Practical Risk Management

"What we anticipate seldom occurs: but what we least expect generally happens."
Benjamin Disraeli

Content   -  Overview   -  Risk Tools   -  Risk papers and resources.      Project Risk Overview:

Each risk is something in the future which might or might not occur. This is vital to a proper understanding of risk and planning its management. Risks do not yet exist, indeed they may never exist at all. This makes them quite different from things which have happened in the past or which currently exist in the present. They are different from issues, problems or constraints; past and present events can be analysed and measured, but future events can only be imagined or estimated by people and these estimates will be influenced by the people's perceptions and past experiences. To manage risk effectively you need to deal with both the positive and negative uncertainties that matters by following a structured process that takes into account the affected people's risk tolerance. The PMBOK® Guide focuses on the Probability of a risk occurring and its likely Impact if it happens. Practical risk assessments expand on these basic elements to define a more complete range of criteria and the effect of cognitive bias on peoples ability to make rational assessments of any potential gain or loss. In addition to these known unknowns that can be assessed, there are also two types of unknown unknown; knowable unknowns and unknowable unknowns (or Black Swans).  Knowable unknowns can be identified and brought into an effective risk management process but there will always be some Black Swans waiting to surprise you. The ultimate aim is to manage the risk affecting your project, not to simply list and analyse them; therefore, a risk process which does not lead to the implementation of actions to deal with the identified risks is incomplete and useless. The resources on this page focus on practical risk management. We define this as applying sufficient effort to achieve a realistic modification in the risk exposure of your project (or program) whilst recognising it is impossible to remove all risk and any effort spent on risk minimisation should be offset by an increase in the likely value of the project.     For a simple explanation of many statistical calculations, including probability, see: http://www.khanacademy.org/   Practical Risk Management Tools

We are a PMI approved Registered Education Provider (R.E.P.) Mosaic's Risk Training: Our 1 Day Risk Management Workshop will provide trainees with the framework needed to effectively manage risk in a project environment. This course includes calculations based on Decision Trees, EMV, PERT, etc and an in-depth analysis of the case study using Mosaics Excel templates for the Risk Register and Risk Management Plan. View the Course Details

Price: - Australian    $44.00	Risk Register:  RiskWS - Excel Template A practical template for identifying and prioritising the risks associated with a project or program. For each risk: -  Define the risk category and short name. -  Describe the risk using an effective 'risk meta language'. All you have to do is 'fill in the gaps'. -  Prioritise the risk using a powerful qualitative assessment process developed for a US1 billion oil project. -  Determine the optimum response.   The spreadsheet compiles the risk data for transfer into the risk management plan.   The spreadsheet contains a comprehensive 'help' page focused on implementing effective risk management (included in the Sample).   This is a very robust, easy to use tool that ensures that all of the identified risks are effectively managed (maximum number of risks per spreadsheet = 200).   Download a free sample: Download Sample Spreadsheet  (to purchase a fully functional spreadsheet click on the 'cart' or choose from the purchasing options below)
Price: - Australian    $22.00	Risk Management Plan:  RMP - Excel Template A practical template for pro-actively managing the risk treatments outlined in the risk register. For each risk you: -  Copy the information from the risk register focusing on the urgent and important risks. -  Define the actions needed to implement an effective risk treatment. -  Allocate a responsible manager for each action (as well as for the overall risk). -  Monitor the status of the action including the transfer of appropriate information into the project schedule and cost plan. -  Keep notes to track decisions and sequence actions.   This is a simple tool that provides the critical link between identifying risks in the Risk Register and implementing the actions needed to treat the risks.   Download a free sample: Download Sample Spreadsheet   (to purchase a fully functional spreadsheet click on the 'cart' or choose from the purchasing options below)
	The Practice Standard for Project Risk Management  Price: $60.50 + Delivery charges $13.20 The Practice Standard for Project Risk Management covers risk management as it is applied to single projects only and is consistent with other PMI standards. Written for project practitioners, this practice standard can be used to validate the risk management process being employed in a specific situation, project or organization. Topics include:  •  Plan Risk Management  •  Identify Risks  •  Perform Qualitative Risk Analysis  •  Perform Quantitative Risk Analysis  •  Plan Risk Responses  •  Monitor and Control Risks  Buy on Line from PMI or request a quotation/invoice   (PMI Standards are not sold by Mosaic)
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Practical Risk Management Papers

Mosaic publishes a wide range of papers discussing project management topics
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