2. Activity 1 & 2
Discuss results for Activity 1 & 2
Written & Oral sections
Discussed outstanding assessments
Discussed & began Communications
Assessment Item due 19 October
Complete outstanding assessments ?
3. All seems Ok – keep up good work
Just read the question carefully
4. 1. Determine project risks
2. Monitor and control project risks
3. Assess risk management outcomes
5. Identify, document and analyse risks, in consultation
with stakeholders and higher project authority
Use established risk management techniques &
tools, within delegated authority, to
◦ analyse risks,
◦ assess options
◦ recommend preferred risk approaches
Develop risk management plans, secure agreement of
stakeholders and communicate plans
Establish designated risk management processes
and procedures
6. personal experience
subject matter experts
conducting or supervising qualitative and/or
quantitative
risk analysis,
◦ schedule simulation – using multiple Gantt charts
◦ decision analysis
◦ contingency planning – what if?
◦ alternative strategy development – what if?
◦ using specialist risk analysis tools
7. What are they?
◦ – think what might happen
For each risk - How likely is it to happen?
◦ Hit by meteor
◦ Vs
◦ getting sleepy tonight
What are the consequences of this thing
happening?
◦ Hit by meteor – possibly end of world as we know it
◦ Vs
◦ Getting a good night’s sleep
8. Hit by Meteor
◦ Likelihood – extremely low
◦ Consequence – Catastrophic – end of world
Getting sleepy tonight
◦ Likelihood – extremely high
◦ Consequence – Insignificant
Risk assessment is a way of sorting and
prioritizing risks or events or hazards
9. Risk Assessment
1. Determining the Level of Risk
This worksheet can be used to identify the level of risk and help to prioritize any interventions or control measures.
Consider the consequences and likelihood for each of the identified risks and use the matrix* below to establish a risk level.
NB: This workbook will record the quality of your planning process - it will not ensure it.
Consequence Criteria
The "area of consideration" example used below is injury to people.
You should copy this template and adjust these criteria for each "thing you value".
1– 2– 3– 4 – Major 5–
Insignifica Minor Moderate Catastrophic
nt
Dealt with by Medical Significant Extensive Death. Permanent
in-house first help non- permanent injury disabling injury (eg
aid, etc needed. permanent (eg loss of finger/s) blindness, loss of
Treatment injury.Overni Extended hand/s,
by medical ght hospitalisation quadriplegia)
profession hospitalisatio
al/hospital n (inpatient)
outpatient,
etc
Almost
certain to
occur in Medium
High (H) High (H) Very High (VH) Very High (VH)
most (M)
circumst
ances
Likely to
occur Medium Medium
High (H) High (H) Very High (VH)
frequentl (M) (M)
y
Possible
and likely
Medium
to occur Low (L) High (H) High (H) High (H)
(M)
at some
time
Unlikely
to occur Medium
Low (L) Low (L) Medium (M) High (H)
but could (M)
happen
May
occur but
only in
rare and Medium
Low (L) Low (L) Medium (M) High (H)
exceptio (M)
nal
circumst
ances
10. Risk Assessment
1. Determining the Level of Risk
This worksheet can be used to identify the level of risk and help to prioritize any interventions or control measures.
Consider the consequences and likelihood for each of the identified risks and use the matrix* below to establish a risk level.
NB: This workbook will record the quality of your planning process - it will not ensure it.
Consequence Criteria
The "area of consideration" example used below is injury to people.
You should copy this template and adjust these criteria for each "thing you value".
