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Presentation transcript:

8 Managing Risk (Premium)

Chapter Concepts Identifying risks and their potential impact Assessing the likelihood of occurrence and degree of impact of risks Risk response planning Risk monitoring

Learning Outcomes Discuss what is involved in managing risks Identify and categorize risks Assess and prioritize risks Prepare a risk response plan Develop a risk assessment matrix Monitor risks

Project Risk Management Project Management Knowledge Areas from PMBOK® Guide Project Risk Management

Risk in Privatized Water Supply Projects in Indonesia Risks to Water Supply Success Highest-Ranked Risks Political Macroeconomic Operational Business Land and construction Force majeure Non-availability of clean water Entry of new competitors Construction cost escalation Operation and maintenance cost escalation Defective equipment resulting in interruption

RISK Risk Risk management involves: is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective. Risk management involves: identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining: which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if it occurs.

Risk Management Framework for Pharmaceutical Research and Development Projects Aspects of Project Risk Solutions Financial Technical Managerial Organizational Use structured approach to identify risks Work together to develop risk response plan Evaluate the life and death decisions and level of acceptance Use multivariate analysis of risks Apply a continuous risk assessment process

Identify Risks Can jeopardize accomplishing the project objective Brainstorm sources of risks Establish categories for risks and evaluate Use historical information Progressively elaborate and identify new risks as more information becomes available

Assess Risks Determine the likelihood the risk event will occur Evaluate degree of impact on the project objective Prioritize Likelihood of occurrence and degree of impact Position relative to the critical path

Risk Assessment Matrix

Plan Risk Responses Set of actions Prevent or reduce the likelihood of occurrence or the impact of a risk Implement if the risk event occurs Establishes a trigger point for implementing an action Assigns responsibility for implementation Avoid, mitigate, or accept the risk Include a contingency fund to cover implementation cost

List ways to monitor risks for a project. Student Discussion List ways to monitor risks for a project.

Possible responses to Student Discussion Regularly review the risk management matrix Evaluate all risks to determine if any changes Identify new risks Discuss during project meetings Track and document risks that occurred and their impact List ways to monitor risks for a project.

Managing Risks for Information Systems Development Risks can be categorized into seven types Technological risk Human risk Usability risk Project team risk Project risk Organizational risk Strategic and political risk

IS Example: Risk Assessment Matrix

Critical Success Factors Identify risks and their potential impacts before the project starts. Involve the project team or experts in assessing risks. Assign high priority to managing risks that have a high likelihood of occurrence and a high potential impact on the project outcome. Develop response plans for addressing high priority risks.