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Project Management - Risk

Project Management - Risk. Anne Arendt. Risk Management. Cost, schedule and scope baselines Throughout project Overall company strategy for managing risk. Risk Management. Identify risks: Documentation Reviews Brainstorming Delphi Technique Nominal Group Technique Crawford Slip.

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Project Management - Risk

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  1. Project Management - Risk Anne Arendt

  2. Risk Management • Cost, schedule and scope baselines • Throughout project • Overall company strategy for managing risk

  3. Risk Management • Identify risks: • Documentation Reviews • Brainstorming • Delphi Technique • Nominal Group Technique • Crawford Slip

  4. Risk Management • Brainstorming: • 10 to 15 participants usually • Meeting is called to make a comprehensive list of risks • No discussion at first • Usually less than 2 hours

  5. Risk Management • Delphi Technique: • Similar to brainstorming • Participants do not know one another • Email can be the medium • Use questionnaire and then categorize • Categorized list then circulated for comments and additions

  6. Risk Management • Nominal group technique: • Privately and silently list on paper • Facilitator lists ideas on blackboard • Rank ideas in order of importance • Identifies and does a preliminary evaluation

  7. Risk Management • Crawford Slip: • Less than half an hour • Ask ten questions • Same answer cannot be used for more than one question • One minute each question • Repeat same question ten times

  8. Risk Management • Crawford Slip: • Less than half an hour • Ask ten questions • Same answer cannot be used for more than one question • One minute each question • Repeat same question ten times

  9. Risk Management • Other methods: • Expert Interviews • Checklists • Analogy • Diagramming techniques (cause and effect, flowcharts)

  10. Risk Management • Risk Assessment: • Risk tolerance • Risk probability • The Addition Rule: P(A or B) = P(A) + P(B) • Conditional Probability – if some other event occurs • Statistical independence

  11. Risk Management • Multiplication Rule: • The probability of A and B occurring • Probability of event A given event B multiplied by the probability of event B • P(A and B) = P (A|B) x P(B) • Example of dice: 1/6 x 1/6 = 1/36

  12. Risk Management • Decision Trees (show diagram of this) • Affinity Diagramming – post it notes of all risks and each person is allowed to move into groups

  13. Risk Management • Risk Response Planning • Avoidance • Transfer • Contracting • Acceptance • Mitigation (reduce to acceptable level)

  14. Risk Management • Important to note: • Risk is not always bad • Risk can work in your favor • These are called Risk Opportunities

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