Risk management in Project & Planning

Dec 28
2009

                                      RISK  MANAGEMENT  IN PROJECT  & PLANNING

  ABSTRACT

In businesses, risk management entails organized activity to manage, uncertainity and threats and involves people following procedures and using tools in order to ensure conformance with risk-management policies. The Risk Management Plan is dependant upon the identification of the projects risks, their criticality, status, strategy and status.The good news is that managers can make project and planning as one of their strengths. The result will be better risk management, more effective management and greater satisfaction from working with people.

INTRODUCTION

              Risk management is activity directed towards the assessing, mitigating (to an acceptable level) and monitoring of risks In some cases the acceptable risk may be near zero. Risks can come from accidents, natural causes and disasters as well as deliberate attacks from an adversary. The main ISO standards on risk management .In businesses, risk management entails organized activity to manage,uncertainity  and threats and involves people following procedures and using tools in order to ensure conformance with risk-management policies. The strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular.

 Project Risk Management

A risk is something that may happen and if it does, will have a positive or negative impact on the project. A few points here. “That may happen” implies a probability of less then 100%. If it has a probability of 100% – in other words it will happen – it is an issue. An issue is managed differently to a risk and we will handle issue management in a later white paper. A risk must also have a probability something above 0%. It must be a chance to happen or it is not a risk. The second thing to consider from the definition is “will have a positive or negative impact”. Most people dive into the negative risks but what if something goes right?

 Management Plan

There are four stages to risk management planning. They are: ·

Risk Identification Risk Response Risk Monitoring and Control

Risk Identification

          There are different sorts of risks and we need to decide on a project by project basis what to do about each type. Business risks are ongoing risks that are best handled by the business. An example is that if the project cannot meet end of financial year deadline, the business area may need to retain their existing accounting system for another year. The response is likely to be a contingency plan developed by the business, to use the existing system for another year. Generic risks are risks to all projects. For example the risk that business users might not be available and requirements may be incomplete. Each organisation will develop standard responses to generic risks.

Risk Response

There are four things you can do about a risk. The strategies are:

Avoid the risk. Do something to remove it. Use another supplier for example. Transfer the risk. Make someone else responsible. Perhaps a Vendor can be made responsible for a particularly risky part of the project. Mitigate the risk. Take actions to lessen the impact or chance of the risk occurring. If the risk relates to availability of resources, draw up an agreement and get sign-off for the resource to be available. Accept the risk. The risk might be so small the effort to do anything is not worth while.

A risk response plan should include the strategy and action items to address the strategy. The actions should include what needs to be done, who is doing it, and when it should be completed.

Risk Control

The final step is to continually monitor risks to identify any change in the status, or if they turn into an issue. It is best to hold regular risk reviews to identify actions outstanding, risk probability and impact, remove risks that have passed, and identify new risks.

Risk management is not a complex task. If you follow the four steps, you can put together a risk management plan for a project in a short space of time.

Risk Management Plan

 1. Purpose

The purpose of the risk management plan is to document the process and methods that the project team will employ to monitor identified risk, identify and evaluate potential trigger events (indicated an imminent risk event), implement and monitor risk containment strategies and assess on an ongoing basis project progress and activities to identify potential risk events not identified during project plan development.

2. Team Roles & Responsibilities

The project team will review/manage risks in the weekly project status meeting. See the risk log for a listing of identified risk and risk owners.

3. Risk Change Review & Approval Process

As new risks are identified or existing risks expire, the Risk Management Plan will be updated. Risks will be reviewed on a weekly basis in the project status meeting. The plan will be maintained in the project’s SharePoint site.

 What is a Risk Management Plan?

A Risk Management Plan summarizes the proposed risk management approach for the project and is usually included as a section in the business plan. The Risk Management Plan is dependant upon the identification of the projects risks, their criticality, status, strategy and status.  The risk Management Plan describes:

the process which will be used to identify, analyze and manage risks both initially and throughout the life of the project; how often risks will be reviewed, the process for review and who will be involved; who will be responsible for which aspects of risk management; how Risk Status will be reported and to whom; and the initial snapshot of the major risks, current grading, planned strategies for reducing occurrence and Severity of each risk (mitigation strategies) and who will be responsible for implementing them .

