Palisade Risk Conference, 2014
|
|
- Laurel Harper
- 8 years ago
- Views:
Transcription
1 Advanced Risk Management to Improve Cost and Schedule Performance on EPC Projects Risk-Management Best Practices from Nuclear Experience Palisade Risk Conference, 2014 Sola Talabi PhD MBA MSc BSc RMP Project Risk Management Consultant, Pittsburgh Technical ( Risk Management Professor, Carnegie Mellon University 1
2 Agenda 1. My background and how I got into risk management 2. Case studies: 1. Awareness Risk identification issues and how we can improve 2. Assessment Risk assessment issues and how we can improve 3. Overall Recommendations 2
3 My Nuclear and Risk Management Background 1. Mechanical Engineer years at Westinghouse 3. Risk manager for New build opportunities 4. Established risk management organization for Westinghouse 5. Risk Management Professor, Carnegie Mellon University 6. Risk Management Consultant, Pittsburgh Technical 3
4 What is Risk Management? Practice that supports creating Awareness, Assessment and Action on issues of uncertainty that affect planned project performance Awareness: Identification of uncertainties and risks Assessment: Quantification and prioritization of risks Action: Developing and promoting risk response plans Awareness Uncertainties associated with Planned Project Performance Includes the people, processes and tools to support risk management Action Assessment
5 Case Study: Reduction of nuclear power project cost through risk management Identification of the role of risk identification, assessment and action in prevention of cost overruns 5
6 Case Study: Reduction of nuclear power project cost through risk management Background: Historically high cost of nuclear power plants: Ranks in top cost quartile for generation options Problem: Loss of nuclear construction infrastructure from 30 year new-build hiatus NSSS firm had concerns with cost overruns on 3 nuclear power projects in China, South Carolina and Georgia at $30billion Solution Establish a dedicated risk organization Improve risk awareness, assessment and action to prevent overruns 6 Source US-DOE (EIA, 2013)
7 Summary of Problem Statement: Nuclear power cost competitiveness is aggravated by poor historical cost and schedule performance Realized Cost 3 x Estimated Cost 7 Nuclear power plant construction cost comparison of planned to actual costs, for plants with construction start dates from 1970 to 1984, source: (EIA, 1986)
8 Understanding the Role of Risk Management in Cost Overruns: An empirical evaluation of risk management practices in large energy infrastructure firms Determine the relationship between the identification and occurrence of risks. Evaluate the accuracy of cost uncertainty estimates: Accuracy in predicting the impact of postulated risks Provides insights into the adequacy of contingency budgets Determine the importance of the following: Identification of risks Probability (likelihood) of event occurrence Estimated impacts 8
9 Steam Generator Replacement (SGR) Project Assessment Overview SGs are single largest nuclear components in PWRs by weight and size Full work scope cost is approximately $150million Typically replaced at least once during service life of plant due to degradation SGR projects are representative of large nuclear power EPC work scopes, and include: Engineering and design Licensing Procurement Construction Installation Startup and Testing Assessment included 15 projects over 12 years Source: Areva (
10 Results: An association exists between the rate of risk identification and risk occurrence on SGR projects Technical risks occurred on 70% of projects Technical risks identified on 50% of projects 10 Takeaway: It is possible to quantitatively demonstrate the benefit of risk identification in our organizations!
11 Average actual cost given risk event ($1,000) Actual Probability Results: Estimation errors exist with likelihood and impact estimation y = 2.80x y = -1.0x x Average estimated cost given risk event occurs ($1,000) Estimated Probability Takeaway: When performing risk assessments, we can de-bias our experts by showing them their historic propensity for errors!
