Solving for Project Risk Management: Understanding the Critical Role of Uncertainty in Project Management
Solving for Project Risk Management: Understanding the Critical Role of Uncertainty in Project Management

Author: Christian B. Smart

Publisher: McGraw Hill Professional

Published: 2020-11-23

Total Pages: 321

ISBN-13: 1260473848

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Risk is real—but you can manage it with this hard-hitting guide to reducing risk on any project, in any industry All projects, large and small, are subject to various risks. But the failure to manage inherent risk with diligence and know-how can lead to devastating consequences for an organization. In this comprehensive hands-on guide, a renowned expert in the field provides everything organizations need to conduct project risk management the right way. Why do so many projects come in over schedule and over budget? How do projected expenditures and schedules line up with reality? How can you accurately assess risk to mitigate financial disaster? Through a methodical, statistics-based approach, Christian B. Smart reveals: The enduring problem of cost and schedule growth How rigorous project risk management can reduce the impact of uncertainty The systematic tendency to underestimate risk—and how to avoid it Ways to accurately assess confidence levels in project risk management The need for proper risk management at the portfolio level The author lays out common problems and explains how to effectively solve them. And while he employs a wealth of illustrative charts, graphs, and statistics, he presents the material in an accessible style, and peppers the text with powerful personal anecdotes. Ideal for project managers, business analysts, and senior decision makers in both the public and private sectors, Solving for Project Risk Management offers everything you need to ensure your projects run smoothly, on budget, and deliver the expected outcomes.

Identifying and Managing Project Risk
Identifying and Managing Project Risk

Author: Tom Kendrick

Publisher: AMACOM

Published: 2009-02-27

Total Pages: 370

ISBN-13: 0814413412

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Winner of the Project Management Institute’s David I. Cleland Project Management Literature Award 2010 It’s no wonder that project managers spend so much time focusing their attention on risk identification. Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. Identifying and Managing Project Risk, now updated and consistent with the very latest Project Management Body of Knowledge (PMBOK)® Guide, takes readers through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Drawing on real-world situations and hundreds of examples, the book outlines proven methods, demonstrating key ideas for project risk planning and showing how to use high-level risk assessment tools. Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management. Comprehensive and completely up-to-date, this book helps readers determine risk factors thoroughly and decisively...before a project gets derailed.

The Owner's Role in Project Risk Management
The Owner's Role in Project Risk Management

Author: National Research Council

Publisher: National Academies Press

Published: 2005-02-25

Total Pages: 102

ISBN-13: 0309181615

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Effective risk management is essential for the success of large projects built and operated by the Department of Energy (DOE), particularly for the one-of-a-kind projects that characterize much of its mission. To enhance DOE's risk management efforts, the department asked the NRC to prepare a summary of the most effective practices used by leading owner organizations. The study's primary objective was to provide DOE project managers with a basic understanding of both the project owner's risk management role and effective oversight of those risk management activities delegated to contractors.

Management Essentials for Civil Engineers
Management Essentials for Civil Engineers

Author: Cody A. Pennetti

Publisher: John Wiley & Sons

Published: 2024-08-22

Total Pages: 532

ISBN-13: 1119851610

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The Civil Engineer’s Guide to Effective Project Management A project’s success requires more than technical calculations and engineered designs. As this book details, effective management in civil engineering involves aligning operations with the broader context of stakeholder objectives. Management Essentials for Civil Engineers is a comprehensive resource designed to help civil engineers enhance their project management and business development skills. This text integrates engineering acumen with management principles, offering insights on business, communication, ethics, and risk analysis. Topics included in this book: Project Management Principles specifically tailored for civil engineers with content relevant to infrastructure and real estate projects. Leadership and Power Dynamics to understand and leverage various forms of power that support team objectives. Risk Management concepts to develop skills in anticipating, assessing, and responding effectively to project threats and opportunities. Contract Law and Liability covering the complexities of contractual frameworks, project delivery methods, and broader legal aspects. Effective Communication strategies to enhance interactions with diverse clients, project team members, and external stakeholders. Value Creation principles that consider cost management while ensuring meaningful value in the project deliverables. Systems Perspective viewing projects as integral components of broader operational frameworks, including program and portfolio management. Supplementing the content of each chapter is a narrative that threads through the core topics of this book, providing tangible context to theoretical constructs. This narrative approach facilitates the application of project management principles. Authored by three professionals with backgrounds in engineering, law, and business, this book combines insightful experiences with practical recommendations. The interdisciplinary approach underscores the book’s comprehensive nature, providing core frameworks directly applicable to real-world projects.

Integrated Cost-Schedule Risk Analysis
Integrated Cost-Schedule Risk Analysis

Author: Dr David Hulett

Publisher: Gower Publishing, Ltd.

