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Verified Purchase. May 2, - Published on Amazon. Great value, dated but very credible and valuable information. March 22, - Published on Amazon. My mentor and colleague is fond of chiding me to "roll the dice". I hate math, but knew that I had to overcome that if I wanted to take the next step in my ongoing professional development.
I selected this book because it was short, and well written and illustrated. This book is a bit light for experienced project managers who are well-versed in risk management, but I found it to be a perfect introduction to probability and risk management. It's structured in a logical order, with each chapter building on the other. It starts out with a general approach and definitions associated with risk management. It then covers how to identify risks, assess them using quantitative methods no blindly rolling the dice here.
Assessment is important. Risks are a part of our everyday life, and this part of the book shows you how to prioritize risks based on not only the impact, but the probability. Impact x probability is the basis for indexing and prioritizing risks.
You are also shown how to either eliminate, mitigate or transfer the risk that you identify and assess. Because I am a consultant and live in the world of statements of work and contracts I thought the brief section on dealing with risks in contracts was a highlight. I also liked the chapter on managing contingency allowances.
If it does, however, then portfolio risk management would prove beneficial. There is no one magic formula that will work for an entire portfolio. In fact, what will work for one component, may not necessarily work for another. One thing is certain, however, portfolio risk management will find ways to decrease potential threats that will impact the value, balance and strategic fitness of a portfolio, and increase positive events for a positive impact.
Portfolio risk management is one of the many portfolio management processes, but it has specific roles to play that can impact the overall portfolio.
In a nutshell, it involves risk planning, assessment and response. In this stage of the portfolio risk management process, the tolerances of portfolio risks are identified, in order to create the next step of the process, which is management of portfolio risks. Examples of negative risks are poor management practices and excessive number of concurrent projects, while positive risks are integrated management systems, and dependency on highly specialized external participants.
In order to achieve a desirable overall risk level, or to tip the scale to the positive side, a portfolio risk management plan must be developed. Due to the downstream impact on portfolio components, however, portfolio risk management must touch on the root cause of potential threats. That is, correction of negative risks must be done at the root level.
Capitalization of positive risks, however, should be done at the organizational and portfolio level. Development of a portfolio risk management plan, starts with a risk management plan, which will describe the structure of risk management activities and how each one will be performed. This is where the plan is laid out, complete with procedures, timeline and reference to corporate policies, risk management guidelines, and the procedures that define the risk tolerances, thresholds and strategy of an organization. The same risk management plan will also serve as a guide for governing bodies when evaluating potential threats in proposals of new portfolio components.
If this is the case, a portfolio risk manager may consider a complete termination, or to modify, postpone or accept the proposed project, while developing plans to mitigate the negative impact.
giuliettasprint.konfer.eu: Project and Program Risk Management: A Guide to Managing Project Risks and Opportunities (PMBOK Handbooks) (): R. Max . Project and Program Risk Management: A Guide to Managing Project Risks and Opportunities, Volume 6. Front Cover. R. Max Wideman. Project Management.
After all, portfolio risk management is not just about doing the projects right, but also doing the right projects, risks and all. Restructuring of the new proposal and creating a risk management plan should help achieve balance. The kind of threats they will recognize, however, will vary based on which organizational level they belong in. This makes portfolio risk management a mixed bag of sorts that will take a unified direction once a risk management plan is developed.
These include customer brand, impact on organizational strategy and objectives, and existing products and services. Operations management is generally concerned about issues that can arise from services, product and project development, organization products, and the processes that must be carried out to support or lessen the impact of organizational changes. Portfolio managers, on the other hand, are more concerned on the risks that can impact data accuracy, reporting, quality of portfolio, and the alignment between portfolio and organizational strategy.
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