Why would you develop a Risk Management Plan and Risk Management Table?

A Risk Management Plan and Risk Management Table are developed to:

provide a useful tool for managing and reducing the risks identified before and during the project; document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of occurrence and Severity; provide the Executive Sponsor, Steering Committee/senior management with a documented framework from which risk status can be reported upon; ensure the communication of risk management issues to key stakeholders; provide a mechanism for seeking and acting on feedback to encourage the involvement of the key stakeholders; and identify the mitigation actions required for implementation.

 How do you develop a Risk Management Plan?

The following is one way to develop your plan. It consists of a series of steps that become iterative throughout the life of your project. Firstly:

Step 1: Identify the risks

Before risks can be properly managed, they need to be identified. One useful way of doing this is defining categories under which risks might be identified. For example, categories might include Corporate Risks, Business Risks, Project Risks and System Risks. These can be broken down even further into categories such as environmental, economic, human, etc. Another way is to categorize in terms of risks external to the project and those that are internal. For a medium to large project, start by conducting a number of meetings or brainstorming sessions involving (as a minimum) the Project Manager, Project Team members, Steering Committee members, external key stakeholders. It is often advisable to use an outside facilitator for this. Preparation may include an environmental scan, seeking views of key stakeholders etc. One of the most difficult things is ensuring that all major risks are identified. For a small project, the Project Manager may develop the Risk Management Table perhaps with input from the Executive Sponsor/Senior Manager and colleagues, or a small group of key stakeholders. 

 Step 2: Analyze and evaluate the Risks

Once you have identified your risks you should analyze them by determining how they might affect the success of your project.Risks can result in four types of consequences:

1.benefits are delayed or reduced;

2.timeframes are extended;

3.outlays are advanced or increased; and/or

4.output quality (fitness for purpose) is reduced.

Risks should be analyzed and evaluated in terms of occurrence of occurring and Severity of impact if they do occur. Firstly, assess the occurrence of the risk occurring and give this a rating of Low (L), Medium (M) or High (H) occurrence. Once you have rated the occurrence, assess the Severity of the impact of the risk if it did occur and rate at Low (L), Medium (M) or High (H) Severity.

 RISK MANGEMENT ASSESSMENT IN PROJECT

Risk assessment validates that your project will succeed. Software development experts evaluate and test the software-based technical and business risks as they relate to your business, market, and service plans. The significant risks are identified and detailed in comprehensive Risk Event Descriptions. You are also provided with a quantification of each risk’s impact on cost, revenue, and schedule.

CONCLUSION

People and risk are as integral to farming as are weather, prices and technology. Project and planning must have careful attention if managers are to have a full understanding of their sources of risks and their alternatives for handling risk. Managers’ paradigms, understanding of project and planning resource skills determine the success they will have with people. . The good news is that managers can make project and planning as one of their strengths. The result will be better risk management, more effective management and greater satisfaction from working with people.

 

 

 

 

 

 

           




By: U.Archana

Pond Management: Go Green and Save Money

Dec 28
2009

Overview

The foreclosure crisis is hitting Homeowner Associations in the pocket book. Many have to cut back on expenses and repairs due to falling revenues as the result of foreclosures and subsequent lack of payments from assessments.

Too often the first things that go are expensive maintenance items like managing ponds and lakes in residential communities. Unsightly ponds and lakes cause values to decrease and homes/condos to stay on the market longer causing even more revenue short fall. M.A.R.S. Aeration stands as a solution to lower costs and Go Green at the same time.

The Problem Source

Ponds often become challenged by pond algae, duckweed and other aquatic plant overgrowth – this creates an unsightly environment that smells and is a fertile ground for mosquito breeding. The sources of this problem are the nutrients, such as grass fertilizers and waterfowl excrement, that runoff into the pond during rain events. These nutrients fuel aquatic plant growth, creating an unsightly and malodorous environment.

Traditional Approaches

The traditional approaches to managing excessive aquatic plant growth and pond algae are to treat ponds with a combination of algaecides (commonly copper sulfate) or utilize a fountain or a bubbler. The following is an overview of the conventional approaches and their shortcomings.