12 Summary of findings: Issues with project risk identification Negative correlation exists between risk identification and risk occurrence: Emphasizes the importance of risk identification Lack of proactive risk identification causes projects to be managed as a series of surprises Note there are two possible explanations for this trend Increased awareness of risks, generates action that prevents the risks from occurring? Over-identification of risks, that may not be applicable, and hence do not occur. Cognitive and heuristic bias exists in risk identification Availability bias: High identification in areas of competency low occurrence, low identification in areas of low competency with high occurrence Optimism? Motivational? 12
13 Summary of findings: Issues with project risk assessment Evidence of underestimation of costs demonstrated in: Probability Impact Cognitive and heuristic biases exist in risk assessment: Anchoring Overconfidence Optimism 13
14 Improving Identification and Assessment of Risks in Power Plant EPC Projects Assessment of a Modified Delphi Method for Project Risk Assessment Using expert judgment of the likelihood of risks occurring to evaluate an enhanced Delphi-Method that incorporates historical frequency of occurrence in expert assessments 14
15 Elicitation of expert prior assessments and updates of risks based on historical frequency of occurrence Survey designed to assess specific risks Surveyed 10 Project Managers from an Nuclear Safety Steam Supply (NSSS) firm. Assessed estimates of the likelihood of risk events occurring Initial Updated based on historical data Updated based on group feedback 15
16 Likelihood of risk driver occurring What is the likelihood that: Risk X will occur? (Risk Driver 1) I : Initial likelihood of driver occurrence I + H: Update based on feedback of historical frequency I + H + G: Update after feedback on group distribution 16
17 17 Results: Expert Estimates for Initial, Historical and Group Feedback for Risk Driver #1
18 Likelihood of risk occurring Likelihood of risk occurring Sample Results 18
19 Case Study: Investigate the role of risk management in construction cost estimation errors Inclusion of risk management in cost estimation process 19
20 Case Study: Investigate the role of risk management in construction cost estimation errors Statistical analysis of historical nuclear power construction data including: Estimated and realized costs Estimated and realized lead-times (schedule) Plant size Constructor experience Sample of plants in dataset: 67 non-turnkey US projects, hence overruns reported by utility Start dates between , completion by 1986 Source: An Analysis of Nuclear Power Plant Construction Costs (EIA, report in1986) Main Takeaway: Include risk management in estimation process 20
21 21 Nuclear power construction costs were expected to decrease because of learning and economies of scale
22 What role did inaccurate risk assessment and cost estimation play in historical cost overruns? 22 Takeaway: A relationship existed between cost and lead-times that was not reflected in estimates Need to include correlations in models
23 Results: Identified errors in economic forecast models for nuclear power plant construction Assumptions were made of cost reduction due to increased experience No evidence of association between experience and historical cost/schedule overruns 23
24 Results: Identified errors in economic forecast models for nuclear power plant construction If there are economies of scale, then larger plants should have lower per kw construction costs Negative correlation However, a review of historical projects shows: Cost increases as size increases 24 Diseconomies of scale exists because of complexity
25 Case Study: Risk Communication and Escalation Dual use of risk registers for project management and description of financial exposure 25
26 Case Study on Risk Communication and Escalation: Dual use of risk registers for project management and description of financial exposure Background: History of cost overruns: Prior NSSS firm s power plants cost 3 times the planned cost External audits required: Major accounting firm was hired to provide external assessment of risk exposure and ensure adequate reserves Problem: Accounting firm had no history to assess expected exposure, no plant construction in 30 years, no frequency data Solution Project risk registers were designed to serve 2 purposes: Manage project risks used by PMs Quantitatively describe the organization s financial risk used by Finance Historical cost overruns in power plant construction 26
27 Case Study on Risk Communication and Escalation: Dual use of risk registers for project management and description of financial exposure Primary use: Manage project risks used by PMs Secondary use: Quantitatively describe the organization s financial risk used by Finance Communication for Awareness Communication for Assessment Finance View P-Value: Probability that reserves will cover exposure, e.g. P-50 is 50% chance Proj. Mgmt View
28 Risk Communication and Escalation Exposure Change Criteria Level of Reporting / Escalation No change and within tolerance None up to 5% change or below tolerance Project Director >5%< 10% change Project Director and Senior Vice President >10% change Project Director, Senior Vice President, CEO 28
29 29 Case Study: Organizational Structure for Effective Risk Management
30 Background: Case Study on Organizational Structure for Effective Risk Management First of a kind dedicated risk management organization established: Sole purpose to identify and manage risks on $30billion projects Problem: Risk function required autonomy and high-level of objectivity Risk professionals may need to challenge biases of senior level individuals Solution Project risk engineers reported directly to Risk Director, but were matrixed to, and collocated with project. Risk Management Organizational Structure 30
31 Good News: We ve Changed the Trend!!!: Improved Cost and Schedule Performance on Current Projects with Advanced Risk Management Current projects with advanced risk management Prior projects without advanced risk management 31
32 General Risk Improvement Recommendations: Recommendation 1: Establish Risk Management Charter and Organization Practice that supports creating Awareness, Assessment and Action on issues of uncertainty that affect planned project performance Awareness: Identification of uncertainties and risks Assessment: Quantification and prioritization of risks Action: Developing and promoting risk response plans Includes the people, processes and tools to support risk management Awareness Uncertainties associated with Planned Project Performance Action Assessment We need a simple and consistent message that can stand the test of time
