Professional Documents
Culture Documents
Risk
Risk arise because of uncertainty about the future. Risk exposure may arise from:
Economic uncertainty
Delay
Changes in relationships
What is Risk?
Risk is the measure of the probability of a risk event, an unwanted change, occurring and the associated effect of that event. In other words, risk consists of three components:
A risk even (an unwanted change) The probability of occurrence (uncertainty) The significance of the impact (the amount at stake)
Opportunity Management
Opportunity Management: The objective is to have positive impact. Opportunity elements:
Strategic alignment Project value Possibility of success Project importance Expected outcome
Risk Management
Risk Management: The objective of risk is to identify and manage significant risk. Risk Elements:
Stakeholders Commitment Project personnel competence External obstacles Project sponsor engagement Delivery schedule Project culture
Project Culture
The project culture involves people, process and actions to bring results: Develop a winning culture things get done Develop a culture that speaks the truth Develop a challenging culture aim high Develop a reward culture praise Develop a culture that manages risks Develop a culture of focus that it can be done be realistic
4. Develop opportunity and risk action plans Opportunity/Risk Action Plans 5. Implement opportunity and risk action plans 6. Evaluate project results