1. Technical Project Management Slide 1 The Project Charter 1.Opportunity Statement 2.Success Factors 3.Vision, Values, Goals 4.Assumptions 5.Scope Definition 6.Priorities, Environmental Analysis 7.Risk Analysis

2. Technical Project Management Slide 2 Risk Management 1.Identify 2.Rate 3.Response / Mitigation 4.Monitor / Control 5.Report

3. Technical Project Management Slide 3 Dream Vacation To airport is two hours from your home üFlight leaves at 2:00 pm; arrives 3:30 pm üYour cruise ship departs 6:00 pm on Sunday evening for a 7 day cruise of the Caribbean. üYou return on Sunday Morning at 10:00 am. üYou have to be at work at 8:00 am Monday morning for a major presentation

4. Technical Project Management Slide 4 Risk Identification Some potential risks associated with this vacation are: Plane arrives late and you miss the boat Lost luggage Unanticipated hurricane Etc.

5. Technical Project Management Slide 5 Assessment Of Risk Risk ItemProbabilityImpactSignificance A. Late Flight 3515 B. Lost Luggage 133 C. Touring Island- Missed Ship Departure 3515 D. Hurricane 2510 X =

6. Technical Project Management Slide 6 Boston Square 12345 1B 2D 3A, C 4 5 PROBABILITYPROBABILITY I M P A C T

7. Technical Project Management Slide 7 Mitigation Strategies Avoid or Eliminate Transfer Reduce or Mitigate Accept and Manage

8. Technical Project Management Slide 8 Mitigation In Action A.Late Flight – Avoid – Leave on Saturday B.Lost Luggage – Transfer – Buy travel insurance. C.Missed Departure – Reduce -Set alarms, Be on-board 1 hour before departure D.Hurricane – Accept – Double check weather forecast before leaving home.

9. Technical Project Management Slide 9 Reassess Mitigated Risks Risk ItemProbabilityImpactSignificance A. Late Flight 3 0 5 0 15 0 B. Lost Luggage 1 1 3 1 C. Touring Island- Missed Ship Departure 3 1 5 5 15 5 D. Hurricane 2 2 5 5 10 10

10. Technical Project Management Slide 10 Revised Boston Square 12345 1BBC 2D 3A, C 4 5 PROBABILITYPROBABILITY I M P A C T Risk A has been eliminated

11. Technical Project Management Slide 11 Cost Of Mitigation Leaving a day early $100.00 for hotel $30.00 for meals Buying travel insurance $15.00 Setting alarm and returning early $20.00 to buy travel alarm Checking the weather forecast before leaving 15 minutes Total Cost of Mitigation Plan 15 minutes $165.00

12. Technical Project Management Slide 12 Risk Mitigation Plan Approval Review risk mitigation plan with the project sponsor to get approval to include the cost of mitigation in the project budget as a dedicated line item.