33 Recommendation 2: Establish Risk Management Maturity Model Establish your risk management growth plan Measure where you are yearly! Modify your programs based on industry benchmarks and best-practices What gets measured gets improved! 1 Ad-Hoc, Reporting * Pockets of risk management competence appear in the organization * Risk management is applied as needed to specific areas 2 Managed & Corrective * Organizational risk management in place * Risk governance program adopted * Resources aligned * Roles defined * Training performed * Processes and procedures developed * Performance objectives aligned with risk management 3 Qualitative & Preventive * Identifying and preventing potential problems before they occur * Objectives are qualitatively predictable * Risk handling activities are now planned and invoked as needed to mitigate adverse impacts on achieving objectives 4 Quantitative & Predictive * The organization can predict with quantified confidence * Objectives are quantitatively predictable * Risk Management is directly aligned to the organization strategic plan * The organization spends more time on opportunity management because threats are predicted and managed 5 Performance Based * Organization demonstrates continuous improvement * Continuous workforce innovation, and improvement is self-sustaining with completely empowered workgroups
34 Recommendation 3: Develop Standard Risk Registers Repository of all known risks that ensures risk knowledge is effectively shared across applicable projects and is made available for future projects. Knowledge database Advanced starting point for risk management through a list of prior risks that occurred and the actions taken to address those risks. Project managers would not have to reinvent the wheel in identification of risks or in the development of response actions. Active Projects Standard Project Risk Register Document Storage System Corrective Actions database
35 Recommendation 4: Use Best-Practice Tools Example Includes Quantitative Schedule Risk Associated Risk
36 Requirement 5: Description of Performance Uncertainties Relative to Thresholds Stakeholders should understand the relationship between cost and schedule uncertainty and the allocated reserves For probabilistically described cost or schedule uncertainties, there is a discreet percentile confidence associated with a specific cost overrun or schedule delay. This should be compared against the float (schedule) or cost (management reserve) P-Value summary of project health
37 Future Work: Risk Management Standard of Practice Risk Standard Lifecycle Program Components 1. Risk Management Charter 2. Risk Management Maturity Model 3. Risk Management Program Governance 4. Risk Management Information System 5. Standard Risk Management Tools and Techniques 6. Risk Quality Program 7. Integrate organizational learning with risk management 8. Method for description of uncertainties associated with project performance 9. Provide framework to support decisionmaking by describing uncertainties relative to performance thresholds 10. Effective knowledge transfer across project phases Practical Manual / Guideline Risk Management Standard of Practice Vendors Utilities Constructors 37
38 Summary Large projects are prone to severe cost and schedule overruns An absence of dedicated project risk management causes cost / schedule overruns Dedicated and properly applied risk management can improve project cost and schedule delivery certainty Let s stop managing projects as a series of surprises! Contact: Sola Talabi PhD MBA MSc BSc RMP Risk Management Consultant, Pittsburgh Technical Risk Management Professor Carnegie Mellon University sola@cmu.edu
Appendix V Risk Management Plan Template
Appendix V Risk Management Plan Template Version 2 March 7, 2005 This page is intentionally left blank. Version 2 March 7, 2005 Title Page Document Control Panel Table of Contents List of Acronyms Definitions
More informationPROJECT RISK MANAGEMENT
PROJECT RISK MANAGEMENT DEFINITION OF A RISK OR RISK EVENT: A discrete occurrence that may affect the project for good or bad. DEFINITION OF A PROBLEM OR UNCERTAINTY: An uncommon state of nature, characterized
More informationPMI Risk Management Professional (PMI-RMP) Exam Content Outline
PMI Risk Management Professional (PMI-RMP) Exam Content Outline Project Management Institute PMI Risk Management Professional (PMI-RMP) Exam Content Outline Published by: Project Management Institute,
More informationPMI Risk Management Professional (PMI-RMP ) - Practice Standard and Certification Overview
PMI Risk Management Professional (PMI-RMP ) - Practice Standard and Certification Overview Sante Torino PMI-RMP, IPMA Level B Head of Risk Management Major Programmes, Selex ES / Land&Naval Systems Division
More informationENTERPRISE RISK MANAGEMENT FRAMEWORK
ENTERPRISE RISK MANAGEMENT FRAMEWORK COVENANT HEALTH LEGAL & RISK MANAGEMENT CONTENTS 1.0 PURPOSE OF THE DOCUMENT... 3 2.0 INTRODUCTION AND OVERVIEW... 4 3.0 GOVERNANCE STRUCTURE AND ACCOUNTABILITY...
More informationSummary of GAO Cost Estimate Development Best Practices and GAO Cost Estimate Audit Criteria
Characteristic Best Practice Estimate Package Component / GAO Audit Criteria Comprehensive Step 2: Develop the estimating plan Documented in BOE or Separate Appendix to BOE. An analytic approach to cost
More informationRisk Management approach for Cultural Heritage Projects Based on Project Management Body of Knowledge
1 Extreme Heritage, 2007 Australia, 19-21 July 2007, James Cook University, Cairns, Australia Theme 6: Heritage disasters and risk preparedness approach for Cultural Heritage Projects Based on Project
More informationINTERAGENCY GUIDANCE ON THE ADVANCED MEASUREMENT APPROACHES FOR OPERATIONAL RISK. Date: June 3, 2011
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Office of Thrift Supervision INTERAGENCY GUIDANCE ON THE ADVANCED MEASUREMENT
More informationProject Risk Management
Project Risk Management Study Notes PMI, PMP, CAPM, PMBOK, PM Network and the PMI Registered Education Provider logo are registered marks of the Project Management Institute, Inc. Points to Note Risk Management
More informationProject Risk Management Basics: Cost and Schedule Impacts
Project Risk Management Basics: Cost and Schedule Impacts CSVA 2011 Conference Toronto, Ontario Nov 14-16, 2011 Robert E. Rocco 1 Contents Background Fundamentals Process Tools/Supporting Documentation
More informationENTERPRISE RISK MANAGEMENT FRAMEWORK
ROCKHAMPTON REGIONAL COUNCIL ENTERPRISE RISK MANAGEMENT FRAMEWORK 2013 Adopted 25 June 2013 Reviewed: October 2015 TABLE OF CONTENTS 1. Introduction... 3 1.1 Council s Mission... 3 1.2 Council s Values...
