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Risk Management: Evaluate Risks in your Project

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I am sharing this presentation, which I prepared during my PG. Hope this will help you people a bit. Check and please feedback me if needed any changes. write me: with subject title: Feedback-Slideshare <filename>. Thanks

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Risk Management: Evaluate Risks in your Project

  1. 1. 1/29/2014 Gagan Gupta
  2. 2. Project Management is the dynamic process that utilizes the appropriate resources of the organization in a controlled and structured manner, to achieve some clearly defined objectives identified as strategic needs. It is always conducted within a defined set of constraints. 1/29/2014 Gagan Gupta
  3. 3. Monitoring & Control Planning Implementation 1/29/2014 Evaluation Gagan Gupta
  4. 4. • A Project is considered as Failure…… Whenever a project doesn’t meet to the expectation of the Stakeholders. 1/29/2014 Gagan Gupta
  5. 5. • Cost & Time Over-runs • Quality Degradation • Frustration & Stress: sometime resulting in people quitting • Low Job Satisfaction • Low Corporate Market Value • Low Public Opinion • Negative Media Campaigns • May even force the company into Closure 1/29/2014 Gagan Gupta
  6. 6. 1/29/2014 Gagan Gupta
  7. 7. Also Known as “You’d like it, just a bit bigger. No Problem.” Oh Still a bit Bigger……. OK Even Bigger? It wasn’t in the plan but Okay…. When Scope creeps, the end results is always more work than expected. 1/29/2014 Gagan Gupta
  8. 8. • Problems: – The changes that were not initially planned for, are added to project. – The Project takes longer and costs more than planned and there is no record of WHY?? • Causes: – Not having a method to handle or recognize changes. • What to do: – Document the change management process to be used and followed by Project Team. – Educate the project Team to recognize a change or deviation from the Plan. – Follow the Change Management Process. 1/29/2014 Gagan Gupta
  9. 9. • Problems: – Team Members do not have the information they need when they need it. – Issues or changes do not get escalated. – Project reporting is sluggish • Causes: – The project’s communication plan was not completed. – The project’s communication plan doesn’t have enough details. • What to do: – Find out the communication requirements of all team members, and stakeholders, then document them in a common plan, and then follow the Plan. 1/29/2014 Gagan Gupta
  10. 10. • You do not have enough people, the right skill-sets, or the team is not committed to the projects. • Problems: – Tasks take longer than expected to complete. – Deadlines and milestones get missed. – Project completion date comes into jeopardy. – You end up working double shifts to complete all the works. 1/29/2014 Gagan Gupta
  11. 11. • Causes: – There was no pre-commitment of resources to the projects. – The Project was not supported. – There was no analysis and documentation of all skill-set required. • What to do: – Get executives Sponsorship for the project. – Document which resources and skill-sets are needed to get the job done. – Create a plan that gives enough time to get the job done with the allocated resources. – Pre-assign the required resources to the team. 1/29/2014 Gagan Gupta
  12. 12. • “I would like a set of stairs that leads up to a bridge.” • Problems: – Customer will be unhappy. – Customer will complain and you will end up doing the what they wantat your expense. 1/29/2014 Gagan Gupta
  13. 13. • Causes: – What the customer wants, was not clearly documented. – What you believe the customer wants is different that what the customer believes they have asked for? • What to do: – Find out and document exactly what the customer wants. – Inform everybody of the project scope. – Document Business, Functional and technical requirements. 1/29/2014 Gagan Gupta
  14. 14. • How do you figure out how long the project will take? • Problems: – An unrealistic timeline or budget will be agreed to. – You will not be able to do all the work in the time allocated. 1/29/2014 Gagan Gupta
  15. 15. • Causes: – No formal estimating method – Estimate confidence is law. – Volume of work not understood • What to do: – – – – 1/29/2014 List all the work as well as possible. Estimate each work package. Add up all work packages. Always give answer using a range of dates Gagan Gupta
  16. 16. • Sorry about the project, I left it in my car & there was a bit of an incidents. • Problems: – Unexpected events cause delays. – Domino effect of thing going wrong. 1/29/2014 Gagan Gupta
  17. 17. • Causes: – – – – No Formal Risk Management. Just try to predict the big things that can go wrong. It’s the sum of the all little things that make a project late. Nothing is more stressful than trying to keep on schedule when unexpected things keep happening. • What to do: – – – – – 1/29/2014 List all the work as well as possible. Figure out what can go wrong with each piece of work. Prioritize each risk as High/ Medium/ Low Probability or impact. Sort the list. Create a plan to deal with the risks at the top of list. Gagan Gupta
  18. 18. • “Emergency Phone installed, Deliverable completed” • Problems: – Difficult to get the agreement that the product is finished. – Customer Keep wanting more, saying you didn’t do it to their Specification. 1/29/2014 Gagan Gupta
  19. 19. • Causes: – The Milestones or deliverables were not measurable. – The customer never told us How many they wanted So we just assumed 1, • What to do: – Ensure Milestones or Deliverables are: Clearly Defined Measurable (Quantifiable) 1/29/2014 Gagan Gupta
  20. 20. • Of course we Can do that for you. • Problems: – There was little or no planning before deciding you can get the job done. – The task you agree to turns out to be more work than expected. – It takes you longer and jeopardizes other deliverables. 1/29/2014 Gagan Gupta
  21. 21. • Causes: – Not enough time spent planning. – You may have been pressured into giving an answer right then and there. – Didn’t have a full understanding of the work involved before committing. • What to do: – Take the time to fully understand the work before agreeing to it. – Its okay to say the work is not possible or will take too long – Only agree to work when you’re sure it can be done, this will benefit you and your managers. 1/29/2014 Gagan Gupta
  22. 22. • Hurry .... We have a tight deadline. No time to plan. Just start digging. • Problems: – The plan is flawed from the start. – The project gets out of control and can’t be recovered. 1/29/2014 Gagan Gupta
  23. 23. • Causes: – You have to do the work and weren’t also given time for project management. – Perhaps you only have 10% or 20% allotment for the project management duties. • What to do: – Planning a project is like setting out a roadmap. Without it you will likely get lost. – Controlling a project is like driving a car. You have to continuously watch the road (the Plan) and make little adjustments. 1/29/2014 Gagan Gupta
  24. 24. • I think I know how this helmet goes on. I have been riding scooters for two years now. • Problems: – – – – – 1/29/2014 Your project don’t finish on time. Your project are always squeezed at the end. Your project are stressful. You have to deal with unrealistic expectation or customers. You feel your projects are out of control. Gagan Gupta
  25. 25. • Causes: – People often don’t know what they don’t know. – Their project are out of control but they don’t know WHY?? – They feel they are doing okay but could benefit from formal project management education. • What to do: – Learn the methods, tools, and techniques successful Project manager use to initiate, plan, execute and control their projects. 1/29/2014 Gagan Gupta
  26. 26. Presented by Gagan Gupta 1/29/2014 Gagan Gupta