Project Risk Management Process

Project Risk Management Process Introuction To Project Risk Management A recent investigation into the recent rise in failed projects, financial meltdown and the deadly environmental hazards occurring globally have proved that non-inclusion of risk management in the planning and entire stage of the project, poor and total neglect of project risk management practices and overlooking minor risks account for majority of them. While experts have stated that a proper and strong project risk management process can reduce project problems by as much as 75 90%, combining it with concrete project management plans, defining a proper scope, managing change and communication, a good project risk management helps in reducing and eliminating surprises and unexpected project risks. A good project risk management process can also help with resolving problems when they occur. To have a better understanding, ability to structure, implement and execute a good project risk management practice; we need to understand the processes involved in â€Å"PROJECT RISK MANAGEMENT† properly. What Is Project Risk Management? Project risk management according to the project management body of knowledge book, chapter 11, Pg. 111, it is a term that encompasses and involves all processes concerned with identification, analyzing and response to project risk. It also consists of maximizing the results of likely positive events and minimization of the impacts of negative events. Also according to Vicki Wrona, a project management professional, before we begin a project risk management process, we must have a justified knowledge of major key definitions. Project risks according to the Project management institute perspective are â€Å"at their core, unknown events†. These events are often positive or negative. This makes â€Å"RISK†, neutral though most time is spent on tackling negative project risks (threats) rather than the positive (opportunities). Processes Involved In Project Risk Management A proper project risk management includes the following four processes: Risk identification Risk quantification Risk response development Risk response control These processes are often implemented with different names though they all arrive and achieve the same goal. Also they are often renamed and combined as stated below: Risk identification and quantification are often treated as a single process and the resultant process is called â€Å"risk analysis† or risk assessment. Risk response development is also often referred to as â€Å"† risk response planning and risk response development often referred to as â€Å"risk management†. Whether they are referred to individually or collectively, they usually maintain their requirements, tools and output. A proper analysis of these processes is stated below. Risk Identification involves the identification and determination of the possible risks that are more likely to affect the project and properly documenting the properties and effect of each one. This process is not a â€Å"once in a project† affair. It is meant to be carried out regularly as long as the project is being carried out. It should also include both internal (activities that can be controlled or influenced by the project team such as cost estimation) and external (risks beyond the project teams control such as business laws or government action) risk. Risk identification could be achieved by either identifying â€Å"causes and effects† (events likely to occur and what will be the result) or â€Å"effects and causes† (outcomes to be avoided or appreciated and method of occurrence). Risk Quantification This step involves evaluation of the risks identified in the first step and risk interactions to assess the range of possible project outcomes. Its primary aim is to determine which risks need response. It is complicated and affected by a number of factors but is not limited to them. They include: Threats and opportunities can interact in unforeseen ways such as regular delays could cause consideration of a new strategy thereby reducing total project duration. A single risk could trigger multiple effects such as: a late delivery of a vital part of the project could result in penalty (fines and payments), over run cost, delay in schedule and often a poor quality product. Reduced cost may favor a stakeholder at the expense of the other. (opportunity for one, loss for the other). Mathematical principles used may create a false impression and negatively affect reliability and precision. Risk Response Development This step in the project risk management activities involves clearly defining enhanced steps to utilize opportunities and respond to threats. Threat response usually fall into one of three categories:- Avoidance which has to do with eliminating a threat by eliminating the cause. All risks cannot be eliminated but certain ones can often be eliminated. Mitigation which deals with reducing the expected cost of a risk event by reducing the occurrence probability, buying insurance and using proven technology. Acceptance which deals with acknowledging the occurrence of a risk and developing a plan to tackle the risk in cases when it occurs. Risk Response Control This step involves execution of the developed risk management plan in response to the risk events during the course of the project. Whenever there are changes made to the project, the first three risk management processes (identification, quantification and response) are repeated. It is a good practice to bear in mind that even the most comprehensive and thoughtfully structured analysis cannot point out all risks and likelihood of occurrence correctly. This makes the project risk management processes an activity to be repeated often. After a clear definition of all the activities project risk management entails, it is best to have a â€Å"step-by-step† approach for proper execution of all involved activities as a (PROJECT RISK MANAGEMENT). Project Risk Management Process Vicky Wrona again outlined a possible â€Å"7 step† outline as a project risk management process. They are: Step 1: this step states that everyone involved in the project planning process should list at least 10 possible risk items. This also helps tackle assumption because some risks that are believed to be known are often neglected and they end up occurring. Scope creep is a perfect example because even with a perfect management process, it could still arise and cause problems. It is best to tackle it rather than ignore it. Step 2:- involves collection of all the listed risks and compiling them into a single list (master list) with duplicates removed. Step 