More informationPOLICY. Number: 7311-10-005 Title: Enterprise Risk Management. Authorization
POLICY Number: 7311-10-005 Title: Enterprise Risk Management Authorization [ ] President and CEO [ X] Vice President, Finance and Corporate Services Source: Director, Enterprise Risk Management Cross Index:
More informationNegative Risk. Risk Can Be Positive. The Importance of Project Risk Management
The Importance of Project Risk Management Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests t of
More informationAvondale College Limited Enterprise Risk Management Framework 2014 2017
Avondale College Limited Enterprise Risk Management Framework 2014 2017 President s message Risk management is part of our daily life, something we do regularly; often without realising we are doing it.
More informationKnowledge Area Inputs, Tools, and Outputs. Knowledge area Process group/process Inputs Tools Outputs
HUMAN RESOURCE MANAGEMENT Organizational planning Staff Acquisition Project interfaces such as organizational interfaces, technical interfaces and interpersonal interfaces. Staffing requirements Staffing
More informationGetting things done How governments can deliver public infrastructure projects on time and within budget
Getting things done How governments can deliver public infrastructure projects on time and within budget Alexander Franke Alex Wittenberg One of the greatest potential threats to global prosperity is a
More informationRisk/Issue Management Plan
Risk/Issue Management Plan Centralized Revenue Opportunity System November 2014 Version 2.0 This page intentionally left blank Table of Contents 1. Overview... 3 1.1 Purpose... 3 1.2 Scope... 3 2. Roles
More informationCPM -100: Principles of Project Management
CPM -100: Principles of Project Management Lesson E: Risk and Procurement Management Presented by Sam Lane samlane@aol.com Ph: 703-883-7149 Presented at the IPM 2002 Fall Conference Prepared by the Washington,
More informationRisk Assessment & Enterprise Risk Management
Risk Assessment & Enterprise Risk 1 Healthcare Corporate Governance Today s environment requires building a culture of risk awareness and management of risk across the organization, while formulating less
More information1.20 Appendix A Generic Risk Management Process and Tasks
1.20 Appendix A Generic Risk Management Process and Tasks The Project Manager shall undertake the following generic tasks during each stage of Project Development: A. Define the project context B. Identify
More informationHow to successfully manage your mega-project
How to successfully manage your mega-project Part I Early planning and organizing for success kpmg.com 2 Building, Construction & Real Estate How to successfully manage your mega-project A three-part series
More informationOperational Risk Management - The Next Frontier The Risk Management Association (RMA)
Operational Risk Management - The Next Frontier The Risk Management Association (RMA) Operational risk is not new. In fact, it is the first risk that banks must manage, even before they make their first
More informationProject Management Body of Knowledge (PMBOK) (An Overview of the Knowledge Areas)
Project Management Body of Knowledge (PMBOK) (An Overview of the Knowledge Areas) Nutek, Inc. 3829 Quarton Road, Suite 102 Bloomfield Hills, Michigan 48302, USA. Phone: 248-540-4827, Email: Support@Nutek-us.com
More informationDRAFT RESEARCH SUPPORT BUILDING AND INFRASTRUCTURE MODERNIZATION RISK MANAGEMENT PLAN. April 2009 SLAC I 050 07010 002
DRAFT RESEARCH SUPPORT BUILDING AND INFRASTRUCTURE MODERNIZATION RISK MANAGEMENT PLAN April 2009 SLAC I 050 07010 002 Risk Management Plan Contents 1.0 INTRODUCTION... 1 1.1 Scope... 1 2.0 MANAGEMENT
More informationGilead Clinical Operations Risk Management Program
Gilead Clinical Operations Risk Management Program Brian J Nugent, Associate Director 1 Agenda Risk Management Risk Management Background, Benefits, Framework Risk Management Training and Culture Change
More informationCrosswalk Between Current and New PMP Task Classifications
Crosswalk Between Current and New PMP Task Classifications Domain 01 Initiating the Project Conduct project selection methods (e.g., cost benefit analysis, selection criteria) through meetings with the
More informationand Risk Tolerance in an Effective ERM Program
The Roles of Risk Appetite and Risk Tolerance in an Effective ERM Program Eric Gerner, Risk Advisory Services Director Tuesday, July 10, 2012 General Information Share the webinar Ask a question Votes
More informationWFP ENTERPRISE RISK MANAGEMENT POLICY
WFP ENTERPRISE RISK MANAGEMENT POLICY Informal Consultation 3 March 2015 World Food Programme Rome, Italy EXECUTIVE SUMMARY For many organizations, risk management is about minimizing the risk to achievement
More informationPrinciples of Execution. Tips and Techniques for Effective Project Portfolio Management
Principles of Execution Tips and Techniques for Effective Project Management Roadmap Develop A Shared Vision for Management Understanding the Difference between Project Management Reviews and Management
More informationFUNBIO PROJECT RISK MANAGEMENT GUIDELINES
FUNBIO PROJECT RISK MANAGEMENT GUIDELINES OP-09/2013 Responsible Unit: PMO Focal Point OBJECTIVE: This Operational Procedures presents the guidelines for the risk assessment and allocation process in projects.
