Date: Tuesday, May 21, 2013. Time: 5:30 to 9:00 pm
Project Risk Management - Keep It Short, Keep It Simple
Ovidiu Cretu, Ph.D., P.E.
This presentation will start with discussions of a novel project risk management cycle that the author advocates. We will then focus on risk assessment as and integral part of project risk management. The old COSO saying: “we cannot manage what we do not know” is elevated to “what gets measured gets managed”. The presentation will focus on making sure that project risk assessment is clear, granular and is actionable upon.
In order to simplify the conversation the project scope is considered well defined and project objectives that are targeted are: cost, and schedule. It is presented as a simple algorithm that will allow an integrated cost and schedule risk analysis. The presentation advocates for assessing only significant risks that may affect the cost or schedule including the market conditions.
The presentation will conclude with a brief demonstration of a tool that allows for an efficient, reliable and painless cost and schedule risk analysis.
Function-Driven Risk Management
Rob Stewart, President of Value Management Strategies, Inc.
The effect of uncertainty on value can play a major role in decision making. Threats can just as surely erode project value, as can missed opportunities. The improvement and utilization of quantitative risk analysis and management techniques in recent years has brought greater attention to the role of risk in effectively evaluating and delivering projects of all scope and scale. Risk studies are becoming commonplace; however, there exist gaps in thinking that directly link to a lack of understanding of project functions. The exploration of relational dependencies of risk on project functionality can allow for uncertainty to be evaluated and managed in a more effective and proactive fashion. In addition, a developed understanding of project functionalities that drive risk affords proper management of the impacts of uncertainties involving threats and potential opportunities throughout the project lifecycle. The Function Driven Risk Management (FDRM) process to fully integrate function analysis into risk management practices that will bring focus to identifying project risks, aid in prioritizing them, and focus critical thinking on the development of appropriate risk response strategies.
NEW LOCATION: Pellegrino's Event Center, Tumwater (across from Costco)