Formalized and Systematic Risk Management Process for Complex Projects

  Requirements Management   Risk Management   Strategy  

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Overview

Project risks can give negative impacts on project objectives such as delay, cost overruns, decrease in quality and security aspects, then we can observe serious project failures. Risk management aims to identify the possible causes of threats and opportunities, to assess them qualitatively and quantitatively and to propose an action plan for risks deemed critical in order to decrease the undesirable effects on project objectives. Complex projects are affected by numerous risks and opportunities because of their complex organizational plan with a large number of stakeholders, complex planning with a long life-cycle, complex resource management, technical issues, and particular environmental factors.

Learning Objectives

Project risks can give negative impacts on project objectives such as delay, cost overruns, decrease in quality and security aspects, then we can observe serious project failures. Risk management aims to identify the possible causes of threats and opportunities, to assess them qualitatively and quantitatively and to propose an action plan for risks deemed critical in order to decrease the undesirable effects on project objectives. Complex projects are affected by numerous risks and opportunities because of their complex organizational plan with a large number of stakeholders, complex planning with a long life-cycle, complex resource management, technical issues, and particular environmental factors.

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Resources

Formalized and Systematic Risk Management Process for Complex Projects

PREMIUM presentation

by Esra Tepeli

Talent Triangle Alignment

This video qualifies for the following PDUs:

PMP/PgMP CAPM PMI-ACP PMI-SP PMI-RMP PfMP PMI-PBA DASM DASSM DAC DAVSC PMI-CP PMI-PMOCP PMI-CPMAI Ways of Working 0.75 0.75 0.00 0.00 0.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.75 0.75 Power Skills 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Business Acumen 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.00 0.25 0.25 Total 1.00 1.00 0.25 0.25 1.00 0.25 0.25 0.25 0.25 0.25 0.25 0.00 1.00 1.00

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Acknowledgements: Kimberly Whitby, Derrick May and James McCrory