Risk Management Show notes May 2020

 

Introduction to the project management online podcast series. This series is to make you more effective at what you do, as a project manager

I’m Allan and I have over 15 years project and programme management experience and 11 years of teaching project management in a University, I also was awarded an MSc in project management and I am a fellow of the APM and a fellow of the CMI and a Fellow of the Higher Education Academy

 In this podcast, in Chapter one you will learn about the difference between project risks and issues.

Risk events and issues

Risks events according to the APM are a future event or occurrence which may or may not occur and if the risk event does occur this will have a negative impact, on the project objectives or deliverables or outcomes. 

So where do risks come from?

Simplistically, risks occur due to the level of uncertainty present on our project. There have been a number of authors. who have researched this concept of uncertainty and they have concluded, that uncertainty or certainty residual uncertainty is ever present on our project. Which explains why in the middle of our project a risk seems to suddenly occur, as if appearing from nowhere when in fact the risk was as a result of uncertainty. Refer to DEmeyer, Loch and Pich in their paper titled from variation to chaos in 2002. They maintain that uncertainty is ever present on all projects and that in their view most project managers ignore or fail to recognise the uncertainty or fail to address the uncertainty on their project

A risk may present as a threat or it may present as a positive opportunity to enhance the project.

This concept of a positive opportunity, we are not generally familiar with, as traditionally risk has always been considered as bad and a negative threat. Some years ago the planning for risks, was short term and crucially only considered as a single risk event. Whereas, today we now know that some risks, impact our project and have related family of risk events or what I refer to as secondary risks, associated with them. 

 

In years past the consideration of consequential impact was not fully understood, whereas today risk events are assessed in more detail for there consequential impact, not only on our project but also on other related projects or indeed for impact to the wider organisation or business

 

 Whereas today, we know now project risks can and do present as opportunities

The other aspect which we need to be aware of that risks may not occur as single events, the risks tend to occur with consequential impact and as a series of related risks, that due to the fact they are related cause these consequential impacts.

What is an issue?

An issue is generally described as a risk event, that has impacted the project and we are now dealing with or an issue is usually where the project manager is about to go out of tolerance, these are referred to as an issue  

 

How to rate risks 

 

How to assess risks and how to integrate project risks into your project schedule

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