Risk Management : Concepts and Guidance, Fifth Edition book cover
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Risk Management
Concepts and Guidance, Fifth Edition




ISBN 9781482258455
Published December 17, 2014 by Auerbach Publications
474 Pages - 47 B/W Illustrations

 
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Book Description

This new edition of Risk Management: Concepts and Guidance supplies a look at risk in light of current information, yet remains grounded in the history of risk practice. Taking a holistic approach, it examines risk as a blend of environmental, programmatic, and situational concerns. Supplying comprehensive coverage of risk management tools, practices, and protocols, the book presents powerful techniques that can enhance organizational risk identification, assessment, and management—all within the project and program environments.

Updated to reflect the Project Management Institute’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition, this edition is an ideal resource for those seeking Project Management Professional and Risk Management Professional certification.

Emphasizing greater clarity on risk practice, this edition maintains a focus on the ability to apply "planned clairvoyance" to peer into the future. The book begins by analyzing the various systems that can be used to apply risk management. It provides a fundamental introduction to the basics associated with particular techniques, clarifying the essential concepts of risk and how they apply in projects. The second part of the book presents the specific techniques necessary to successfully implement the systems described in Part I.

The text addresses project risk management from the project manager’s perspective. It adopts PMI’s perspective that risk is both a threat and an opportunity, and it acknowledges that any effective risk management practice must look at the potential positive events that may befall a project, as well as the negatives.

Providing coverage of the concepts that many project management texts ignore, such as the risk response matrix and risk models, the book includes appendices filled with additional reference materials and supporting details that simplifying some of the most complex aspects of risk management.

Table of Contents

RISK PROCESSES AND PRACTICES: WHY RISK MANAGEMENT?

Risk Management Practices
A Systematic Process
Summary

Risk Concepts
Risk Attitudes and Appetites
Classifying Risk
Risk Breakdown Structure
Risk Taxonomy
Risk Facets
Other Risk Categories
Taxonomically Developed Risks
Other Relevant Considerations
Risk Management Perspectives
Realities of Project Management
Summary

The Risk Management Structure
Risk Management Planning
     Description and Project Summary
Risk Environment 
     Approach to Risk Management 
     Application Issues and Problems 
     Other Relevant Plans 
     Risk Governance 
     Approach Summary 
     Bibliography 
     Approvals
Identify Risks 
     Documentation Reviews 
     Information-Gathering Techniques 
     Checklists 
     Assumptions Analysis 
     Diagramming Techniques
Perform Qualitative Analysis 
     Baselining Risk 
     Rating Schemes and Definitions 
     Assumptions Testing 
     Risk Modeling 
     Using Analogies 
     Conducting Data Quality Assessments 
     Risk Categorization 
     Risk Urgency Assessment
Perform Quantitative Analysis 
     Expert Interviews
     Expected Monetary Value (EMV) 
     Decision Tree Analysis 
     Program Evaluation and Review Technique 
     Sensitivity Analysis 
     Simulations
Plan Risk Responses
Risk Avoidance
Risk Transference
Risk Mitigation
Risk Acceptance
Opportunity Exploitation
Opportunity Sharing
Opportunity Enhancement
Opportunity Acceptance
Monitor and Control Risks
Summary

RISK MANAGEMENT TECHNIQUES

Expert Interviews

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Planning Meetings/The Risk Management Plan
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Risk Practice Methodology

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Documentation Reviews
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability 100
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Analogy Comparisons
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria
     Resource Requirements 
     Applications 
     Outputs
Summary

Plan Evaluation
Technique Description 
     Using the WBS for Risk Identification 
     Using Specifications for Risk Identification 
     Using Statements of Work (SOWs) for Risk Identification 
     Developing a Technical Risk Dictionary or Risk Register
     Using Other Plans for Risk Identification
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Delphi Technique
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results 
Resource Requirements
Reliability
Selection Criteria
     Resource Requirements 
     Applications 
     Outputs
Summary

Brainstorming

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Crawford Slip Method (CSM)

