book

Project Risk Management: A Practical Implementation Approach

Name: Project Risk Management: A Practical Implementation Approach
Author: Michael M. Bissonette
ISBN: 9781628251401

by Michael M. Bissonette

April 2016

Intermediate to advanced

400 pages

8h 12m

English

Project Management Institute

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Cover Page
Title Page
Copyright Page
Table of Contents
Table of Figures
Acknowledgments
Preface
Chapter 1: Practical Application of Project Risk Management
OverviewContentPortfolio Project Risk Management—A Holistic PerspectivePractical Project Risk Management Concerns
Chapter 2: Risk Management—Integral to Project Management
Project Risk Management FundamentalsGeneral Process Cycles and Related Project RisksProject Life Cycle StructureProduct Life CycleProduct Development CycleChapter 2: Summary
Chapter 3: Risk Definitions and General Categories
Definition of RiskTraditional Definition of RiskPMBOK® Guide Definition of RiskCauses versus RisksRisk Metalanguage Statement: Example 1Risk Metalanguage Statement: Example 2Risk Description Metalanguage Statement: Example 1Risk Description Metalanguage Statement: Example 2The Potential Impact of Risks to Major Project ObjectivesRisks to Major Project ObjectivesRisk-Severity DefinitionRisk Probability and Impact ScalesRisk Categories and GroupingsThe Risk Breakdown Structure (RBS)The Work Breakdown Structure (WBS)Chapter 3: Summary

