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(RISK-1964) If at First You Don't Succeed, Then Try Risk Workshops

Primary Author: Mr. Tom Wagner

Audience Focus: Basic
Application Type: Application
Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA

Abstract: One company’s approach to address an identified enterprise-wide maturity gap in managing project risk was to develop a focused risk workshop based on company standards, AACE® International recommend practices, Project Management Institute® Project Management Body of Knowledge® and other project management industry standards. The risk workshop focuses on how to define project risks as opposed to issues and elaborates on key terms, including enterprise risks and tail risks, in the context of the company’s tolerance of exposure. The risk workshop develops project specific risk statements and emphasizes the importance of crafting strong IF-THEN statements. Next, it works with the team in adopting mitigation strategies and developing contingency plans. Scalable solutions are provided for the diverse project portfolio, including an Earned Monetary Value approach for projects with a lower risk threat and Monte Carlo simulation solutions for complex mega projects. Finally, Project teams are provided brainstorming aids to continue managing risk throughout the project lifecycle.