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Transcript of Risk Management Handbook by H Global 49002 Managing Project - Group H Samuel SuarezMark McCann Ankit...
Risk Management Handbookby H Global
49002 Managing Project - Group HSamuel Suarez Mark McCann
Ankit Taneja Nazmul Alam
LaurenceHsu Tony Huang
Farid Mojahedi Eddie Yeung
This Presentation:
– The Purpose of Risk Management Handbook– Policy requirements– Risk management approach– Risk identification techniques
IntroductionRISK
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Risk Management HandbookRISK
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RISK MANAGEMENT
HANDBOOKOverview
What is Risk Management?
A systematic approach to the management of events that:
—Might occur and —Would have an effect on the project’s
objectives
Risks can be either positive or negative
The purpose of the Risk Management Handbook
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Why Risk Management?RISK
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Risk Management Plan requires to project:
– Valued over AUD 50,000– that is sensitive in terms of economics,
environment and politics.– that is complex and requires large resource
commitment.
When does Risk Management Requires
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Procedures (AS 4360:2004):1 – Establish the context2 – Identify the risks3 – Analyse the risks4 – Evaluate the risks5 – Treat the risks6 – Monitor and report7 – Communicate and consult
Risk Management ApproachRISK
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Risk Management ApproachRISK
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What needs to be consider:
—Define scope and objectives—Stakeholder identification—Identify criteria—Define key elements
Establish the ContextRISK
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Tools and Techniques for Risk Identification
– Documentation Review– Brainstorming– Checklist Analysis– Assumptions Analysis– Root Cause Analysis
Risk IdentificationRISK
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Risk Analysis Techniques
Risk AnalysisRISK
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Technique Effort AccuracyExpected Value
RankLow High
Risk Categorisation Low Low
3 point estimation Low Medium
Decision Trees Low High
Risk Matrix Low Low
Pareto Analysis Low Low
Risk Analysis Techniques
Risk AnalysisRISK
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Technique Effort AccuracyWBS Breakdown
analysisMedium Low
Critical Path analysis Medium Low
Pert Analysis High Medium
Risk System High Medium
Monte Carlo simulation
High High
Type of Responses:
—Mitigation—Acceptance—Avoidance—Transference
Risk ResponseRISK
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Risk monitoring is to establish to see if:
– Assumptions are still valid– Risk has changed from its prior state– Proper risk management policies and procedures
are followed– Contingency reserves of cost and schedule should
be modified in line with the risks of the project
Risk MonitoringRISK
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Tools and Techniques
– Risk reassessment– Risk audits– Variance and trend analysis– Technical performance and measurement– Reserve analysis– Status meeting
Risk MonitoringRISK
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Why Reporting is important?
Reporting in Risk Management provides a quick reference for project managers as the risk exposure, which can help managers guide the allocation of resources to treat those risks.
Risk ReportingRISK
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The purposes of Practical ExampleThese examples include:
Luxor TechnologiesSHELL’s Sydney Harbour Oil SpillChernobyl Disaster
How to use these examples
Practical ExampleRISK
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Benefits of this handbook includes:
—Fewer surprises—Improved planning, performance and
effectiveness—Improved estimates and cost control—Better stakeholder relationships—Better safety and environmental outcomes
ConclusionRISK
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• Summary on today presentation
QuestionsRISK
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The End RISK
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