Mattapan Tech's Online PM course              The Planning process
Lesson 7- Project Risk analysis by: Professor Jacques Dady Jean
 
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Intro to Project Planning

Project Stakeholders Identification, goals and objectives (Charter tool) by: Jacques Dady Jean

Project ID       (assign an ID to your project)                                                                 Project name
Project  Manager                                                    Project Sponsor
 
1) The ultimate challenge in Project Management is the fact that you do a project one and you have to do it righ.
a) You have to come with an accurate cost estimate even though it something that you are going to do for the first time
b) You have to take control of team members that don't have to report directly to you
c)You have to manage stakeholders expectation to make that you deliver a final product they want.
 Now you are going to learn how to plan effectively to overcome the obstacles stated above.

You have to collect and organize information in a strategic ways that enable you to make good decisions.

Make a spreadsheet with the following information:
Task name Labor Ressources Names
Acquire camp materials 30 Executive Director
Demolition 72 Adult Volunteers
Remove debris 48 Teen Volunteers
Assemble the tables 4 Interns
Install computers 2 Students
Set up Network 5 Students

1) A plan is a detailed analysis of how to balance costs, schedule and quality and to provide the data needed to manage stakeholders expectations.
2) A plan is the book of reference to evaluate project progress.
3) A plan must consider all possible strategies allowing the team members to use creative approach with the best chance of success

The 5 project success factors are: 1) Having a clear goal, 2) Strong communication techniques 3) management support, 4) scope control, 5) a plan to measure progress.
The first step of planning is Risk Management.

What is Risk Management? Risk Management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.

Project Management is risk Management:

They are two type of risks:
Known unknowns and unknown unknows
Know unknowns are identified potential propblems
Unknown unknowns are problems you couldn't  have seen coming.

State all potential problems that can affect your projects (risk Identification) To have a risk identification meeting, all stakeholders must be in a room and state every risk that comes to their mind and the project manager have to write down every risk, regardless. Then the project team will meet later for a risk annalysis.
 
From the risk stated in the field above, select the potential risk based of the likelihood these risks will affect your project and what will be the impact of each risk on your project if that specific risk happens. (this process is called Risk Annalysis)
 
There are many ways to deal with risk: 1) Accept the risk, 2) Avoid the risk  3) A contengency plan 4) Transfer the risk 5) Mitigate the risk. Explain how are you going to deal with the risks that you selected.
Would you consider to have a contingency fund in your budget to deal with unknowns risk?
What will happen to your project if you don't have contingency funds and a risk happens
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  Designed by: Professor Jacques Dady Jean 

 Jacques Dady Jean, Instructor - email:  jacjean1@hotmail.com

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