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Project Management Introduction
What is Project Management? Application of knowledge, skills, tools and techniques to project activities to meet project requirements. A temporary endeavor with a defined beginning and end, undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. Different than an Operation (repetitive, permanent/semi-permanent activities to produce products or services. © RMstudy.com. All rights reserved
Why is Risk Management Important?
What is Risk Management? Risk management refers to a principled approach and process to the tasks of identifying and assessing risks, and then planning and implementing risk responses. © RMstudy.com. All rights reserved
What is Risk? Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a projects objectives. Workbook, Rmstudy; Targeting Success. © RMstudy.com. All rights reserved
An example of a Risky Situation Painting our own house can be Risky A pleasant surprise (positive effect or condition): The color is prettier than expected. An unpleasant surprise (negative effect or condition): The HOA says the color Is not acceptable. © RMstudy.com. All rights reserved
Threats and Opportunities Threat: Used to describe an uncertain event that would have a negative impact on objectives if it occurred. Contrast this with opportunity…. Opportunity: Used to describe an uncertain event that would have a positive impact on objectives if it occurred. The combined effect of risks is known as risk exposure. © RMstudy.com. All rights reserved
Top Ten Reasons Why Risk Management Is Important
Reason #1 The future is uncertain © RMstudy.com. All rights reserved
Our house painting project Will it rain on the day we plan to paint? What if the paint sprayer we borrowed does not work? What if we dont buy enough paint? What if one of our helpers falls off a ladder? © RMstudy.com. All rights reserved
Reason #2 Risk threatens the very reason your organization exists © RMstudy.com. All rights reserved
Our house painting project What risks do we face, if we do not paint? If our house develops mold, it could be condemned. If we do not paint and the eaves develop dry-rot, we might have to re-roof the house. © RMstudy.com. All rights reserved
Reason # 3 Not all risks are manageable, so managing the ones you can is essential © RMstudy.com. All rights reserved
Our house painting project What risks threaten our house that we cannot manage? Mudslide Earthquake © RMstudy.com. All rights reserved
Reason # 4 Risk threatens organizational profitability © RMstudy.com. All rights reserved
Our house painting project What accidents can make our house painting cost us more than we expected? Spilled paint (clean-up and paint replacement) Put ladder through a window © RMstudy.com. All rights reserved
Reason # 5 Risks threatens employee success © RMstudy.com. All rights reserved
Our house painting project We have hired two teenagers to help us on Saturday and we want to get all the painting done on that day. What risks could keep them from being successful? Not having the prep work done for them to begin on time. Running out of paint before they are through. Not buying enough pizza for lunch. © RMstudy.com. All rights reserved
Reason # 6 Risk provides unpredicted opportunities to out-perform goals and projections © RMstudy.com. All rights reserved
Our house painting project Theres enough leftover paint to paint the doghouse! The neighbors like it so much they want to hire us to paint their house! © RMstudy.com. All rights reserved
Reason # 7 Risk can result in litigation © RMstudy.com. All rights reserved
Our house painting project How could a new coat of paint land us in court? We accidentally splashed paint on the neighbors new Maserati. We put our ladder through someone elses window. That woman living next door sues us because our color clashes with the rest of the neighborhood. © RMstudy.com. All rights reserved
Reason # 8 Risk changes © RMstudy.com. All rights reserved
Our house painting project Prior to 1978, paints used on private dwellings could contain leadan ingredient that made paint last longer. After studies revealed how toxic lead is to humans, it was banned for use in house painting, toys and applications where humans could come into direct contact with the paint. How can we protect ourselves against a situation such as this with our house painting project? Buy house paint thats been approved by safety organizations © RMstudy.com. All rights reserved
Reason # 9 Risk is everywhere © RMstudy.com. All rights reserved
Our house painting project © RMstudy.com. All rights reserved
Reason # 10 A recent allPM.com poll showed that according to Project Management Professionals one of the top five documents needed for project success is the Risk Management Plan. http://www.projecttimes.com/articles/ten-reasons-to-trash-your-risk-management- plan.html © PMstudy.com. All rights reserved
Jaimie M. Rush Instructor, PMstudy email@example.com (909) 225-7309 © PMstudy.com. All rights reserved29 THANK YOU!
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