Level:
Basic
TCM Section(s):
7.6. Risk Management
4.1. Project Implementation
Venue: 2022 AACE International Conference & Expo
Abstract: Everyone can remember that one perfect, flawless project, right? No? Neither can the authors. Projects are messy and challenging, full of risks that threaten its schedule and budget. Risk management is a critical component to project success, yet so many project teams and organizations fail to put it into practice. If an organization has no formal risk program or is early in its implementation, project risk management can be inconsistent and often ineffective.This paper explores various strategies to implement qualitative risk management on any project, discover how qualitative risk management can be injected into typical project processes without consuming significant resources or budget and develop strategies for continued use throughout the project life cycle and for historical management. These project-level implementation strategies can later evolve to quantitative risk management at the project level and formal enterprise level programs. Finally, the authors discuss common hurdles project teams experience with risk management implementation and solutions to prevent or overcome these challenges.
TCM Section(s):
7.6. Risk Management
4.1. Project Implementation
Venue: 2022 AACE International Conference & Expo
Abstract: Everyone can remember that one perfect, flawless project, right? No? Neither can the authors. Projects are messy and challenging, full of risks that threaten its schedule and budget. Risk management is a critical component to project success, yet so many project teams and organizations fail to put it into practice. If an organization has no formal risk program or is early in its implementation, project risk management can be inconsistent and often ineffective.This paper explores various strategies to implement qualitative risk management on any project, discover how qualitative risk management can be injected into typical project processes without consuming significant resources or budget and develop strategies for continued use throughout the project life cycle and for historical management. These project-level implementation strategies can later evolve to quantitative risk management at the project level and formal enterprise level programs. Finally, the authors discuss common hurdles project teams experience with risk management implementation and solutions to prevent or overcome these challenges.