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Managing Schedule Risks
Glen is Vice President Program Planning and Controls, Niwot Ridge LLC.
The concept that risk can be "programmed" out of your project schedule is a false hope. However, you can manage uncertainties by understanding the risk types they represent, and addressing each in an appropriate manner. In part two of this risk management series, an aerospace program manager explains.
In Against the Gods: The Remarkable Story of Risk, author Peter Bernstein states that one of the major intellectual triumphs of the modern world is the transformation of risk from a matter of fate to an area of study. And so, risk analysis is the process of assessing risks, while risk management uses risk analysis to devise management strategies to reduce or ameliorate risk.
In the first article in this series, “Risk/Opportunity,” the importance of explicitly planning the risk management activities was presented. These risk buy down tasks are just like any other task in the plan. The role of these tasks is to manage the uncertainty in the project. The term “uncertainty” has a broader meaning than risk. (The whole discussion of what is a risk, how to mitigate the risk, and how to perform risk management is another topic.)
Project planning involves uncertainty. This uncertainty can be characterized by:
1) Uniqueness — a project is a unique undertaking. This does not bode well for the management of technical…
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