Managing project risks: safely
- 3 to 5 years of experience in project management
Risks are there at all levels. Project risks gets a particular focus here.
Understanding the related terms like issue and problem helps to focus on better risk management
A. Lot of importance is given to prepare for risk management:
1. Identify risks sources related to requirements, design, product, services, government norms and so on
2. Setup guidelines and ratings for evaluating risks
3. Formulate strategies (macro pointers) to manage risks
B. With this strong preparation, we can easily identify risks and also write them as formal risk statements
C. When more number of risks are identified, prioritization is required by evaluating ratings for each of the risk related to probability of occurrence and impact. Calculate RPN - Risk Priority Number and arrange the risks in the descending order of RPN
D. As per the prioritized risks, risks are mitigated using various risk strategies at macro level and action plans at micro level
E. Risk management is sustained using:
a. Tracking of risks at project, program and org level
b. at established frequency for tracking
c. with ownership, date of completion and status assigned to each of the risk
d. after the action plan is implemented, the risk is re-evaluated and prioritized again
e. this practice makes it a dynamic risk management
f. some of the risks need contingency plans also
g. few risks can be mitigated straight away. Brainstorming and Decision Analysis and Resolution (DAR) have to be used for finding the root cause of the risk occurrence and come up with solutions / action plans
Who this course is for:
- Supervisors, Project managers, Requirements engineers, Design engineers, Team leaders, Technical Leaders
Has over three decades of experience with industries in Aeronautics, Aerospace , Automotive and Information Technology .
He had constituted teams to address quality assurance planning and execution activities related to launch vehicles and missile program. He had been instrumental in creating process and quality framework in product and software development organizations including auditing to ensure compliance.
He is volunteer in Project Management Institute (Bangalore) and Computer Society of India (Bangalore) designing public programs on Business Analysis, and Faculty development programs on Project Management
Currently he is a management consultant offering training services enriching 300+ project managers every year on Requirements Engineering and Risk Management and Project Management consulting Software and IT companies in business improvement initiatives
He is also Director-Quality and Processes of Fermata Consulting, with a primary focus on designing career paths for school & college students and professionals & home makers.