3: assessment of the probability and impact of the risks outlined in the master list is the third step. This can be achieved by giving each risk a rating (numerically) or otherwise in order of vulnerability (low, medium, high). Detectability is also important because risks that are not detected or hard to detect e.g. scope creep are even more risky. Step 4: involves dividing the planning team into smaller groups and dividing the master list into portions and giving it to them. They are then to find out the warning signs for the risks. These warning signs (triggers) should be documented and none should be overlooked. Step 5: involves the small groups that identified the risks to also structure out preventive measures. Step 6: here, the small groups created from the planning team develop a â€Å"contingency plan† for majority of the risks. This plan should include response to be taken if a risk occurs. This is usually done for risks with high vulnerability so as to give room for proper management of the risk management process because if the risk management process takes a lot of time and couldnt be executed, then it is a futile effort. Step 7: this is the final step in the risk management planning process. It involves giving each risk â€Å"an owner†. This owner is usually responsible for tackling the risk should it occur and utilizing the approved contingency plan. Though other members are advised to also be vigilant for all risks. At the end of the above steps, a risk register is created. It is advisable to have this register in tabular format so that it could carry enough information on one page. Golden Rules For A Successful Project Risk Management. According to Bart Jutte, managing director of Concilio, a consultancy specialized in project risk management; these 10 steps usually result in proper project risk management implementation. They include: Make risk management part of your project. Identify risks early in your project. Communicate about risks. Consider both threats and opportunities. Clarify ownership issues. Prioritize risks. Analyze risks. Plan and implement risk response. Register project risks. Track risks and associated tasks. Benefits Of Project Risk Management It contributes to the overall success of the project because it points out threats and opportunities which are either eliminated or utilized. It results in better business outcomes through more informed decision making activities achieved from corrections made after the risk management activities. Uncertainties are recognized and a forecast of possible occurrences is provided. Gives room for better control, tackles time wasting and has greater focus on benefits. It influences innovation and positive thinking. Effects Of Negligence And Poor Project Risk Management (Using Real Life Scenarios) Catastrophic Example  · The â€Å"hurricane Katrina† is an example of negligence of project risk management by the government. During the construction and development of the country, the then government didnt focus on the risks this project (development) would cause. Even after this, the current government ignored weather reports and warnings of failing levies and the damage that floods could bring. This led to the death of 1300 people and loss of over 250,000 homes with property worth billions being destroyed. If project risk management had been implemented at the development period, the effect of weak levies and flood would have been identified and tackled and this would have prevented this risk (hurricane Katrina). Loss Of Market, Customers And Brand Trust  · Chrysler Corporation introduced the â€Å"PT CRUISER† in 2000, with hopes of delivery via dealer showroom in 2001. At the supposed â€Å"available date†, it wasnt available. Chrysler and its dealers encouraged its customers to deposit for â€Å"a guaranteed delivery†. Eager customers did this but only few cars were produced due to manufacturing constraints and poor production efforts and conditions. This resulted in a refund of all deposits to the prospective customers and a further loss of faith in Chrysler by its customers. They decided that instead of waiting for the PT Cruiser, they decide to patronize other vehicles from other manufacturers. If Chrysler had included project risk management in their project (PT Cruiser), the production and delivery constraints would have been discovered and tackled and the goals of the project (delivery of the PT cruiser by 2001) would have been met. Conclusion Project risk management as simple as it may seem and less regarded by many is a key component for a better project plan, time management, cost estimation and project scheduling. An effective project execution is also achieved through inclusion of risk management at all stages of the project starting from the planning, to implementation and finally execution. Finally if project risk management is properly understood and a stepped approach included in this book is followed with application and adherence to the 10 golden rules for a successful project risk management, there is possibility or a very successful project because the risk management points out and gives you room to tackle, correct and utilize problems that could have risen at the execution / completion of the project. References 10 Golden rules of project risk management. Bart Jute Founder and consultant at Concilio. http://www.projectsmart.co.uk/10-golden-rules-of-project-risk-management.html Your risk management process: A practical and effective approach Vicki Wrona Project Management Professional (PMP) President of Forward Momentum, LLC, instructor with Westlake Training and development. http://www.projectsmart.co.uk/your-risk-management-process-a-practical-and-effective-approach.html Project management Risk Management CJ Williams Tutor Mgt. Consultant Brighton School of Business Mgt. in the UK. http://www.projectsmart.co.uk/project-management-risk-management.html A Guide to the Project Mgt. Body Of Knowledge (PMBOK) PMI Standards Committee William R. Duncan Director Of Standards. Risk Analysis Risk Management Evaluating and Managing the Risks You Face Mind tools website http://www.mindtools.com/pages/article/newTMC_07.htm Basics of Managing Risks Neville Turbit IT consultant / Principal of Project Perfect. http://www.projectperfect.com.au/downloads/Info/info_risk_mgmt.pdf Bibliography Project Risk Management chapters 1, 3, 8, 9, 10 By Bruce T. Barkley Copyright 2004 Project risk management: a proactive approach Chapters 1, 3, 5 By Paul S. Royer Copyright -2001 Practical Project Risk Management: The Atom Methodology Chapter 1, 2, 3 6 David Hillson Peter Simon Copyright-2007