More informationPractice Guide. Selecting, Using, and Creating Maturity Models: A Tool for Assurance and Consulting Engagements
Practice Guide Selecting, Using, and Creating Maturity Models: A Tool for Assurance and Consulting Engagements July 2013 Table of Contents Executive Summary... 1 Introduction... 2 Example of Maturity
More informationOffice of the Auditor General AUDIT OF IT GOVERNANCE. Tabled at Audit Committee March 12, 2015
Office of the Auditor General AUDIT OF IT GOVERNANCE Tabled at Audit Committee March 12, 2015 This page has intentionally been left blank Table of Contents Executive Summary... 1 Introduction... 1 Background...
More informationPROJECT RISK MANAGEMENT
PROJECT RISK MANAGEMENT http://www.tutorialspoint.com/pmp-exams/project_risk_management.htm Copyright tutorialspoint.com Here is a list of sample questions which would help you to understand the pattern
More informationScenario Analysis Principles and Practices in the Insurance Industry
North American CRO Council Scenario Analysis Principles and Practices in the Insurance Industry 2013 North American CRO Council Incorporated chairperson@crocouncil.org December 2013 Acknowledgement The
More informationRISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY
RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY PRESENTED BY: LEN WIATR, CHIEF RISK OFFICER Len s Risk Management Philosophy Build a
More informationPROJECT MANAGEMENT PLAN Outline VERSION 0.0 STATUS: OUTLINE DATE:
PROJECT MANAGEMENT PLAN Outline VERSION 0.0 STATUS: OUTLINE DATE: Project Name Project Management Plan Document Information Document Title Version Author Owner Project Management Plan Amendment History
More informationPOL ENTERPRISE RISK MANAGEMENT SC51. Executive Services Department BUSINESS UNIT: Executive Support Services SERVICE UNIT:
POL ENTERPRISE RISK MANAGEMENT SC51 POLICY CODE: SC51 DIRECTORATE: Executive Services Department BUSINESS UNIT: Executive Support Services SERVICE UNIT: Executive Support Services RESPONSIBLE OFFICER:
More informationProject Management Plan Template
Abstract: This is the project management plan document for . This is a controlled document and should be maintained in a configuration environment. Project Management Plan Template Contents REVISION
More informationCIRCULAR 3,647, MARCH 4 2013
CIRCULAR 3,647, MARCH 4 2013 Establishes the minimum requirements for use of the advanced approach based on internal models for the calculation of the operational risk component (RWA OAMA ) of the Risk-Weighted
More informationRSA ARCHER OPERATIONAL RISK MANAGEMENT
RSA ARCHER OPERATIONAL RISK MANAGEMENT 87% of organizations surveyed have seen the volume and complexity of risks increase over the past five years. Another 20% of these organizations have seen the volume
More informationA Risk Management Standard
A Risk Management Standard Introduction This Risk Management Standard is the result of work by a team drawn from the major risk management organisations in the UK, including the Institute of Risk management
More informationIASA Speaker: Alvin Tan
Enterprise Security Architecture IASA Speaker: Alvin Tan Definition Compliant to International Organization for Standardization (ISO) Standard 17799 Necessary requirements for people, processes, and technologies
More informationWhat Went Wrong Right? Recognizing Risk Impacts on Cost and Schedule. Scope Development
What Went Wrong Right? Recognizing Risk Impacts on Cost and Schedule Scope Development 1 2 Course Outline Session 1: Session 2: Session 3: Session 4: Overview of the Risk Management Process Determining
More informationInformation Technology Project Oversight Framework
i This Page Intentionally Left Blank i Table of Contents SECTION 1: INTRODUCTION AND OVERVIEW...1 SECTION 2: PROJECT CLASSIFICATION FOR OVERSIGHT...7 SECTION 3: DEPARTMENT PROJECT MANAGEMENT REQUIREMENTS...11
More informationThe Cost of Risks. Essence of Risk Quantification. PALISADE @RISK Forum Calgary 2008
PALISADE @RISK Forum Calgary 2008 The Cost of Risks Essence of Risk Quantification Disclaimer: This presentation material is provided for general information. The author shall not be held accountable for
More informationDepartment of Administration Portfolio Management System 1.3 June 30, 2010
E 06/ 30/ 2010 EX AM PL 1. 3 06/ 28/ 2010 06/ 24/ 2010 06/ 23/ 2010 06/ 15/ 2010 06/ 18/ 2010 Portfolio System 1.3 June 30, 2010 Contents Section 1. Project Overview... 1 1.1 Project Description... 1 1.2
More informationStep by Step Project Planning
Step by Step Project Planning Contents Introduction The Planning Process 1 Create a Project Plan...1 Create a Resource Plan...1 Create a Financial Plan...1 Create a Quality Plan...2 Create a Risk Plan...2