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

SWOT Analysis

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria
     Resource Requirements 
     Applications 
     Outputs
Summary

Checklists

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Risk Breakdown Structure

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications
     Outputs
Summary

Root Cause Identification and Analysis

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications
     Outputs
Summary

Risk Registers/Tables
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results 
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications
     Outputs
Summary

Project Templates

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Assumptions Analysis

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Decision Analysis–Expected Monetary Value

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications
     Outputs
Summary

Estimating Relationships
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Network Analysis (Excluding PERT )

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications
     Outputs
Summary

PERT

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications
     Outputs
Summary

Other Diagramming Techniques

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying These Techniques
     Flowcharts 
     Ishikawa (Fishbone) Diagrams 
     Force Field Diagrams
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Rating Schemes

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique 
     Scheme Development
     Scheme Application
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Urgency Assessment

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications
     Outputs
Summary

Futures Thinking

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements
     Applications 
     Outputs
Summary

Risk Modeling

Technique Description
When Applicable
Inputs and Outputs
     Model Development 
     Model Application
Major Steps in Applying the Technique 
     Model Development 
     Model Application
Use of Results
Resource Requirements
Reliability
Selection Criteria
     Resource Requirements 
     Applications 
     Outputs
Summary

Sensitivity Analysis
Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria
     Resource Requirements
     Applications 
     Outputs
Summary

Monte Carlo Simulations

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Risk Factors

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Risk Response Matrix /Pugh Matrix

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Performance Tracking and Technical Performance Measurement

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Supplemental Information 
     Technical Performance
     Schedule Performance 
     Cost Performance
Selection Criteria
     Resource Requirements 
     Applications 
     Outputs
Summary

Risk Reviews and Audits

Technique Description
When Applicable
Inputs and Outputs
Major Steps in Applying the Technique
Use of Results
Resource Requirements
Reliability
Selection Criteria 
     Resource Requirements 
     Applications 
     Outputs
Summary

Other Common Techniques

Cost Performance Reports Analysis
Independent Technical Assessment 
     Technique Description
     When Applicable 
     Inputs and Outputs
     Major Steps in Applying the Technique 
     Use of Results 
     Resource Requirements 
     Reliability 
     Selection Criteria
Independent Cost Estimates

Glossary


Appendix A:
Contractor Risk Management
Appendix B: An Abbreviated List of Risk Sources
Appendix C: Basic Probability Concepts
Appendix D: Quantifying Expert Judgment
Appendix E: Special Notes on Software Risk

Index


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Author(s)

Biography

Carl L. Pritchard is the principal of Pritchard Management Associates and is a widely recognized risk management authority and lecturer. He was the lead chapter author for the risk management chapter of A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fourth Edition. Mr. Pritchard’s publications include courses in risk management, The Risk Management Memory Jogger (GOAL/QPC, 2012), as well as Project Management: Lessons from the Field (iUniverse, 2009), The Project Management Communications Toolkit, Second Edition (Artech House, 2012), How to Build a Work Breakdown Structure, and Precedence Diagramming: Successful Scheduling in the Team Environment. He co-produced (with ESI’s LeRoy Ward) the landmark 9-CD audio collection The Portable PMP® Exam Prep: Conversations on Passing the PMP® Exam (Fourth Edition). He is the U.S. correspondent for Project Manager Today, a project management journal published in the United Kingdom.

Mr. Pritchard also designs and develops project management programs and was the original architect of ESI International’s landmark offerings in project management in a distance-learning format. He is a trainer both online and in the classroom.

In his role as lecturer, Mr. Pritchard speaks regularly at national symposia on project management and serves as the "speaker’s coach" for several national conferences, providing guidance on how most effectively to share the project management gospel.

He is active in professional project management associations and is a certified Project Management Professional (PMP®), a certified Risk Management Professional (PMI-RMP®), and an Earned Value Professional (EVP), as certified by the Association for the Advancement of Cost Engineering (AACE) International. Mr. Pritchard earned a B.A. in journalism from The Ohio State University.

Mr. Pritchard can be reached via e-mail at [email protected]