Chapter 4: Classical Project Risk Management Practices
Planning Risk ManagementThe Risk Management Plan (RMP)1.0: General Information2.0: RPM Methodology3.0: Roles and Responsibilities4.0: Risk Management Budgeting5.0: Risk Management Scheduling and Timing6.0: Project Risk Categories7.0: Individual (Qualitative) Risk Assessment Definitions8.0: Project Stakeholder Tolerances9.0: Risk Reporting Formats10.0: Initial Project Assessment—Assumptions and Risks11.0: Monitoring and Controlling Project RisksThe Heart of the Risk Management ProcessChapter 4: Summary
Chapter 5: Determining Individual Project Risks
Assumptions versus RisksDifferentiating between Assumptions and RisksProject Assumption RegisterIdentifying Individual Project RisksPractical Methods for Identifying Individual Project RisksTypes of RisksProject RBS Categories: Causes of Unsuccessful Project ExecutionRBS CategoriesPractical and Relevant Questions to Ask for Identifying RisksChapter 5: Summary
Chapter 6: Project Risks Influenced by the Project Manager and Project Team
Project PlansPoor Bases of EstimatesScope OmissionsInvalid AssumptionsInadequate ContingenciesIdentifying Project Planning RisksProject Management ControlsPoor Risk ManagementInadequate Cost and Schedule ControlsPoor Requirements ManagementCompliance (i.e., Product Quality) Verification GapsPoor MetricsPoor Supplier ManagementPoor Trade-Off AnalysesIdentifying Project Management Controls RisksProject CommunicationsUnclear PrioritiesPoor DecisionsPoor Status ReportingPoor Team DirectionPoor/Inadequate EscalationIdentifying Project Communications RisksProject LeadershipInadequate Training/DevelopmentDysfunction within Team or OrganizationPoor Project Manager Assignment MatchIdentifying Project Leadership RisksChapter 6: Summary
Chapter 7: Project Risks Influenced by Organizational and External Factors
Product Development ProcessesIndustry MismatchMarket MismatchDevelopment Process GapsProcess NonadherenceIdentifying Product Development Process RisksProductivity and Infrastructure ToolsInadequate Productivity ToolsInadequate Infrastructure ToolsInadequate TrainingIdentifying Project Infrastructure Tools and Training RisksProject ResourcesInsufficient FundsInsufficient TimeInsufficient Furnished Equipment and/or FacilitiesPersonnel Resource GapsIdentifying Project Resource RisksBusiness/External FactorsCompetitive ThreatsCompany HealthTeam Physical ProximityUnrealistic Stakeholder ExpectationsProject CancellationIdentifying Risks Due to Project Business/External FactorsChapter 7: Summary
Chapter 8: Individual Project Risk Analysis
The Difference between Individual and Overall Risk AssessmentsPerforming Individual (Qualitative) Analysis of Project RisksRisk Management Tools and Techniques for Qualitative AnalysisInformal (i.e., Reactive) Risk ManagementUse of a Simple Risk RegisterFormal Risk Planning (Using a Risk Matrix)Formal Risk Management (Using Risk Matrix and Tracking Risks)Project Failure Modes and Effects Analysis (FMEA)Mechanics of Individual Risk AnalysisIndividual Risk Assessment TeamHow Individual Project Risks are AnalyzedIndividual Project Risk PrioritizationExample: Application of Risk Management Tools and TechniquesNotional Project DescriptionIdentifying, Assessing, and Planning Responses for Notional ProjectNotional Project Risk Burn-Down ScheduleChapter 8: Summary
Chapter 9: Overall Project Risk Analysis
Performing Overall (Quantitative) Project Risk AnalysisRisk Management Tools and Techniques for Quantitative AnalysisDetermining Overall Risk via Interviewing and Expert JudgmentDetermining Overall Risk via Modeling and SimulationDescription of Modeling and Simulation for Overall Project Risk AssessmentMechanics of Modeling and Simulation for Analyzing Overall Project RisksOrganizational Assets that Benefit Overall Project Risk AnalysisChapter 9: Summary
Chapter 10: Determining and Planning Project Risk Responses
Planning Risk ResponsesBalancing Risk Tolerance, Response Costs, and Project ObjectivesBottom-Up Project Risk BalancingHolistic Project Risk BalancingCombination of Bottom-Up and Holistic Project Risk BalancingRisk (Threats) and Opportunity Response OptionsRisk (Threat) Response OptionsOpportunity Response OptionsConcurrent Risk (Threat) and Opportunity Response StrategiesPractical Questions for Determining Risk ResponsesAddressing Technical (Or Quality) Risks (Threats) and OpportunitiesAddressing Schedule Risks (Threats) and OpportunitiesAddressing Project Cost Risks (Threats) and OpportunitiesChapter 10: Summary
Chapter 11: Monitoring and Controlling Project Risks
The Monitoring and Controlling Project Management Process GroupAccommodating Project Changes Over TimeChanges that Affect Project RiskInherent Project ConflictsActive Risk Management throughout the Project Life CycleRisk Reassessment ProcessProject Management Tools and Techniques to Monitor and Control RisksSome Practical Project Risk Management Tips to ConsiderProject Planning Tips to Reduce Project RiskProject Execution Tips to Reduce Project RiskChapter 11: Summary
Chapter 12: Project Management Tools and Techniques Affecting Project Risk
Project Management Process Group and Knowledge Area MappingProject Management Knowledge Areas versus Tools and Techniques MappingProject Management Tools and Techniques for Risk ManagementProject Management Estimating Tools and TechniquesTop-Down EstimatingBottom-Up EstimatingAnalogous EstimatingCombination of Analogous and Bottom-Up EstimatingModeling and SimulationProject Management Scheduling Tools and TechniquesInformal SchedulingSimple Gantt Chart SchedulingIntegrated Master Scheduling (IMS)Modeling and Simulation SchedulingLine of Balance SchedulingProject Management Cost and Schedule Management Tools and TechniquesActual-Plus-Plan versus TimeEarned Value Management (EVM)Earned Value Management System (EVMS)Project Management Quality Assurance Tools and TechniquesInformal/Reactive Quality AssuranceSix Sigma Lite Quality AssuranceSix Sigma Quality AssuranceRequirements Management Tools and TechniquesProject Requirements DocumentProject Requirements Compliance Document and/or ChecklistRequirements Change ControlRequirements ReviewsProject Management Communications Tools and TechniquesProject Management PlansProject Statement of Work (SOW)Project Work Breakdown Structure (WBS)Project Work Authorization Documents (WADs)Project Customer and Management Meetings and ReviewsProject Management HR Tools and TechniquesProject Management Decision MakingProject Management LeadershipSupplier Management Tools and TechniquesProject Sourcing Strategy and PlansProject Source SelectionProject Supplier Management and ControlChapter 12: Summary
Chapter 13: Project Manager Competencies versus Project Risk
Basic Project Manager Capabilities to ConsiderProject Manager Abilities, Roles, and ResponsibilitiesLeadership Abilities and Skills for Effective Project ManagementProject Manager Vision and Ability to InspireProject Manager Communication SkillsProject Manager IntegrityProject Manager Enthusiasm and “Can Do” AttitudeProject Manager Empathy and CompassionProject Manager CompetenceProject Manager's Ability to DelegateProject Manager's ComposureProject Manager Team-Building SkillsProject Manager Problem-Solving SkillsChapter 13: Summary
Chapter 14: Various Project Risk Management Influencers
Organizational InfluencersOrganizational Structure and Cultural FactorsTeam Physical ProximityCultural Norms and ValuesCompliance RequirementsOperating EnvironmentManagement ExpectationsProject and Functional Team BehaviorsPersonnel Development and Training PhilosophyFunctional versus Matrix versus Projectized StructuresOrganizational Process AssetsInformation Specific to the Performing OrganizationOrganizational Knowledge BasesProject Stakeholders and GovernanceProject StakeholdersProject GovernanceRoles and ResponsibilitiesChapter 14: Summary
Chapter 15: Project “Best Practices” and Postmortems
Project “Best Practices”“Better-Than-Best Practices”Relatively Expensive Project Management “Better-Than-Best Practices”Relatively Cost-Effective Organizational “Better-Than-Best Practices”Interactions that Lead to the Establishment of “Best Practices”Project PostmortemsTypical Postmortem MethodologyPostmortem CautionsAn Efficient and Effective Approach to Conducting Project PostmortemsChapter 15: Summary
Chapter 16: Example Project Case Studies
Comparable Aerospace and Commercial Industry ProjectsComparable Commercial Industry Back-to-Back ProjectsComparison of Two Distinctly Different Aerospace ProjectsChapter 16: Summary
Appendix A—Sample Project Traffic-Light Ratings
Appendix B—Data Supporting EVM Example
Appendix C—Project Profile Data
Appendix D—Multiproject Postmortem Example
References
Glossary

Content preview from Project Risk Management: A Practical Implementation Approach

CHAPTER

11 Monitoring and Controlling Project Risks

Establishment of a balanced project plan is the first major outcome of the project risk management process. The process of identifying, analyzing, and developing response strategies for project risks facilitates achieving that goal, because understanding project risks is a key aspect of the “balanced” project plan. Monitoring and controlling project risks by extending this practice throughout the course of the project life cycle is the last step of the process. One can make an argument that monitoring and controlling a project, in general, is fundamentally project risk management. Thus, the beginning of this chapter addresses the general process of monitoring and controlling projects, ...

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Project Risk Management: A Practical Implementation Approach

by Michael M. Bissonette

CHAPTER

11

Monitoring and Controlling Project Risks

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