More informationPMP Examination Tasks Puzzle game
PMP Examination Tasks Puzzle game Here is a great game to play to test your knowledge of the tasks you will be tested on in the actual examination. What we have done is take each of the domain tasks in
More informationPolicy 10.105: Enterprise Risk Management Policy
Name: Responsibility: Complements: Enterprise Risk Management Framework Coordinator, Enterprise Risk Management Policy 10.105: Enterprise Risk Management Policy Date: November 2006 Revision Date(s): January
More informationINFORMATION CONNECTED
INFORMATION CONNECTED Business Solutions for the Utilities Industry Primavera Project Portfolio Management Solutions Achieve Operational Excellence with Robust Project Portfolio Management Solutions The
More informationLinking Risk Management to Business Strategy, Processes, Operations and Reporting
Linking Risk Management to Business Strategy, Processes, Operations and Reporting Financial Management Institute of Canada February 17 th, 2010 KPMG LLP Agenda 1. Leading Practice Risk Management Principles
More informationMost people involved in capital investment
Reprinted from PHARMACEUTICAL ENGINEERING The Official Magazine of ISPE January/February 2011, Vol. 31 No. 1 www.ispe.org Copyright ISPE 2011 This article discusses how risk management can aid in project
More informationClarius Group Risk Management Policy and Framework
1. Introduction Clarius Group Risk Management Policy and Framework 1.1 Definition Risk is the chance of something happening that will have an impact on objectives. Risk provides the opportunity (upside)
More informationIT Governance. What is it and how to audit it. 21 April 2009
What is it and how to audit it 21 April 2009 Agenda Can you define What are the key objectives of How should be structured Roles and responsibilities Key challenges and barriers Auditing Scope Test procedures
More informationContinuous Risk Management at NASA
Continuous Risk Management at NASA Ted Hammer GSFC NASA 301-286-7123 thammer@pop300.gsfc.nasa.gov Control Identify Track Dr. Linda Rosenberg SATC NASA 301-286-0087 Linda.Rosenberg@gsfc.nasa.gov Communicate
More informationStrategic Risk Management for School Board Trustees
Strategic Management for School Board Trustees A Management Process Framework May, 2012 Table of Contents Introduction Page I. Purpose....................................... 3 II. Applicability and Scope............................
More informationHow to successfully manage your mega-project
BUILDING, CONSTRUCTION & REAL ESTATE How to successfully manage your mega-project Part II Stakeholder communication and project controls integration kpmg.com 2 Building, Construction & Real Estate How
More informationUNITED NATIONS OFFICE FOR PROJECT SERVICES. ORGANIZATIONAL DIRECTIVE No. 33. UNOPS Strategic Risk Management Planning Framework
UNOPS UNITED NATIONS OFFICE FOR PROJECT SERVICES Headquarters, Copenhagen O.D. No. 33 16 April 2010 ORGANIZATIONAL DIRECTIVE No. 33 UNOPS Strategic Risk Management Planning Framework 1. Introduction 1.1.
More informationTHE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK
THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK ACCOUNTABLE SIGNATURE AUTHORISED for implementation SIGNATURE On behalf of Chief Executive Officer SAHRA Council Date Date
More informationIncorporating Risk Assessment into Project Forecasting
Incorporating Risk Assessment into Project Forecasting Author: Dione Palomino Conde Laratta, PMP Company: ICF International - USA Phone: +1 (858) 444-3969 Dione.laratta@icfi.com Subject Category: Project
More informationThe 10 Knowledge Areas & ITTOs
This document is part of a series that explain the newly released PMBOK 5th edition. These documents provide simple explanation and summary of the book. However they do not replace the necessity of reading
More informationIT Risk & Security Specialist Position Description
Specialist Position Description February 9, 2015 Specialist Position Description February 9, 2015 Page i Table of Contents General Characteristics... 1 Career Path... 2 Explanation of Proficiency Level
More informationRisk Workshop Overview. MOX Safety Fuels the Future
Risk Workshop Overview RISK MANAGEMENT PROGRAM SUMMARY CONTENTS: Control Account Element Definition ESUA Form Basis of Estimate Uncertainty Calculation Management Reserve 1. Overview 2. ESUA Qualification
More informationCentral Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models
2013 Central Bank of Ireland Guidelines on Preparing for Solvency II Pre-application for Internal Models 1 Contents 1 Context... 1 2 General... 2 3 Guidelines on Pre-application for Internal Models...