1– 2– 3– 4 – Major 5–
Insignifica Minor Moderate Catastrophic
nt
Dealt with by Medical Significant Extensive Death. Permanent
in-house first help non- permanent injury disabling injury (eg
aid, etc needed. permanent (eg loss of finger/s) blindness, loss of
Treatment injury.Overni Extended hand/s,
by medical ght hospitalisation quadriplegia)
profession hospitalisatio
al/hospital n (inpatient)
outpatient,
etc
Almost
certain to Getting
sleepy
occur in Medium
High (H) High (H) Very High (VH) Very High (VH)
most (M)
circumst
ances
Likely to
occur Medium Medium
High (H) High (H) Very High (VH)
frequentl (M) (M)
y
Possible
and likely
Medium
to occur Low (L) High (H) High (H) High (H)
(M)
at some
time
Unlikely
to occur Medium
Low (L) Low (L) Medium (M) High (H)
but could (M)
happen
May
occur but
Meteor
only in
rare and Medium
Low (L) Low (L) Medium (M) High (H)
exceptio (M)
nal
circumst
ances
11. 1. Project Risk Register
Reference - Issue No. : and/or Issue Date: Future Review date:
Identified Existing controls described &
Risks Analysis & Evaluation evaluated Further Actions
Effe
ctiv
ene Further
Risk
ss
Consequence
Risk level
Likelihood
Statement Action Needed
Revised Risk level
of
Accept Risk (Yes or No)
(e.g. our &
description of stra Opportunities
Assigned To
each specific tegi
es
for
M, H or VH - see Sheet 1)
risk scenario What we ( improvement -
with regard to
or E - see Sheet 1)
are doing Include
5 - see Sheet 1)
- see Sheet 1)
people, now to
information, milestone(s) &
manage this
physical target date(s)
risk.
assets,
finances,
reputation, No
(L, M, H or VH
and any other Opportunities
(1, 2, 3, 4, or
"things you
(A, B, C, D
for
value")
improvement
(L,
Record by rows VH No V
and cells as
necessary. H
VH No V
H
Note re effectiveness
N = Not generally applied or only applied in isolated situations for example in less than 20% of cases;
P = Partially applied, not usually documented or applied in less than 50% of cases;
L = Largely applied, formally documented and largely repeatable or applied in up to 85% of cases;
F = Fully applied, formally documented and fully repeatable or applied in more than 85% of cases.)
Signed: Signed:
Date: Date:
Project Manager Project Manager
Name: Name:
12. Doggy day out
Draft up a risk management plan
◦ the what
◦ the how
◦ Who we report to
◦ How we track
Scope some risks
Assess the risks
Think up some strategies for the high risk
See hand out & LMS
13.
14. Please fill in and submit
Talk it over and let’s discuss
16. communication with stakeholders, dispute
resolution & modification procedures
implementation of risk control trigger mechanisms
measurement of actual progress against planned
milestones –
◦ remember our baselines (or starting point)?
recording and reporting of major variance
◦ how far are we from the baseline?
setting key milestones
◦ If we have reached this milestone how are our risks?
18. Manage using established project & risk
management plans to ensure achievement of
objectives
Monitor progress against project plans to
◦ identify variances
◦ recommend responses
Implement agreed
◦ risk responses
◦ modify plans to reflect changing
19. Review project outcomes to determine
effectiveness of risk management processes
and procedures
Identify & document
◦ risk issues and
◦ recommend improvements
◦ pass on to higher project authority for application
in future projects
20. Powerpoint pres.
◦ Last week’s progress & Some feedback re LMS quizzes
◦ Introduction to Risk Management & PM
Determine project risks
Monitor and control project risks
Morning Tea
Discussion 1. – Great Taste of Manly
◦ Structuring a Risk management plan
◦ Scoping risks
◦ Risk assessment – due 12 October
Lunch
◦ Fred’s Shed RMP – due 2 November
◦ Start LMS Activities 1, 2 & 3 only
◦ Complete assessment items – do what you haven’t yet finished
21. Risk & other components of PMP
Quality, Scope, Cost, Schedule
Morning Tea
Risk Management Plan for Fred’s shed
Lunch
Continue Risk Management Plan
Or
Activities 1,2 & 3.
22. Brainstorming – you are the experts on Fred’s
Shed
