Business Tools for Career Readiness

Project Management: The Basics for Success

Module 2

with Rob Stone, M.Ed., PMP

Planning

Initiating Planning Executing Controlling Closing

Planning: Risk

To be alive at all involves some risksHarold MacMillan

Risks to a Project All projects have risks

It is always best to know upfront

There are numerous risk analysis tools and methods

Use at least one

What is Risk?

An uncertain event or condition that, if it occurs, has a positive or negative effect on a projects objectives.

2013 Project Management Institute. A Guide to the Project Management Body of Knowledge, (PMBOK Guide) Fifth Edition

Four Steps1. Find the risks

2. Analyze the risks

3. Develop a risk plan

4. Mitigate the risks as they arise

ImpactHow bad will it be if it happens?

How much will it affect the project?

Probability

What are the chances it will occur during the project?

What is the likelihood that something will fail?

TriggersCan I see it coming before it hits the project?

Will I know when the risk has hit the project and is affecting it?

Make Decisions and Take Actions Based on Risk Priorities

Make Decisions and Take Actions Based on Risk Priorities

Determine which risks will affect your project the most

Make Decisions and Take Actions Based on Risk Priorities

Determine which risks will affect your project the most

Decide which risks are the ones to plan countermeasures for and which to mitigate

Make Decisions and Take Actions Based on Risk Priorities

Determine which risks will affect your project the most

Decide which risks are the ones to plan countermeasures for and which to mitigate

Plan your actions

1 Negligible Impact 1 Low Probability

2 2

3 3

4 4

5 Will Cause Critical Failure 5 Will Definitely Occur

Risk Impact ProbabilityTotal

Mitigation Impact ProbabilityTotal

Project Tasks

It all comes down to individual project tasks

The project plan is the lay-out of these tasks with times and resources assigned

Slide Number 1Project Management: The Basics for SuccessModule 2PlanningSlide Number 4Planning: Risk Slide Number 6Risks to a ProjectWhat is Risk?Four StepsImpactProbabilityTriggersMake Decisions and Take Actions Based on Risk PrioritiesMake Decisions and Take Actions Based on Risk PrioritiesMake Decisions and Take Actions Based on Risk PrioritiesMake Decisions and Take Actions Based on Risk PrioritiesSlide Number 17Project TasksSlide Number 19