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  Project Risk Management

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Projects

A project is an activity that:

Has a specific objective and scope Has a defined start and definite finish to deliver a new

element into the organisation, workplace or even the marketplace

Involves doing something that is temporary and unique Brings change in the organisation (new products, business

processes, technology, etc.) Could involve a single person or thousands Could operate within a broader process, may involve a single

department or cross organisational boundaries

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Objectives of a Project

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Iterative Nature of Project Management

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What is a project management:

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Managing the process whereby a team produces a unique

product, within a fixed time frame, and usually within some cost, budget, and/or resource

limitations.

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Why do Projects succed or Fail

Why Projects Succed

Planning Ongoing control Team organisation Defined stakeholderexpectations Leadership Appropriate scheduling of tasks

Why Projects Fail:

Underestimating complexity Disorganised deployment ofresources Unclear roles and responsibilities Unclear or differing expectations Lack of commitment Undefined schedules or deadlines

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Key dimensions for project Succes

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Risk Management

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Risk Management Framework

Picture of project characteristicsIdentify key risk areas to manageProject team members participate in risk planningAssess the chance of risk or failureDetermine risk categoriesPrioritise risks Develop strategies to reduce to acceptable level Establish ‘Risk Register’ to record and track risksPerform periodic reassessment of risks  

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Example Project Risks

Lack of management commitment to the project Lack of management commitment to the project

Project scope not clearly defined and leads to additional work Project scope not clearly defined and leads to additional work

Inadequate communication within project team Inadequate communication within project team

Resource availability problems Resource availability problems Project responsibilities not clearly defined Project

responsibilities not clearly defined Project costs will overrun Project costs will overrun Software cannot support the redesigned processes Software

cannot support the redesigned processes

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Example Risks and Approaches to Mitigation

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Example Risk

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Example Risk

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Example Risk

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Example Risk

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Example Risk

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Example Risk

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Example Risk

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Conlusion

Effective Risk Management is a core element of Project Management Risks should be managed and owned (and progress monitored) Team commitment to project is essential at all levels Regular communication is vital Responsibilities should be clearly defined Tolerance should be established and budget monitored Progress against project objectives should be assessed