More informationReview of Muskrat Falls Project Cost and Schedule Management Processes and Controls
December 18, 2015 Ms. Julia Mullaley Clerk of the Executive Council Cabinet Secretariat Government of Newfoundland and Labrador Confederation Building St. John s, NL A1B 4J6 Dear Ms. Mullaley: Re: Review
More informationMeasurement Strategies in the CMMI
Measurement Strategies in the CMMI International Software Measurement & Analysis Conference 9-14 September 2007 Rick Hefner, Ph.D. Director, Process Management Northrop Grumman Corporation One Space Park,
More informationUPTIME MAGAZINE. june/july15 JUNE/JULY 2015. uptimemagazine.com
june/july15 UPTIME MAGAZINE JUNE/JULY 2015 uptimemagazine.com AM Developing Plans Creating Value From Physical Assets by Mark Ruby 46 june/july 15A sset management plans form the cornerstone of an effective
More informationInstitute for Business Continuity Training 1623 Military Road, # 377 Niagara Falls, NY 14304-1745
ECP - 601: Effective Business Continuity Management: ISO 22301 This 3-day course provides an intensive, hands-on workshop covering all major aspects for the design of an effective Business Continuity Plan
More informationThe following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into
The following is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material,
More informationAnalyzing Risks in Healthcare. February 12, 2014
Analyzing s in Healthcare February 12, 2014 1 Content What is Enterprise Management (ERM) ERM Benefits ERM Standards / ISO 31000:2009 ERM Process Register ERM Governance Model s Q&A 2 What is Enterprise
More informationEIOPACP 13/011. Guidelines on PreApplication of Internal Models
EIOPACP 13/011 Guidelines on PreApplication of Internal Models EIOPA Westhafen Tower, Westhafenplatz 1 60327 Frankfurt Germany Tel. + 49 6995111920; Fax. + 49 6995111919; site: www.eiopa.europa.eu Guidelines
More informationUnderstanding and articulating risk appetite
Understanding and articulating risk appetite advisory Understanding and articulating risk appetite Understanding and articulating risk appetite When risk appetite is properly understood and clearly defined,
More information2012 National BDPA Technology Conference. Defining Project and PMO Metrics
2012 National BDPA Technology Conference Defining Project and PMO Metrics Betty Hutchins, MBA, PMP August 1 4, 2012 Baltimore, MD Presentation Objectives Project Performance Determine the Process Defining
More informationProject Management Guidebook
METHOD 12 3 empowering managers to succeed Project Management Guidebook ISBN 0-473-10445-8 A bout this e-book This e-book was created by Method123 (see www.method123.com) to help provide you with a simple
More informationRisk Management Primer
Risk Management Primer Purpose: To obtain strong project outcomes by implementing an appropriate risk management process Audience: Project managers, project sponsors, team members and other key stakeholders
More informationRisk Management Procedure
Purpose of this document Develop and document procedures and work instructions for Risk Management to cover the project Stages set out in the Project Process Map. The purpose of this procedure is to identify
More informationProject Management. [Student s Name] [Name of Institution]
1 Paper: Assignment Style: Harvard Pages: 10 Sources: 7 Level: Master Project Management [Student s Name] [Name of Institution] 2 Project Management Introduction The project management also known as management
More information2 Day In House Demand Planning & Forecasting Training Outline
2 Day In House Demand Planning & Forecasting Training Outline On-site Corporate Training at Your Company's Convenience! For further information or to schedule IBF s corporate training at your company,
More informationThe Corporation of the City of London Quarterly Report on Internal Audit Results
www.pwc.com/ca The Corporation of the City of London Quarterly Report on Internal Audit Results - Corporate Services - IT: Project Management and System Prioritization February 13, 2014 Agenda Rating Scale
More informationFlyntGroup.com. Enterprise Risk Management and Business Impact Analysis: Understanding, Treating and Monitoring Risk
Enterprise Risk Management and Business Impact Analysis: Understanding, Treating and Monitoring Risk 2012 The Flynt Group, Inc., All Rights Reserved FlyntGroup.com Enterprise Risk Management and Business
More informationPerformance Management. Date: November 2012
Performance Management Date: November 2012 SSBA Background Document Background 3 4 Governance in Saskatchewan Education System 5 Role of School Boards 6 Performance Management Performance Management Overview
More informationChecklist for Operational Risk Management
Checklist for Operational Risk Management I. Development and Establishment of Comprehensive Operational Risk Management System by Management Checkpoints - Operational risk is the risk of loss resulting
More informationDRAFT. Propose that environmental considerations be added to the list of strategic considerations.