Eddie Gein :: essays research papers

Edward Theodore was born on August 27, 1906, to Augusta and George Gein in La Crosse, Wisconsin. Eddie was the 2nd of two children. Eddie's mother was a fanatically religious women, who was determined to raise the boys according to her strict moral code. Eddie's mother repeatedly warned her sons of the immorality and looseness of women, hoping to discourage any sexual desires the boys might have. ( In the Beginning) Augusta was a domineering and hard woman, while her husband George, was a weak man and an alcoholic. George had no say in the raising o the boys. Agusta began a grocery business in La Crosse the year Eddie was born, so she could save enough money to move away from the sinners in the city. In 1914 they moved to Plainfield, Wisconsin to a one-hundred-ninety-five-acre farm, isolated from any evil influences that could disrupt her family. Eddie's father died in 1940. ( In the Beginning ) Eddie was average in school, but he loved to read. His schoolmates shunned Eddie because he was effeminate and shy. He had no friends. In 1944 Eddies brother Henry mysteriously died. ( In the Beginning) On December 29, 1945, Augusta died after a series of strokes. Eddies foundations were shaken upon her death, he lost his one true friend. It was after his mothers death that Eddie began to immerse himself in his bizarre hobbies that included nightly visits to the graveyard. ( In the Beginning ) It was from the obituaries that Eddie would learn of the recent deaths of local women. Having never enjoyed the company of the opposite sex, he would quench his lust by visiting graves at night. Although he later swore to police that he never had sexual intercourse with any of the bodies ( they smelled to bad), he did take a particular pleasure in peeling their skin from their bodies and wearing it. He was curious to know what it was like to have breasts and a vagina, and he often dreamed of being a women. He was fascinated with women because the power and hold they had on men. ( Seriously Weird) After a while Gein decided that it was too laborious to dig up bodies alone. It was easier, he concluded, to murder women and bring their bodies to his farmhouse for more "experiments." His first victim was 51-year-old Mary Hogan, operator of a Pine Grove, Wisconsin, saloon.

The Powerful Nations of Imperialists

Imperialism is the practice by which powerful nations or peoples seek to extend and maintain control or influence over weaker nations or peoples. By the 1800†³s, the Western powers had advantages in this process. They led the world in technological advances, giving them a dominance when conquering other countries. The European Imperialists made attempts to conquer China and Japan. In this process, they succeeded by influencing Japan greatly. However, they were not as successful with China. At the end of the eighteenth century, China†s goods were much desired by Britain. However, the Chinese saw Europeans as savages and did not want to trade with them. During trade, there was an imbalance in China†s favor, because the Europeans were forced to buy Chinese goods using silver. The Western Imperialists began to grow opium poppies from in India, and then smuggle them into China. China soon became addicted to the drug and spent most of it†s money on the purchase of it from the Europeans and Americans. This shifted the balance of power to be in Europe†s favor. In the early 1800†³s, Japan had blocked off all trade from other countries. Foreign whaling ships could not even reload or repair their ships in Japan territory. This offended many other countries. In 1852, Matthew Perry was sent to Japan to negotiate open trade. Japan felt threatened by the United States, and gave in to their demands. Japan was frightened by their stipulations, and immediately began to reform. They developed a new education system that was similar to America and Europe†s. They also developed a Western style judiciary system. Japan and China reacted differently to the reforms of Imperialism. When put under pressure, Japan succumbed to the power of Western Imperialist ideas. Conversely, China, resisted for a long time. As a result, Japan had more technology, while China was unenlightened of the new advances. Japan also gained more respect from other countries, that China did not have. In the long run, Japan gained more by yielding to the Historically, states have been motivated to pursue imperialism for a variety of reasons, which may be classified broadly as economic, political, and ideological. The imperialism of China and Japan in the nineteenth century helped shape the way the countries are today. Japan†s culture, education, government, and other issues are based on the influences of America and Europe from years ago.

