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Comprehensive Risk Management Strategies for Project Success

This document outlines essential risk management principles applicable to project management, including the identification, estimation, and mitigation of risks. It introduces Procter & Gamble's equation: Risk = Hazard + Exposure, and provides a structured framework for evaluating technical, project management, organizational, and external risks. Utilizing qualitative estimation techniques, the document emphasizes the importance of establishing risk logs and formal assessments to prioritize and manage risks effectively. It also includes a practical activity focused on risk identification and mitigation strategies for a unique challenge.

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Comprehensive Risk Management Strategies for Project Success

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  1. RiskChapter 2, pages 63-80 CSSE 372 11.September.2008 “At risk”

  2. Outline • Identification • Estimation • Mitigation • Exercise Procter & Gamble’s equation: Risk = Hazard + Exposure. From www.pgbeautyscience.com/safety-assessment.html .

  3. First CotD

  4. Identification • Technical • Project Management • Organizational • External • Business  A lot of people use Pressman’s risk list: • http://www.rspa.com/checklists/risk.html • For example…

  5. Technical Issues (start)… • Are facilitated application specification techniques used to aid in communication between the customer and developer? • Are specific methods used for software analysis? • Do you use a specific method for data and architectural design? • Is more than 90 percent of your code written in a high order language? • Are specific conventions for code documentation defined and used? • Do you use specific methods for test case design? • Are software tools used to support planning and tracking activities? • …

  6. Discussion – Who’ll have what risks? • Which project manager is likely to have what kinds of risks? • Technical • Project Management • Organizational • External Cody Shanice

  7. Second CotD

  8. Qualitative Estimation

  9. Dynamic Estimation

  10. Risk response • Accept • Avoid • Contingency planning • Mitigate • Transfer

  11. Monitoring/Controlling • Risk log • ID number • Risk description • Risk owner • Action to be taken • Outcome • Include Probability/Impact

  12. How do you gather risks? • Formal • Informal

  13. Risk assessments should be/contain: • In the If _______, then___________ format • Clearly tie back to 5 project constraints • Include a mitigation strategy • Include a time line for revisiting/updating the risks • Include key resources • Indication of where it falls in the chart • Opportunities

  14. Discussion Problem • You and 7 others are going to fly 1500 miles in a pedal-powered airplane. • The plane can carry 3000 pounds of freight (including passengers) at 30 mph, when powered by 4 pedallers. • Each team member can pedal for 4 hours continuously. • If you lose power the plane crashes.

  15. Activity • Identify the risks • For each risk, estimate its probability and impact • Prioritize risks • Identify mitigation strategies for the most important half of the risks • Share your results withrest of class

  16. Questions? Bike blimp from http://blog.makezine.com/archive/2008/06/bike_blimp_remake.html.

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