Risk Management

(1)
“Even If You Are on The Right
Track, You will Get Run Over If
You Just Sit There.”

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 Project Management
process
• Project management is the application of
knowledge, skills , tools and techniques to
project activities to meet project
requirements.
• A process is a set of interrelated actions
and activities performed to achieve a pre-
specified objective.

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 Project Management
process
• Project management process are
grouped into five categories:
• - Initiating process.
• - Planning process.
• - Executing process.
• - Monitoring and controlling process.
• - Closing process.
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 Initiating Process
• Initiating Process :It is the process
performed to define a new project,
its initial scope and its initial
financial resources.
• - The feasibility of the new project
may be established.
• - Clear description of project
objectives are developed.
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 Planning Process

• Planning Process: It is the process

performed to establish the total
scope, refine the objectives and
develop the courses of action
required to attain those objectives.

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 Executing Process

• Executing Process: It is the process

performed to complete the work
defined in the project management
plan to satisfy the project
specifications.

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 Monitoring and Controlling
Process

• Monitoring and Controlling Process:

It is performed to track, review, and
regulate the progress and
performance of the project.

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 Closing Process

• Closing Process: It is the process

performed to finalized all activities
across the project.

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 Planning Process
• Planning Process includes:
• - Scope Management.
• - Project time management.
• - Project cost management.
• - Project quality management.
• - Project procurement management.
• - Project risk management.
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 Risk Definition

• Project Risk: It is uncertain event or

condition that ,if occurs, has a
positive or negative effect on at least
one project objective.

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 Risk Definition

• Risks: are potential problems that

may affect successful completion of
project.

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 Risk Characteristics
• - Risk is always in the future.
• - Risk is uncertain event that may or
may not happen . There are no 100%
risks ( those are called constraints).
• - A risk may have one ore more
causes and , if it occurs, it may have
one or more impacts.
• Risk involves potential losses.
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 Risk Strategies
• Reactive Strategies:
• Very common, also known as fire
fighting
• Project team sets resources aside to
deal with problems
• Team does nothing until a risk
becomes a problem

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 Risk Strategies
• Proactive Strategies:
• Risk management begins long before
technical work starts, risks are
identified and prioritized by
importance
• Team builds a plan to avoid risks if
they can or to minimize risks if they
turn into problems

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 THANK YOU
Prof. HOSSAM HOSNY

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