IT Project Management: Chapter 5 Risk Management

IT Project Management: Chapter 5 

Risk Management

Risk
Uncertain or chance events that planning can not overcome or control.
 

Risk Management

A proactive attempt to recognize and manage internal events and external threats that affect the likelihood of a project’s success.
What can go wrong (risk event).
How to minimize the risk event’s impact (consequences).
What can be done before an event occurs (anticipation).
What to do when an event occurs (contingency plans).

Risk Management’s Benefits

A proactive rather than reactive approach.
Reduces surprises and negative consequences.
Prepares the project manager to take advantage of appropriate risks.
Provides better control over the future.
Improves chances of reaching project performance objectives within budget and on time.

Managing Risk

Step 1: Risk Identification
Generate a list of possible risks through brainstorming, problem identification and risk profiling.
Macro risks first, then specific events

Step 2: Risk Assessment
Scenario analysis for event probability and impact
Risk assessment matrix
Failure Mode and Effects Analysis (FMEA)
Probability analysis
Decision trees, NPV, and PERT
Semiquantitative scenario analysis

Step 3: Risk Response Development
Mitigating Risk
Reducing the likelihood an adverse event will occur.
Reducing impact of adverse event.
Avoiding Risk
Changing the project plan to eliminate the risk or condition.
Transferring Risk
Paying a premium to pass the risk to another party.
Requiring Build-Own-Operate-Transfer (BOOT) provisions.
Retaining Risk
Making a conscious decision to accept the risk.

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IT Project Management: Chapter 5 Risk Managemnt

IT Project Management: Chapter 4 Resource Plan and Cost Estimation

IT Project Management: Chapter 4 Resource Plan and Cost Estimation

Assigning Resources

A schedule is not complete until all the resources necessary to complete the project have been committed or assigned.

• Non-Labor Resources
• Lab time
• Facilities
• Prototype parts/systems
• Equipment
• Materials

The Resource Problem

Resources and Priorities, Project network times are not a schedule until resources have been assigned.The implicit assumption is that resources will be available in the required amounts when needed. Adding new projects requires making realistic judgments of resource availability and project durations.Cost estimates are not a budget until they have been time-phased.

Resource Smoothing (or Leveling)
Involves attempting to even out varying demands on resources by using slack (delaying noncritical activities) to manage resource utilization when resources are adequate over the life of the project.

Resource-Constrained Scheduling
The duration of a project may be increased by delaying the late start of some of its activities if resources are not adequate to meet peak demands.

Types of Project Constraints

Technical or Logic Constraints
Constraints related to the networked sequence in which project activities must occur.
Physical Constraints
Activities that cannot occur in parallel or are affected by contractual or environmental conditions.
Resource Constraints
The absence, shortage, or unique interrelationship and interaction characteristics of resources that require a particular sequencing of project activities
Kinds of Resource Constraints
People, materials, equipment

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IT Project Management: Chapter 4 Resource Plan and Cost Estimation

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IT PROJECT MANAGEMENT: Chapter 3_ Project Estimating Techniques and Tools

IT PROJECT MANAGEMENT

Project Estimating Techniques and Tools

Chapter 3

PROJECT PLAN CONTENTS

In this chapter we will be discussing Statement of work (SOW), Work breakdown structures (WBS), Responsibility assignment matrices, Project schedule, Resource plans/histograms, Budget, Risk management plan, Communications plan, Quality plan, Verification and validation plan.

PROJECT NOTEBOOK

• Project Pre-plan
• Background information
• Customer data
• Third-party data (vendors, suppliers, etc.)
• Project Plan
• Statement of Work (SOW)
• Work Breakdown Structure (WBS)
• Organization/responsibility charts
• Schedule data
• Budget/capital plan
• Risk management
• Project Implementation
• Meetings (agenda/minutes)
• Team/management/customer/third party progress reports
• Customer change requests/decision matrix issue resolution forms/reports
  
  

• Project Close-out
• Final evaluation of measurable success indicators
• Close-out meeting (agenda/minutes)
• Final project report
• Reference letters
• Lessons learned
• Project Administration
• Contractual documents
• Invoices
• Expenses
• Correspondence
• Contact log 
  
  
  Further in this chapter we will be discussing each of the components regarding a project planning and management. All these are necessary features to design a successful project. 

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