French Impersonal Expressions

French Impersonal Expressions Impersonal expressions are those which do not have a specific subject. In grammatical terms, impersonal does not mean cold, but rather invariable by grammatical person. There are a few things you need to know about French impersonal expressions: The French impersonal subject is either il or ce, whereas the English impersonal subject is it.All of the French impersonal expressions can begin with il est or cest with no difference in meaning; however, cest is less formal than il est. Therefore, cest is more common in spoken French, while il est is more common in written French. (Note: this applies to il  est and cest only in impersonal expressions; in other constructions, there is a difference: cest vs il est) There are essentially two different types of constructions with impersonal expressions - either they are followed by que and a subordinate clause, or they are followed by a preposition and infinitive. With Que When using il est or cest adjective followed by que, the verb in the subordinate clause may need to be in the indicative or subjunctive, depending on the meaning of the impersonal expression:Il est probable que David le fait / Cest probable que David le fait.Its probable that David is doing it.Il est possible que David le fasse / Cest possible que David le fasse.Its possible that David is doing it. Without Que In expressions with il est or cest adjective followed by a preposition and infinitive, the choice of preposition depends on the type of subject:a) When the impersonal subject is a dummy subject, you need the preposition de, and there are two possible constructions:impersonal expression de intransitive infinitiveIl est difficile de parler / Cest difficile de parler.Its hard to speak. (Speaking is hard)orimpersonal expression de transitive infinitive direct objectIl est important de dire la và ©rità © / Cest important de dire la và ©rità ©.Its important to tell the truth.b) When the impersonal subject is a real subject and the infinitive is used intransitively as a passive infinitive, you must use the preposition :Il est bon savoir / Cest bon savoir.Thats good to know.Il est difficile faire / Cest difficile faire.Thats hard to do. Learn the Most Common French Impersonal Expressions Many impersonal expressions require the subjunctive. To find out which ones, check  The Subjunctivator!Il est bizarre / Cest bizarreIts oddIl est  bon  / Cest  bonIts goodIl est certain / Cest certainIts certainIl est clair / Cest clairIts clear/obviousIl est convenable / Cest convenableIts proper/fittingIl est difficile / Cest difficileIts difficultIl est  dommage  / Cest  dommageIts too badIl est douteux / Cest douteuxIts doubtfulIl est essentiel / Cest essentielIts essentialIl est à ©tonnant / Cest à ©tonnantIts amazingIl est à ©trange / Cest à ©trangeIts strangeIl est à ©vident  / Cest à ©videntIts obviousIl est facile / Cest facileIts easyIl est faux / Cest fauxIts falseIl est heureux / Cest heureuxIts fortunateIl est honteux / Cest honteuxIts shamefulIl est important / Cest importantIts importantIl est impossible / Cest impossibleIts impossibleIl est improbable / Cest improbableIts improbableIl est indispensable  / Cest indispensableIts essentialIl est i njuste / Cest injusteIts unfairIl est inutile / Cest inutileIts uselessIl est  juste  / Cest  justeIts right/fairIl est naturel / Cest naturelIts naturalIl est nà ©cessaire / Cest nà ©cessaireIts necessaryIl est normal / Cest normalIts normalIl est obligatoire / Cest obligatoireIts necessaryIl est  peu  probable / Cest  peu  probableIts not likelyIl est possible / Cest possibleIts possibleIl est probable / Cest probableIts probableIl est rare / Cest rareIts rareIl est regrettable / Cest regrettableIts regrettableIl est sà »r / Cest sà »rIts sure/certainIl est surprenant / Cest surprenantIts surprisingIl est temps / Cest tempsIts timeIl est triste / Cest tristeIts sadIl est urgent / Cest urgentIts urgentIl est utile / Cest utileIts usefulIl est  vrai  / Cest  vraiIts true