1. Copper sulfate is expensive and BAD for the environment

Copper Sulfate is a toxic chemical. It kills all plant growth in a pond and fatally damages the pond’s ecosystem, including having a detrimental impact on all aquatic organisms. The use of copper sulfate can never be ceased because it fails to treat the cause of aquatic plant overgrowth: the nutrients that are flowing into a pond. These chemical applications can cost thousands of dollars for even modest sized ponds.

2. Fountains are inefficient aerators

Water fountains are often used in an effort to aerate and create turbulence on the waters surface. By adding oxygen to a pond they seek to help manage for algal growth. However, as fountains sit on top of the water, they are only capable of aerating the top of the water column – and they consume large amounts of energy through launching water into the air while not providing sufficient aeration. As a result, costly chemical treatments are required to keep the pond algae free.

3. Bubblers are ineffective

Microbubble aeration systems are submerged at the bottom of the pond, and by bubbling air from the bottom upwards they are able to add oxygen to the entire water column. However, bubblers are not able to create sufficient mixing of bottom sediments and consequently are unable to prevent pond algae growth by themselves – additional chemical treatments are required.

The ‘Green’ Approach

M.A.R.S. Aeration is a chemical free pond management solution. The M.A.R.S. uses patented Double Bubble technology, which is able to both mix and aerate, to create a sustainable pond ecosystem. By using processes found in nature, the M.A.R.S. is able to effectively and efficiently oxygenate the nutrients that runoff into a pond and therefore prevent them from fueling aquatic plant growth.

M.A.R.S. Aeration creates beautiful pond ecosystems that:

A. Raise the value of your property. B. Save money in comparison to alternatives. C. Are environmentally friendly – creating sustainable pond ecosystems. D. Provide safe environments for fishing, boating and swimming.

Patrick D. Hill is a pond expert at Triplepoint Water Technologies, based outside of Chicago, IL. Both he and his colleagues are committed to providing efficient, sustainable, and environmental solutions to both the water and wastewater industries.

For more information on Green Aeration, see: Eco-Friendly Algae Control. Alternatively, you can watch informative videos on M.A.R.S. Aeration on YouTube.




By: Braden Galbreath-OLeary

The Management Of Opportunities And Risks

Dec 27
2009

Every business needs to have a strategy and this strategy must be related to changing environmental conditions. In order to survive and maintain growth and expansion business owners must protect the business from potentially harmful influences, and be ready to take maximum advantage of the challenges and opportunities presented.

While business owners must always accept the need for innovation there is still the decision as to which opportunities it wishes to develop in relation to its resources, and those it chooses not to pursue. An effective business strategy depends upon the successful management of opportunities and risks.

Strategy should be based on the priority of maximising opportunities, and that risks should be viewed not as grounds of action but as limitations on action.

While it is not possible to ensure that the right opportunities are chosen, it is certain that the right opportunities will not be selected unless:

• The focus is on maximising opportunities rather than on minimising risks;

• Major opportunities are scrutinised collectively and in respect of their characteristics rather than singly and in isolation;

• Opportunities and risks are understood in terms of the appropriateness of their fit to a particular business; and

• A balance is struck between immediate and easy opportunities for improvement, and more difficult, long-range opportunities for innovation and changing the character of the business.

If the business is to be successful then its organisation structure must be related to its objectives and to its strategy. The structure must be designed so as to be appropriate to environmental influences, the continued development of the business, and the management of opportunities and risks.




By: IvoireConsultancy

Building Seamless Environs Through Environmental Remediation

Dec 27
2009

Waste refers to the refuse from places of human or animal habitation, and is solid, liquid, or gaseous by-product derived from various day-to-day activities. This litter poses significant risks to human health and environment. Waste Management deals with all aspects of collection, storage, disposal, and reduction of waste.

