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What You Need to Know about Project Management by Fergus O'Connell

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Chapter 4. MANAGING RISK

WHAT IT'S ALL ABOUT

  • What contingency is and how to use it

  • What risk analysis is

  • The way to assess a project in five minutes

How to use the Probability of Success Indicator (PSI)

CONTINGENCY AND RISK ANALYSIS

As mentioned in the previous section you're going to have to toughen up your plan to get it ready to go out into the world. You're going to do that using two related, but different techniques – a belt and braces approach.

The first one, contingency, is a blunt instrument. Its view of the world is that of the Project Manager's Prayer mentioned in Chapter 1. Here it is again:

'Unexpected stuff happens on projects.

Most of it is bad unexpected stuff.

Sometimes I get a lucky break,

But mostly, it is bad unexpected stuff.

For this ...

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