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Risk Management

Risk Management. What is it? Assessing, reducing, and controlling risks so that project objectives are met without requiring excessive schedules or resource budgets. Note, all project planning can be consider risk management; however, this topic discusses specific actions to plan for risk.

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Risk Management

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  1. Risk Management What is it? Assessing, reducing, and controlling risks so that project objectives are met without requiring excessive schedules or resource budgets. Note, all project planning can be consider risk management; however, this topic discusses specific actions to plan for risk.

  2. Risk Assessment • Identifying risks • Risks concerned with the tasks themselves • Risks that occur between tasks • Estimating consequences • Monetary cost of shortfall • Impact to schedule overrun • Shortfall on cost and schedule overrun

  3. Risk Reduction • Checking references • Using trained or certified staff • Using proven technology • Verifying suitability of inputs • Reduce uncertainty • Prototyping, simulation, modeling • Planning in detail, including mitigation plans • Parallel alternative developments • Reduce consequence • Decoupling related items • Providing margins or reserves

  4. Other risk management techniques X Risk Avoidance • Reducing requirements • Increasing budget (locally) • Extending schedule (locally) Risk Transfer • Insurance • Aligning responsibility and authority

  5. Problem Resolution Problems are inherent in complex projects. Problem Sources • Motivation • Conflict • Technology • Poor Planning • Mother Nature Problem Solving • Communication • Root cause analysis • Obtain advice

  6. Project Ethics • What are the characteristics of someone who is: • trustworthy • a person of integrity • an ethical person • ?

  7. Project Ethics (see attached) • Applicable codes of ethics: • Project Management Institute (PMI) Member Ethical Standards • Code of Ethics for Engineers (NSPE) • other professional codes of ethics • Let’s compare PMI and NSPE codes … • PMI … http://www.pmi.org/About-Us/Ethics/~/media/PDF/Ethics/ap_pmicodeofethics.ashx • NSPE … http://www.nspe.org/Ethics/CodeofEthics/index.html

  8. Project Ethics Are there always clear answers to ethical questions? Sample discussion questions: Should you quote projects for less than the estimated cost? If you do under-quote a project should you go back and ask for additional funds? Should you ever go back and ask for additional funds?

  9. Project Ethics Discussion questions continued: If in your opinion, the specifications are in excess of what is required, should you design to a more realistic set of specifications in order to save the customer money? If there is an opportunity to save the customer money even though it may mean smaller profits for yourself, should you inform the customer? Should you give more attention to the “squeaky wheel”?

  10. Project Ethics Discussion questions continued: Should you pay one worker more than another, even though they do equivalent work? If you make an agreement to purchase materials from a vendor, but find a lower price elsewhere, should you buy from the new source? Other situational questions from the class….

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