Waste Management Services employ low-cost and labor-intensive systems to render social, economic, and environmental benefits. Some of these procedures include but not restricted to:

Landfill Systems – Disposal involves placement of wastes in a dump or landfill. Abandoned piles of household garbage, discarded appliances, demolition debris etc. can threaten human health, wildlife and environment. A landfill daily cover helps prevent disease, fire, odor, blowing litter and scavenging in landfills. It also controls dust, improve general site aesthetics and act as a moisture barrier to limit excess precipitation from entering waste. Sediment Control – Erosion results in off-site sediment movement that can deposit and clog drainage ways, increase potential for flooding, decrease reservoir capacity, and carry nutrients and pesticides that degrade water quality. Sediment Control helps retain eroded soil on site, preventing damage to watercourses and infrastructure. Sludge Treatment – This involves stabilization for a controlled degradation of organic ingredients, odour removal and deadening of pathogens, ameliorating sewage sludge characteristics for further utilization or disposal. Slope Stabilization – Steep slopes, low soil fertility, and other adverse conditions are typical of many forest landslides. Reclamation and bio-technical slope stabilization can be employed to provide a self-sustaining vegetation cover on many forest landslides and unstable slopes. Bioremediation – This involves cleaning unwanted substances from air, soil, water and raw materials using Bioremediation Bacteria and enzymes, which can curb certain problems of global warming, clean up environment, eat concrete and mop up oil spills. Odor Control Products & Systems – Eliminating offensive odors from active landfills, wastewater transportation system and many different odorous compounds produced by sewage, using environment-friendly odour control technologies like Bio-augmentation, chemical neutralizers etc.

Our environment, the world in which we live and work, is a mirror of our attitudes and expectations. Environmentally acceptable, waste-management practices are essential if damaging consequences are to be avoided such as those due to toxic or hazardous waste, greenhouse-gas emissions, water pollution, air pollution etc. Waste Management Services help conserve both natural and man-made resources and avert ecological risks with their economically viable solutions!




By: Carlisle Knight

Project management plan

Dec 27
2009

As soon as the project manager has received his brief or project instructions, he must produce a document which distils what is generally a vast amount of information into a concise, informative and well-organized form that can be distributed to all members of the project team and indeed all the stakeholders in the project. This document is called a project management plan (PMP), but is also sometimes just called a project plan, or in some organizations a coordination procedure.

The PMP is one of the key documents required by the project manager and his/her team. It lists the phases and encapsulates all the main parameters, standards and requirements of the project in terms of time, cost and quality/performance by setting out the ‘Why’, ‘What’, ‘When’, ‘Who’, ‘Where’ and ‘How’ of the project. In some organizations the PMP also includes the ‘How much’, that is the cost of the project. There may, however, be good commercial reasons for restricting this information to key members of the project team.

The contents of a PMP vary depending on the type of project. While it can run to several volumes for a large petrochemical project, it need not be more than a slim binder for a small, unsophisticated project.

There are, however, a number of areas and aspects which should always feature in such a document. With the permission of the British Standards Institution, the main headings of what is termed the Model Project Plan are given below, but augmented and rearranged in the sections given above.

General

Foreword Contents, distribution and amendment record Introduction Project diary Project history

The Why

Project aims and objectives Business case

The What

General description Scope Project requirement Project security and privacy Project management philosophy Management reporting system

The When

Programme management Programme method Program software Project life cycle Key dates Milestones and milestone slip chart Bar chart and network if available

The Who

Project organization Project resource management Project team organization Project staff directory Organizational chart Terms of reference (TOR) for staff for the project manager for the committees and working group

The Where

Delivery requirements Site requirements and conditions Shipping requirements Major restrictions

The How

Project approvals required and authorization limits Project harmonization Project implementation strategy Implementation plans System integration Completed project work Acceptance procedure Procurement strategy Cultural and environmental restraints Political restraints Contract management Communications management Configuration management Configuration control requirements Configuration management system Financial management Risk management Major perceived risks Technical management Tests and evaluations Warranties and guarantees Reliability management (see also BS 5760: Part 1) Availability, reliability and maintainability (ARM) Quality management Health and safety management Environmental issues Integrated logistic support (ILS) management Close-out procedure

The numbering of the main headings should be standardized for all projects in the organization. In this way the reader will quickly learn to associate a clause number with a subject. This will not only enable him/her to find the required information quickly, but will also help the project manager when he/she has to write the PMP. The numbering system will in effect serve as a convenient checklist. If a particular item or heading is not required, it is best simply to enter ‘not applicable’ (or NA), leaving the standardized numbering system intact.