Published: 2012-09-28

Total Pages: 241

ISBN-13: 1409459101

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Project managers tend to believe their cost estimates - whether they have exceeded budgets in the past or not. It is dangerous to accept the engineering cost estimates, which are often optimistic or unrealistic. Though cost estimates incorporate contingency reserves below-the-line, these estimates of reserves often do not benefit from a rigorous assessment of risk to project costs. Risks to cost come from multiple sources including uncertain project duration, which is often ignored in cost risk analyses. In short, experience shows that cost estimating on projects is rarely successful - cost overruns routinely occur. There are effective ways to estimate the impact on the cost of complex projects from project risks of all types, including traditional cost-type risks and the indirect but often substantial impact from risks usually thought of as affecting project schedules. Integrated cost-schedule risk anlaysis helps us determine how likely the project will go over budget with the current plan, how much contingency reserve is required to achieve a desired level of certainty, and which risks are most important so the project manager can mitigate them and achieve a better result. Integrated Cost-Schedule Risk Analysis provides solutions for these and other challenges. This book follows on from David Hulett's highly-praised Practical Schedule Risk Analysis. It focuses on the way that schedule risk can generate cost risk, and how to handle this relationship. It also applies the Risk Driver Method to the analysis so that you can clearly and transparently identify the key risks, rather than just the most risky cost line items. With detailed worked examples and over 70 illustrations, Integrated Cost-Schedule Risk Analysis offers the definitive guide to this critically important aspect of project management from surely the world's leading commentator.

Managing the Unknown
Managing the Unknown

Author: Christoph H. Loch

Publisher: John Wiley & Sons

Published: 2011-11-30

Total Pages: 269

ISBN-13: 1118276825

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Managing the Unknown offers a new way of looking at the problem of managing projects in novel and unknown environments. From Europe's leading business school, this book shows how to manage two fundamental approaches that, in combination, offer the possibility of coping with unforeseen influences that inevitably arise in novel projects: * Trial-and-Error Learning allows for redefining the plan and the project as the project unfolds * Selectionism pursues multiple, independent trials in order to pick the best one at the end Managing the Unknown offers expert guidelines to the specific project mindsets, infrastructures, and management methods required to use these project management approaches and achieve success in spite of unforeseen obstacles. This book equips readers with: * Causal explanations of why unforeseeable factors in novel projects make traditional project planning and project risk management insufficient * Directly applicable management tools that help managers to guide novel and high-uncertainty projects * Real-world case studies of both successful and unsuccessful approaches to managing high uncertainty in novel projects

Project Risk Management
Project Risk Management

Author: Michael M. Bissonette

Publisher: Project Management Institute

Published: 2016-04-01

Total Pages: 345

ISBN-13: 1628251409

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It's not exactly news that putting the concepts of risk management into action can help make a project more successful. In fact, a solid understanding of risk management is a vital component of any project management professional's training, regardless of the industry in which he or she might work. In today's fast-paced, constantly changing, and extremely competitive environment, risk management is more important than ever for businesses hoping to find their footing in the global market. In Project Risk Management: A Practical Implementation Approach, author Michael M. Bissonette not only provides insights into the best ways to implement the traditional techniques of risk management, but also explores innovative new methods that can help modern organizations build their culture, improve financial performance, and ultimately achieve greater success in all of their projects.

Strategic Project Risk Appraisal and Management
Strategic Project Risk Appraisal and Management

Author: Elaine Harris

Publisher: Routledge

Published: 2017-05-15

Total Pages: 106

ISBN-13: 1351897586

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Success in business depends on two broad management skills: 'doing the right thing' (choosing the right projects) and 'doing things right' (good project management). This book examines the challenges that managers face in assessing the likely risks and benefits that need to be taken into account when choosing projects. It then explores the strategic level risks that will need to be dealt with in managing those projects and suggests risk management strategies. In so doing, it makes a rare but important link between strategic level appraisal of project opportunities and project risk management. Many projects have similar characteristics that are common to a number of projects experienced by the same or other organizations. Elaine Harris shows how the use of a project typology can guide project risk management by identifying common risks shared by projects of each type. Her cutting edge research will help advanced project practitioners and researchers in projects and risk management to develop a risk management strategy that is better suited to the context of their projects and one that is flexible enough to develop and adapt once the project decision has been taken and the real-world of project management and delivery begins.

Fundamentals of Project Management
Fundamentals of Project Management

Author: James P. Lewis

Publisher: Amacom

Published: 2002

Total Pages: 166

ISBN-13: 9780814471326

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Updated concepts and tools to set up project plans, schedule work, monitor progress-and consistently achieve desired project results.In today's time-based and cost-conscious global business environment, tight project deadlines and stringent expectations are the norm. This classic book provides businesspeople with an excellent introduction to project management, supplying sound, basic information (along with updated tools and techniques) to understand and master the complexities and nuances of project management. Clear and down-to-earth, this step-by-step guide explains how to effectively spearhead every stage of a project-from developing the goals and objectives to managing the project team-and make project management work in any company. This updated second edition includes: * New material on the Project Management Body of Knowledge (PMBOK) * Do's and don'ts of implementing scheduling software* Coverage of the PMP certification offered by the Project Management Institute* Updated information on developing problem statements and mission statements* Techniques for implementing today's project management technologies in any organization-in any industry.

Project Management
Project Management

Author: Ted Klastorin

Publisher: SAGE Publications

Published: 2020-08-13

Total Pages: 705

ISBN-13: 1544333943

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As the number and size of projects continue to increase, there is a growing demand for effective project managers. Project Management: A Risk-Management Approach prepares students to successfully navigate the many challenges, factors, and situations that project managers face. Authors Ted Klastorin and Gary Mitchell emphasize the importance of mitigating risk at every stage, helping students avoid common pitfalls that lead to project failures, compromised schedules, or incurred costs. Real-world examples, cases, solved problems, and practice problems help bring methodologies to life. Readers will be equipped with the tools they need to plan, schedule, and monitor even the most complex projects in a variety of market sectors. Included with this title: The password-protected Instructor Resource Site (formally known as SAGE Edge) offers access to all text-specific resources, including a test bank and editable, chapter-specific PowerPoint® slides.