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Managing Risk
Introduction
Risk management: The act or pratice of dealing with risk
Risk management focuses on:
Known unknowns
Proactive management
The alternative to proactive management is reactive
management, also called crisis management. This
requires significantly more resources and takes longer
for problems to surface.
Risk management focuses on the future
Risk and information are inversely related
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Introduction
Historically, we focused our attentions on schedule
and cost risk management.
Today, our primary emphasis is on technological
risk management:
Can we design it and build it?
What is the risk of obsolescence?
Definition Of Risk
Risk
= f(Likelihood, Impact)
event
Decision-Making Categories
Complete uncertainty
Relative uncertainty (partial information)
Complete certainty
Decision-making
under complete
uncertainty
Decision-making
under risk
Maximin Approach
Maximax Approach
Minimax regret Approach
Insufficient Reason Approach
Expected Monetary Value (EMV) Approach
Expected Opportunity Loss (EOL) Approach
Expected Value of Perfect Information (EVPI) Approach
Risk handling
Risk monitoring
Risk Planning
Risk planning: Process of developing and
documenting interactive strategy and methods for
identifying risk issues, developiing risk handling plan
and monitoring how riskd have changed
Is a program of action:
Develop and document an organized, comprehensive
and ininteractive risk management strategy
Determine the methods to be used to execute the
risk management strategy
Plan for adequate resources
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Risk Assessment
Risk assessment: Process of identifying and
anlyzing program areas and critical process risks to
increase the likelihood of meeting cost, performance
and schedule objectives.
Risk Handling
Risk assumption/retention
Risk avoidance Mitigating
Risk control/prevention
Risk transfer
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Project Procedural
Documentation
Rigid
Policies/
Procedures
Avoidance
Transfer
Reduction
Assumption
Guidelines
High
Low
Tolerance for Risk
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Risk Monitoring
Risk monitoring: process of systematically tracking
and evaluating the performance of risk handling actions
and providing inputs to updating risk handling strategies
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Prioritization of Risks
Schedule
Cost
Technical
Performance
or Quality
First
(Highest)
Priority
Second
Priority
Third
Priority
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Questions?
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