Apart from giving all the essential information about the project between two covers, for quick reference, the PMP serves another very useful function. In many organizations the scope, technical and contractual terms of the project are agreed in the initial stages by the proposals or sales department. It is only when the project becomes a reality that the project manager is appointed. By having to assimilate all these data and write such a PMP (usually within two weeks of the hand-over meeting), the project manager will inevitably obtain a thorough understanding of the project requirements as he/she digests the often voluminous documentation agreed with the client or sponsor.

Clearly not every project requires the exact breakdown given in this list and each organization can augment or expand this list to suit the project. If there are any subsequent changes, it is essential that the PMP is amended as soon as changes become apparent so that every member of the project team is immediately aware of the latest revision. These changes must be numbered on the amendment record at the front of the PMP and annotated on the relevant page and clause with the same amendment number or letter.

The contents of the project management plan are neatly summarized in the first verse of the little poem from the Elephant’s Child by Rudyard Kipling:

I keep six honest serving-men (They taught me all I knew); Their names are What and Why and When, And How and Where and Who.


By: Hassan Eliwah

The Natural Management of Uterine Fibroids-Treating Fibroids Without Surgery

Dec 25
2009

If you have fibroids, you may already be aware that your conventional treatment options are somewhat limited. Due to the very nature of fibroids, there is no cure which can be effected by either surgery or hormonal treatment, but both of these options can play a part in managing the symptoms. However, you may wish to consider natural management of uterine fibroids as an alternative.

Fibroids form as a result of a combination of various factors. There is no doubt that estrogen can play a large part in this jigsaw puzzle, but not all women with high estrogen levels will have fibroids. Other factors, such as an unhealthy lifestyle, your diet, environmental factors and your heredity will come into play and unless the factors which have caused your fibroids are eliminated, no amount of surgery or drug treatment will provide a cure, as in time, fibroids will regrow as the factors which have caused the fibroids in the first place will still be present. Unless, of course, you take proactive steps to do something about it!

Natural management of uterine fibroids works by systematically eliminating the very causes of your fibroids. By doing this, the fibroids will naturally shrink and, in some cases, disappear altogether. Techniques include a combination of dietary measures, increasing exercise and taking herbal supplements to help to reduce fibroid symptoms.

As estrogen plays such a large part in fibroids formation, natural management will look at ways of reducing this in the body. One simple way is to take a look at your BMI and if you are above the healthy weight range for your height, then losing weight will almost certainly lower your estrogen levels as fat cells are a secondary producer of this hormone. In addition, estrogen for many women originates from environmental toxins and pollutants which can become “locked” in the liver and mimic the action of estrogen. The only way to release this is to carry out a liver detox, and the herb Milk Thistle can be used as part of this process.

The benefit of a good healthy diet can sometimes be overlooked by women looking at the natural management of uterine fibroids. Sticking to the principles which we all know are right, such as eating a minimum of 5 portions of fruits and vegetables daily, drinking at least 2 liters of water and eating unprocessed foods which are organic where possible, will also help.

Although fibroids can cause debilitating symptoms, this is a condition which is very rarely life-threatening and this at least gives women the chance to carefully consider their treatment options before deciding on any form of invasive surgery, which can have a long recovery time and, with the exception of a hysterectomy, is never considered permanent.

Natural management of uterine fibroids is an option worth considering as if followed correctly, not only will it ensure that you get relief from your fibroids, but it will improve your overall health, and many women have reported feeling better than they can ever remember doing.

The lack of real, useful help for women with fibroids led an alternative practitioner to put together a 7 step plan to help women to treat their fibroids naturally at home. She was always inundated with requests for appointments at her busy clinic and decided that this was a way to reach out to help thousands of women worldwide, most of whom she had never met.

The high level of post-treatment satisfaction from women who have used the strategies which she clearly defines is, quite simply, a testament to how good her system is. If you would like further information about natural management of uterine fibroids and the 7 Step Plan, please visit Shrinking Fibroids Naturally

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By: Bernadette Hopkins

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