Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project

Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project

Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project

Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project

Synopsis

Projects--especially complex ones--are inherently risky. Between time constraints, technical challenges, and resource issues, things can easily go wrong--making the identification of potential risks an essential component of every project manager's job.

Fully updated and consistent with the Risk Management Professional (RMP) certification and the Guide to the Project Management Body of Knowledge (PMBOK), Identifying and Managing Project Risk remains the definitive resource for project managers seeking to guard against failure.

Drawing on real-world situations and hundreds of examples, the book outlines the risk management process and provides proven methods for project risk planning. Readers will learn how to use high-level risk assessment tools, implement a system for monitoring and controlling projects, and properly document every consideration. Analyzing aspects such as project scope, available resources, and scheduling, the third edition also offers fresh guidance on program risk management, qualitative and quantitative risk analysis, simulation and modeling, and significant "non-project" risks.

This practical book will help readers eliminate surprises and keep projects on track.

Excerpt

Your mission, Jim, should you decide to accept it …

So began every episode of the classic tv series Mission: Impossible, and what followed chronicled the execution of that week’s impossible mission. the missions were seldom literally impossible, though; careful planning, staffing, and use of the (seemingly unlimited) budget resulted in a satisfactory conclusion just before the deadline— the final commercial.

Today’s projects should also probably arrive on a tape that “will self-destruct in five seconds.” Compared with project work done in the past, current projects are more time constrained, pose greater technical challenges, and rarely seem to have enough resources. All of this leads to increased project risk—culminating too often in the “impossible project.”

As a leader of complex projects, you need to know that techniques exist to better deal with risk in projects like yours. Used effectively, these processes will help you recognize and manage potential problems. Often, they can make the difference between a project that is possible and one that is impossible. This is what Identifying and Managing Project Risk is about. Throughout this book, examples from modern projects show how to apply the ideas presented to meet the challenges you face. This is not a book of theories; it is based on data collected in the recent past from hundreds of complex projects worldwide. a database filled with this information, the Project Experience . . .

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