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Risk management overview

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Hossam Maghrabi
Hossam Maghrabi

After completion, you will be able to start your journey for managing a project’s risks based on PMBOK Guide(5th Edition).

Leadership & Management
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Project Risk Management - An Overview Hossam Maghrabi, PMP
Agenda  Objectives & Outcome.  Risk Definition & Impact.  Risk Management Process.  Risk Management Implementation.  Q & A.
Objectives & Outcome. Objectives Provide an overview on Project Risk Management. High level explanation of Project Risk Management Implementation. Outcome On completion of this session you will be able to start your journey for managing a project’s risks based on PMBOK Guide(5th Edition).
More than 60 % of companies have experience project failure Why?
Risk Definition What is the risk? Risk is a possible future event or condition that, if it occurs, will result in a positive or negative impact to a project’s objectives. Each Risk has a cause and, if it occurs, a consequence. Example, A Project solution needs to be implemented in all of a company’s worldwide locations, including those in developing countries. If the telecommunications lines are not upgraded on time where necessary, the solution will not be viable in those locations. Is it a risk that you have to implement the solution in developing countries? No, that is the cause. It is a fact or a requirement. Is it a risk that the solution will not be available in certain countries? No, that is the potential effect of what might occur in this scenario. Is it a risk that the necessary telecommunications upgrades are not performed on time? Yes, this is where the uncertainty lies.
Example, Team may decide to utilize a new technology on its project because they think it will result in dramatic effort and cost savings. There is also a chance the new technology will not work. However, the team introduces the risk because the potential for gain. This is an example of intelligent risk taking or positive risk. Risk Impact
Risk management process • Risk management Planning The process of deciding how to conduct risk management activities for a project. ( Methodology, Roles and Responsibilities, Budgeting, Timing, Scoring , Reporting and Tracking ) • Risk identification The process of determining which risks may affect the project and documenting their characteristics. (Stakeholder, The format of the risk statements) • Qualitative Risk Analysis The process of prioritizing risks for further analyses or action by assessing and combining their Probability of occurrence and impact.
• Quantitative Risk Analysis The process of numerically analyzing the effect of identified risks on overall project objective. • Risk response planning The process of developing options and actions to enhance opportunities and reduce threats to project objectives. • Risk Monitoring and control The process of implementing risk response plans, tracking identified risk, monitoring residual risks, identifying new risks, revaluating risk process effectiveness throughout the project. Risk management process
Risk Management Implementation • Terms • Assumption Something that is believed to be true. Assumptions can be about such things as the deliverables, estimates, technical environment, experience level of staff, and end-user responsibilities. • Risk A possible future event or condition that, if it occurs, will result in a positive or negative impact to a project objective. Each Risk has a cause and, if it occurs, a consequence. • Issue Something currently happening that needs resolution to avoid negative impact to scope, timing, requirements, cost, quality, resources, or progress according to the plan.
Threat Probability = 100% ISSUE There is an action and entry in the issue log. Probability < 100% RISK (threat) There is a Risk response plan. Could be: • Proactive:  Transfer,  Mitigate,  Accept,  Avoid • Reactive:  Contingency Plan Opportuni ty Probability < 100% There is a strategy for each opportunity. Could be: Exploit , Enhance, Share , Accept Low Probability ?? OR Low Impact?? Risk Management Implementation Watch List Assumption / Risk A s s u m p t I o n Low Probability?? OR Low Impact??
Risk Management Life Cycle Identify Risks Monitor & Control Risks Plan Risk Response Risk Management Close-out Develop Risk Management Plan Risk Budgeting Analyze Risks Update as Appropriate Repeats Through the Road Map Minimum Weekly Reviews
Questions
Thank You

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Risk management overview

  • 1. Project Risk Management - An Overview Hossam Maghrabi, PMP
  • 2. Agenda  Objectives & Outcome.  Risk Definition & Impact.  Risk Management Process.  Risk Management Implementation.  Q & A.
  • 3. Objectives & Outcome. Objectives Provide an overview on Project Risk Management. High level explanation of Project Risk Management Implementation. Outcome On completion of this session you will be able to start your journey for managing a project’s risks based on PMBOK Guide(5th Edition).
  • 4. More than 60 % of companies have experience project failure Why?
  • 5. Risk Definition What is the risk? Risk is a possible future event or condition that, if it occurs, will result in a positive or negative impact to a project’s objectives. Each Risk has a cause and, if it occurs, a consequence. Example, A Project solution needs to be implemented in all of a company’s worldwide locations, including those in developing countries. If the telecommunications lines are not upgraded on time where necessary, the solution will not be viable in those locations. Is it a risk that you have to implement the solution in developing countries? No, that is the cause. It is a fact or a requirement. Is it a risk that the solution will not be available in certain countries? No, that is the potential effect of what might occur in this scenario. Is it a risk that the necessary telecommunications upgrades are not performed on time? Yes, this is where the uncertainty lies.
  • 6. Example, Team may decide to utilize a new technology on its project because they think it will result in dramatic effort and cost savings. There is also a chance the new technology will not work. However, the team introduces the risk because the potential for gain. This is an example of intelligent risk taking or positive risk. Risk Impact
  • 7. Risk management process • Risk management Planning The process of deciding how to conduct risk management activities for a project. ( Methodology, Roles and Responsibilities, Budgeting, Timing, Scoring , Reporting and Tracking ) • Risk identification The process of determining which risks may affect the project and documenting their characteristics. (Stakeholder, The format of the risk statements) • Qualitative Risk Analysis The process of prioritizing risks for further analyses or action by assessing and combining their Probability of occurrence and impact.
  • 8. • Quantitative Risk Analysis The process of numerically analyzing the effect of identified risks on overall project objective. • Risk response planning The process of developing options and actions to enhance opportunities and reduce threats to project objectives. • Risk Monitoring and control The process of implementing risk response plans, tracking identified risk, monitoring residual risks, identifying new risks, revaluating risk process effectiveness throughout the project. Risk management process
  • 9. Risk Management Implementation • Terms • Assumption Something that is believed to be true. Assumptions can be about such things as the deliverables, estimates, technical environment, experience level of staff, and end-user responsibilities. • Risk A possible future event or condition that, if it occurs, will result in a positive or negative impact to a project objective. Each Risk has a cause and, if it occurs, a consequence. • Issue Something currently happening that needs resolution to avoid negative impact to scope, timing, requirements, cost, quality, resources, or progress according to the plan.
  • 10. Threat Probability = 100% ISSUE There is an action and entry in the issue log. Probability < 100% RISK (threat) There is a Risk response plan. Could be: • Proactive:  Transfer,  Mitigate,  Accept,  Avoid • Reactive:  Contingency Plan Opportuni ty Probability < 100% There is a strategy for each opportunity. Could be: Exploit , Enhance, Share , Accept Low Probability ?? OR Low Impact?? Risk Management Implementation Watch List Assumption / Risk A s s u m p t I o n Low Probability?? OR Low Impact??
  • 11. Risk Management Life Cycle Identify Risks Monitor & Control Risks Plan Risk Response Risk Management Close-out Develop Risk Management Plan Risk Budgeting Analyze Risks Update as Appropriate Repeats Through the Road Map Minimum Weekly Reviews
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