Risk Management Risk Management - PowerPoint PPT Presentation

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Risk Management Risk Management

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Obtain advice. EGR 312 - 22. 8. Project Ethics (see attached) ... Should you pay one worker more than another, even though they do equivalent work? ... – PowerPoint PPT presentation

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Title: Risk Management Risk Management


1
Risk ManagementRisk Management
  • 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 ManagementRisk Assessment
  • Risk Item Identification
  • Risks concerned with the tasks themselves
  • Risks that occur between tasks
  • Risk Consequence Estimation
  • Monetary cost of shortfall
  • Impact to schedule overrun
  • Shortfall on cost and schedule overrun

3
Risk ManagementRisk Reduction
  • Uncertainty Reduction
  • Prototyping, simulation, modeling
  • Planning in detail, including mitigation plans
  • Parallel alternative developments
  • Checking references
  • Using trained or certified staff
  • Using proven technology
  • Verifying suitability of inputs

4
Risk ManagementRisk Reduction
  • Consequence Reduction
  • Decoupling related items
  • Providing margins or reserves

5
Risk ManagementRisk Avoidance
  • Reducing requirements
  • Increasing budget (locally)
  • Extending schedule (locally)

6
Risk ManagementRisk Transfer
  • Insurance
  • Aligning responsibility and authority

7
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

8
Project Ethics (see attached)
  • 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.

11
Ethics Resources
  • Examples of codes of ethics for project managers
    can be found at the following web sites
  • http//www.iappm.org/code.htm - International
    Association of Project and Program Management
    (IAPPM)
  • http//www.pmi.org/info/AP_MemEthStandards.pdf
    Project Management Institute
  • http//www.infra.kth.se/courses/1H1146/Files/code
    ofethics.pdf generic code of ethics for
    project management professionals
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