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Unknown Unexpected
Undesirable
Unpredictable
What is Risk?
Risk has two characteris:cs:
Risk is related to an uncertain event
A risk may aect the project objec:ves for good
or for bad
Project risk includes both threats to the
projects objec:ves and opportuni:es those
objec:ves
It may happen or it may not.
What is Risk Management?
Integration
Stakeholder Scope
Procurement Time
Risk Cost
Communication Quality
Human
Resources
Risk Management
Other Processes 7
Risk Overview in Project Lifecycle
Total Project Life Cycle
Initiate / Plan
Execute
Close
Define
INCREASING RISK
Opportunity and
R isk
$ Value
Period when
Highest Risks
are Incurred
Period of
take
Highest
t at S
A moun Risk Impact
TIME
Risk Management Terms
There are two types of risks:
Known risks
Unknown risks.
Risk management is not a one-:me event. It is
itera:ve.
It must be repeated throughout the life of a
project.
Risk Management Terms
Risk appetite is the degree of uncertainty
an entity is willing to take on in anticipation
of a reward, may different among
organizations
Risk Tolerance
Why do we take
risks?
How to lower risk?
Stakeholders have a
low tolerance for
risk and usually try
to avoid risk and
withdraw from risky
situa:on
Risk Seeker
15 Minutes Discussion
Key Success Factors
Integration
Stakeholder
Commitment
Communication
Organizationa
l Support
Risk Management Steps
Evaluate Risks
Assessment & analysis the Respond Risks
consequences What can we do about it?
Topic 2: Risk Management Rela:on
to Other Aspects of Project
Management
Risk and Project Management
Types of Es:ma:on
Analogous Estimating:
Parametric Estimating:
An objective estimating method that uses numeric data. For example: Units x
Time Required = Estimate. You must have accurate numerical data to perform
this method.
Bottom Up:
Analyzes data at activity or work package level and requires time, effort, and
detailed WBS. Information provided by those doing the work and best for
projects with ambiguity or unknowns.
Type of Contracts
Fixed Price Contract
Pay a fixed amount of money to get desired output.
More risks are put on the seller
Usually costs more, as the seller will add a risk margin to cover anticipated risks.
The buyer should be very specific on the desired output.