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Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Projectby Tom Kendrick
Synopses & Reviews
As a project manager, you know that complicated projects are inherently risky business. Between time constraints, technical challenges, and resource difficulties, things that can go wrong often do—which is why one of the most important parts of your job is considering the possible risks involved at every point in the process.
Fully updated and consistent with the very latest Guide to the Project Management Body of Knowledge (PMBOK® Guide), Identifying and Managing Project Risk takes you through every phase of a project, helping you guard against failure by improving and increasing your risk analysis capabilities.
The book outlines proven methods for project risk planning, drawing on real world situations and hundreds of examples—including what many once considered a truly impossible project, the Panama Canal—to demonstrate key ideas in the risk management process. You’ll learn how to use high level risk assessment tools, implement a complete system for monitoring and controlling projects, and properly document every possible consideration. The book contains sections on the different types of risk to consider when planning; how to identify key issues associated with project metrics; activity sequencing; Work Breakdown Structure (WBS); analysis of scale; and cost estimating and budgeting.
Identifying and Managing Project Risk outlines the essential concepts involved in project risk planning and provides indispensable details and advice on topics such as:
Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management as well as other important new developments in the field.
This valuable resource moves beyond risk management basics involving insurance, financial, and investment portfolio risk to examine areas like information technology, software engineering, product development, and other high tech fields, giving you a well-rounded understanding of what goes into making project risk identification a crucial element of project management strategy.
Your ability to identify and manage project risk is necessary for the smooth and successful completion of all projects, regardless of size, type, or scope. This book will help you eliminate surprises and transform risk into a variable you can manage and keep safely under control. Comprehensive and completely up-to-date, Identifying and Managing Project Risk helps you determine risk factors thoroughly and decisively…before a project gets derailed.
Tom Kendrick, PMP, is an internal project management consultant for Visa Inc. and the author of Results Without Authority. He has more than 30 years of project management experience, 12 of which were spent as a part of the Hewlett-Packard Project Management Initiative. He lives in San Carlos, California.
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.
"There’s a good reason project risk management is one of the most vital of the nine content areas of the Project Management Body of Knowledge (TM). Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. It’s no wonder that project managers are increasingly focusing their attention on risk identification.
Identifying and Managing Project Risk is a practical guide to minimizing the possibility of failure in critical projects. The book takes readers step by step through every phase of a project, showing them how to consider the possible risks involved at every point in the process. Relevant figures and diagrams support the text and illustrate key scenarios. At the end of each chapter is an analysis of how the principles just discussed applied to a supreme example of what many once considered a truly impossible project: the building of the Panama Canal.
Packed with real-world information, this book is essential reading for any project manager seeking to complete projects smoothly and successfully."
Fully updated and revised to reflect the latest Guide to the Project Management Body of Knowledge (PMBOK® Guide), this essential resource provides clear-cut methods to implement at any organization and for any size or type of project. Identifying and Managing Project Risk takes you step-by-step through every phase of a project, providing real life examples and tips to illustrate key principles in project risk analysis.
Analyzing aspects such as available resources, project scope, and scheduling, the book shows you how to control and manage every risk. Featuring all new material on topics including the growing area of Enterprise Risk Management and more, Identifying and Managing Project Risk gives you everything you need to manage risk, helping to make the so-called “impossible project” a thing of the past.
ADVANCE Praise for THE SECOND EDITION OF IDENTIFYING AND MANAGING PROJECT RISK:
“Solid research . . . nailed key concepts regarding the identification and management of project risk . . . concise and entertaining. Kendrick provides the reader with the tools and techniques necessary for successful project management.” — Charles W. Bosler Jr., CPCM, Founder and Chairman, PMI, Risk Management Specific Interest Group; President, Risk Services & Technology (RST) of Amherst, New Hampshire
“Tom Kendrick’s second edition of Identifying and Managing Project Risk is an absolute must for every serious project manager and student of risk management. Far more than just a review of the theory, Kendrick provides practical information and suggestions on how to apply risk management in the real world . . . your world . . . and be successful.” — Craig D. Peterson, PMP, President, PMI Risk Management Specific Interest Group; Lead General Systems Engineer, The MITRE Corporation
“This book is an excellent treatment of both project and risk management. Filled with practical insights and examples, it sets a new standard for useful project management/risk management books.” — Payson Hall, Manager, Catalysis Group, Inc.
About the Author
Tom Kendrick (San Carlos, CA) is an internal project management consultant for Visa Inc., and the author of Results Without Authority (978-08144-7343-6). He has more than 30 years of project management experience, twelve of which were spent as a part of the Hewlett-Packard Project Management Initiative.
Table of Contents
CHAPTER 1: Why Project Risk Management? 1
CHAPTER 2: Planning for Risk Management 17
CHAPTER 3: Identifying Project Scope Risk 40
CHAPTER 4: Identifying Project Schedule Risk 70
CHAPTER 5: Identifying Project Resource Risk 100
CHAPTER 6: Managing Project Constraints and Documenting Risks 127
CHAPTER 7: Quantifying and Analyzing Activity Risks 149
CHAPTER 8: Managing Activity Risks 176
CHAPTER 9: Quantifying and Analyzing Project Risk 212
CHAPTER 10: Managing Project Risk 251
CHAPTER 11: Monitoring and Controlling Risky Projects 272
CHAPTER 12: Closing Projects 292
CHAPTER 13: Program, Portfolio, and Enterprise 301
CHAPTER 14: Conclusion 332
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