk Management in projects where a company has run projects successfully in the past without following any formal risk management process?
What do you do when the resources available do not have the right skills?
Questions
Threats and Opportunities
Threat Responses
• Transfer — shift to another
• Avoid — prevent or eliminate
• Mitigate — reduce probability and/or impact
Upfront
(Proactive Responses)
• Active acceptance — develop contingency plans
• Passive acceptance — choose to do nothingOn Occurrence
(Response on Demand)
Opportunity Responses
• Exploit – ensure benefits are realized
• Share – form partnerships, joint ventures
• Enhance – take actions to increase probability
Upfront
(Proactive Responses)
• Active acceptance — develop contingency plans
• Passive acceptance — choose to do nothingOn Occurrence
(Response on Demand)
What are examples for opportunity responses like "enhancing“ risk?
Questions
Accept Risk
Response for both opportunities and threats
Passive – do nothing
Active – establish contingency reserves or
develop contingent response strategies
Identify the trigger!
Are there types of risks for which you don't need to prepare, besides the ones you can't foresee?
Are there some kinds of risks that you can ignore?
What is the percentage of budget that you would suggest to reserve for a pioneering type software development project where unknown-unknown things are quite certainly happening?
Questions
When to Accept Risk1. Mitigation costs are higher than the expected value.
2. Risk has been reduced to an acceptable level.
3. The reward is great in proportion to the risk.
4. Management, sponsor, owners, regulators won’t allow mitigation.
5. The risk event has a low probability/low impact or a positive outcome.
6. A contingency plan can be implemented easily.
Contingency Planning
Build contingency budget
Identify triggers and warning signs
Manage contingency budget
Develop contingencies for new risks identified
What is the difference between a contingency plan and a mitigation plan?
Is a contingency plan the same as a risk response plan?
Questions
Risk Response Owner
How do you get risk owners to accept responsibility for monitoring?
What do you do if some project team members do not want to be risk owners?
How do you getting management to act on risk occurrences?
Questions
Risk Triggers
Trigger – indicates a risk is about to occur
Initiates a response
Take action
Implement contingency plan
Use contingency reserve
Document and monitor!
How do you define risk triggers?
Should the risk triggers be determined by going through a team brainstorm
or with the concerned SME is sufficient?
Questions
Example Risk Triggers
Resources – too few, not the right ones
Government regulation – environmental instability
Weather – delays, severity
Response rates – RSVPs, advance registrations
Budgetary and financial – EV, Forecasts, cost/benefit
How do you give proper focus to risk management when you manage 7 plus
projects at once and resources are shared or scarce?
How do you use a Risk Register to monitor and control risk?
Questions
Risk Register
Risk Probability/Impact ($, Time): Low - Medium - High
What risk idea will you implement for your projects as a result of
this webinar?
Reflect
Any questions?
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