Chapter 10: Project risk management. In this chapter students will be able to: Understand risk and the importance of good project risk management, discuss the elements of planning risk management and the contents of a risk management plan, list common sources of risks on information technology (IT) projects,. | Chapter 10: Project Risk Management adopted from PMI’s PMBOK 2000 and Textbook : Information Technology Project Management Contents The Importance of Project Risk Management Project Risk Management process Risk management planning Risk identification Qualitative risk analysis Quantitative risk analysis Risk response planning Risk monitoring and control Results of good project risk management Chapter 10 Typical Risk Management The Importance of Project Risk Management Project risk management is the art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Risk management is often overlooked on projects, but it can help improve project success by helping select good projects, determining project scope, and developing realistic estimates Study by Ibbs and Kwak show how risk management is neglected, especially on IT projects KPMG study found that 55 % of runaway projects did no risk management at all Chapter 10 The goal of project risk management is to minimize potential risks while maximizing potential opportunities. Six processes include Risk management planning Risk identification Qualitative risk analysis Quantitative risk analysis Risk response planning Risk monitoring and control What is Project Risk Management? Chapter 10 planning controlling What is Project Risk Management? Risk management planning: deciding how to approach and plan the risk management activities for the project Risk identification: determining which risks are likely to affect a project and documenting their characteristics Qualitative risk analysis: characterizing and analyzing risks and prioritizing their effects on project objectives Quantitative risk analysis: measuring the probability and consequences of risks Risk response planning: taking steps to enhance opportunities and reduce threats to meeting project objectives Risk monitoring and control: monitoring known risks, . | Chapter 10: Project Risk Management adopted from PMI’s PMBOK 2000 and Textbook : Information Technology Project Management Contents The Importance of Project Risk Management Project Risk Management process Risk management planning Risk identification Qualitative risk analysis Quantitative risk analysis Risk response planning Risk monitoring and control Results of good project risk management Chapter 10 Typical Risk Management The Importance of Project Risk Management Project risk management is the art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Risk management is often overlooked on projects, but it can help improve project success by helping select good projects, determining project scope, and developing realistic estimates Study by Ibbs and Kwak show how risk management is neglected, especially on IT projects KPMG study found that 55 % of runaway projects did no risk .
