MGT4202 Project Risk Management

1. Who needs another reason to PLAN some more?
A. Why do we need to Manage Risk Management Planning??

2. Scope planning defines what we have to do to get the catalystfor change

3. The rationale behind RMP is for the organization to understand?
A. What categories of risks,Why are we interested in these types of risks?
B. How do we measure these?Who are theOwners?Who sits in the Risk SteerCo?
C. Where is the risk budget? How much is our riskAttitude (Capacity etc.)?
D. How do we communicate?What are ourSWOT?
E. How do we relate PRR toORR?

 

Assessment 

1. Why: Purpose/ Intent. The RMP’s link to theOrganization policies, vision, mission, attitude, profile
The WHY is most often already determined by the Organization. Retrieve it, don’t redefine it here!

2. What: category headings, set of responses permitted, how responses’ success are measured, level of RBS, failure data to use

3. Who: Domain experts, Persons, organizations, auditors accountable; communication RACI

4. How: Process, metrics for risk parameters (P,I etc. PMB6 table 11.1), to build RM maturity (e.g. training, knowledge transfer),Tools, templates, tactics for secondary risks, risk score parameter

5. When: to watch, to alert, to respond, to consider redundant or imminent, to use what reserve or workaround; time & effort to respond,When to communicate, what to whom and how

6. Quantity: of risks to escalate, to report to execs, to retain on watchlist

7. How Much: to spend on every aspect of RM, funding sources, and rationale As a group write an essay discussing the following
1. If Madoff had 2 categories of risks, what types of risks they would contain. Hint: looking for types of risks, not risks themselves (1 pt)
2. Madoff, DiPascalli, and Markopolos had different stakeholder types as illustrated in the stakeholder cube. Identify these types (1pt) and describe the possible risk attitude of each of these 3 individuals. (1pt) Relate how these types, influenced they way the communicated risks. (1pt)
3. Identify and explain briefly, one tactic Madoff used to avoid communicating risks to potential clients. (1pt)