Amelie film review essays

Amelie film review essays My first response when learning that I had to see the film Amelie was Oh no... however, after viewing the film I found that the film had a very large moral significance. I believe that one of the themes central to this film is the age old Carpe Diem or seize the day. Amelie first comes to this realization after dutifully completing philanthropic acts by returning Dominiques box of his only childhood memories or writing to the woman whose husband left her after the war. The moral significance comes into play in the question whether or not she should do these deeds even though I believe she was doing them for the right reasons. Amelies life was a lonely life. She experienced many trials and tribulations during her life and she rarely had any support through her childhood. She practically raised herself into believing that she received pleasure from all the small things in life such as skipping stones on that canal. I believe that the director wanted to show that one must incorporate the larger things in life to be happy such as love. I believe that a very moving scene was the final video tape that the glass man sent her to watch. This is what finally convinces Amelie to risk it all to be with the man she loves. The glass man is very wise and experienced in his years and I believe that he represented the moral figure in this play. He was the one who constantly tried to analyze the works of Renoir, to try to capture the essences of the people portrayed in them. As the character in that work of Renoir is a mystery to him, Amelie is also an enigma to him. In the final scenes of the movie, he finally can give her the moral advice to seize the day. ...

Three stages of financial crisis within the US Essay

Three stages of financial crisis within the US - Essay Example In September 2008, Lehman Brothers announced that it was facing bankruptcy which created an overall panic all across the board. US government and other western government started injecting money into the banking system to stop big banks from going bankrupt. Moreover, credit flows to the private sector also stopped causing US economy and other economies to slow down. Interest rates were also increased in order to adopt a cautious approach in such difficult circumstances. Later in the winter season of FY09, US and other G20 countries started to cut dwon interest rates, so it could stop economy going into slump (Elliott, 2011). Later, when risks of bank’s solvency reduced, the focus shifted on government issues. High fiscal deficits caused governments to face severe problems as the economies were going through an overall slowdown. Different European countries like Spain and Greece went into deep trouble due to the ballooning fiscal deficit. IMF and EU had to inject money into their system in order to maintain smooth

Immigration in America Essay Example | Topics and Well Written Essays - 1000 words

Immigration in America - Essay Example America, in other words, is an admirable place to live and it is a mistake for those who currently wish to take extreme measures to restrict immigration to assume that all immigrants come to this country simply for the money. A common misconception among those who are the most vehemently opposed to lax immigration laws is that people from other countries-especially Latin American countries-put their lives and freedom on the line to make the difficult and dangerous journey so that they can take good jobs away from native-born Americans. The facts, of course, are that most immigrants take jobs that most native-born Americans would just as soon avoid: maids, gardeners, slaughterhouse employees, fast food cooks, etc (Waters & Eschbach, 1995). It hardly seems logical to assume that most foreign residents are not already aware that these are the kind of jobs they will more than likely wind up taking. If that knowledge is firmly in their hands and they still consider the journey to America worth the risk, then surely it is valid to raise the question that there must be something besides the promise of a big paycheck in a glamorous job that brings them here. If the debate over illegal immigration that has heated up to a near-boiling point in recent years is based upon the idea that quality, high-paying jobs are being taken from American citizens and given to illegal aliens, then those who are framing the debate should review the reality of the situation. Beneath that debate is the kernel of an idea that Americans would be less outraged if these immigrants arrived via legal means and took the proper steps toward becoming legal citizens, but would that really make any difference. Immigrants who come here both through legal channels and illegal channels cannot be so easily distinguished. There is literally no Anglo-Saxon who could look at a Latino or Asian and individuate between who is the legal and who is the illegal alien. Discrimination against immigrants isn't based on the knowledge of who has a green card and who doesn't, but rather purely on physical features. It is this fact that prompts an overwhelming agreement among US citizens to a statement like: "why should they [immigrants] pull themselves up by the bootstraps, become productive members of our society, and assimilate into the American culture when government policies make it easy for them not to do so"(Mcgrath, 2005). Assimilation for most of those in favor of tightening immigration laws means just one thing: speaking English, paying taxes and staying off welfare. The fear that immigrants will destroy the American economy by becoming a drain upon the social services is misguided. America lags f ar behind most of the world in offering social services such as universal health care coverage and paid education; logic does not apply when making the suggestion that most immigrants come to America to take average of the welfare state. Since the Reagan era, in fact, social service revenue for native-born residents has consistently been on a downward slope. Immigrants looking for a free ride in should set their eyes on Scandinavia, not America. (Greenwood, Mcdowell, Waldman & Zahniser, 1999, p. 64). The money argument simply does not hold up; what immigrants have historically come to America for are the intangible