DRAFT Proposed changes and reasoning for proposed changes to 5 th Edition of the PMBOK Guide. Rich Maltzman, MSIE, PMP Dave Shirley, MBA, PMP Tom Mochal, PgMP, PMP Andrea Krasnoff, PMP 1.4.3 Strategic
More informationRisk Knowledge Capture in the Riskit Method
Risk Knowledge Capture in the Riskit Method Jyrki Kontio and Victor R. Basili jyrki.kontio@ntc.nokia.com / basili@cs.umd.edu University of Maryland Department of Computer Science A.V.Williams Building
More informationBusiness Logistics Specialist Position Description
Specialist Position Description March 23, 2015 MIT Specialist Position Description March 23, 2015 Page i Table of Contents General Characteristics... 1 Career Path... 2 Explanation of Proficiency Level
More informationDevelop Project Charter. Develop Project Management Plan
Develop Charter Develop Charter is the process of developing documentation that formally authorizes a project or a phase. The documentation includes initial requirements that satisfy stakeholder needs
More informationpm4dev, 2007 management for development series The Project Management Processes PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS
pm4dev, 2007 management for development series The Project Management Processes PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS PROJECT MANAGEMENT FOR DEVELOPMENT ORGANIZATIONS A methodology to manage
More informationwww.pwc.com PwC The Path Forward for Data Analysis and Continuous Auditing May 2011
www.pwc.com The Path Forward for Data Analysis and Continuous Auditing May 2011 Agenda What are we hearing in the market? The CA Maturity Path Where to start? What is the difference between CA & CCM? Best
More informationManaging construction procurement risks
CONSTRUCTION PROCUREMENT BEST PRACTICE GUIDELINE #A5 Construction Industry Development Board Pretoria - Head Office Tel: 012 482 7200 Fraudline: 0800 11 24 32 Call Centre: 0860 103 353 E-mail: cidb@cidb.org.za
More information[project.headway] Integrating Project HEADWAY And CMMI
[project.headway] I N T E G R A T I O N S E R I E S Integrating Project HEADWAY And CMMI P R O J E C T H E A D W A Y W H I T E P A P E R Integrating Project HEADWAY And CMMI Introduction This white paper
More informationDATA AUDIT: Scope and Content
DATA AUDIT: Scope and Content The schedule below defines the scope of a review that will assist the FSA in its assessment of whether a firm s data management complies with the standards set out in the
More informationAmajor benefit of Monte-Carlo schedule analysis is to
2005 AACE International Transactions RISK.10 The Benefits of Monte- Carlo Schedule Analysis Mr. Jason Verschoor, P.Eng. Amajor benefit of Monte-Carlo schedule analysis is to expose underlying risks to
More informationRisk and Contingency Planning. Today s Topics. Key Terms. A Vital Component of Your ICD-10 Program
Risk and Planning A Vital Component of Your ICD-10 Program Today s Topics Key Terms Why is Risk Management Critical for ICD-10? Effective Risk Management and Best Concepts ICD-10 Risk Management Examples
More informationRisk Management Framework
Risk Management Framework Christopher J. Alberts Audrey J. Dorofee August 2010 TECHNICAL REPORT CMU/SEI-2010-TR-017 ESC-TR-2010-017 Acquisition Support Program Unlimited distribution subject to the copyright.
More informationProject Risk Management Handbook: A Scalable Approach
Project Risk Management Handbook: A Scalable Approach Version 1 (June 2012) Risk Monitoring Qualitative Risk Analysis Risk Response A LETTER FROM THE CHIEF ENGINEER Welcome to the new Caltrans Project
More informationRisk Management - Board & Management Responsibilities Murray Short, MBA, CPA CA Not-for-Profit Partner RLB LLP
Risk Management - Board & Management Responsibilities Murray Short, MBA, CPA CA Not-for-Profit Partner RLB LLP 2 AGENDA About RLB / About Our Not-for-Profit Team Defining Risk Types of Organizational Risk
More informationSan Francisco International Airport Enterprise Risk Management
San Francisco International Airport Enterprise Risk Management Mike Warren Airport Risk Manager WHAT IS ENTERPRISE RISK MANAGEMENT (ERM) It is a comprehensive program that focuses on a continuous and sustainable
More informationFinancial Services FINANCIAL SERVICES UTILITIES 57 FINANCIAL SERVICES AND UTILITIES 2016-2018 BUSINESS PLAN. CR_2215 Attachment 1
CR_2215 Attachment 1 Financial Services FINANCIAL SERVICES & UTILITIES 57 FINANCIAL SERVICES AND UTILITIES 2016-2018 BUSINESS PLAN Acting Branch Manager: Stacey Padbury Table of Contents INTRODUCTION Our
More informationValidation of Internal Rating and Scoring Models
Validation of Internal Rating and Scoring Models Dr. Leif Boegelein Global Financial Services Risk Management Leif.Boegelein@ch.ey.com 07.09.2005 2005 EYGM Limited. All Rights Reserved. Agenda 1. Motivation
More informationMaturity Model. March 2006. Version 1.0. P2MM Version 1.0 The OGC logo is a Registered Trade Mark of the Office of Government Commerce
Maturity Model March 2006 Version 1.0 P2MM Version 1.0 The OGC logo is a Registered Trade Mark of the Office of Government Commerce This is a Value Added product which is outside the scope of the HMSO
More information