Topics included in Schedule Management:
- Plan risk management
- Define the risks, potential responses and contingencies
- Implement risk responses
- Monitor risks
- Useful external web-links
Other related sections of the PMKI:
- Advanced Risk Management.
Temporary Subject List - this page is being rebuilt:
- Risk management:
- Mosaic's Risk Management home page
- PMI's Practice
Standard for Risk Management
- Mosaic's list of annotated
Risk web links
Meaning of Risk in an Uncertain World. This paper
describes the key aspects of risk management needed from
the client, the contracting organisation and the project
to optimise overall risk management in a complex
Management and Complexity Theory - The Human Dimension
of Risk. The key aspects of risk management from the
perspective of complexity theory and human interactions,
with a view to optimising the overall risk management for
a project and its host organisation.
Portfolio governance and risk – it’s all
about the stakeholder. There is no such thing as a
‘risk free’ project and the art of portfolio management is
to balance the risks and rewards of investing in projects,
whilst keeping the overall risk exposure at a level that
is acceptable to the organisation, and still generate the
- A Risky Business. This paper identifies some of
the factors creating risk in the Australian construction
industry and suggests ways to better align risk and
Attitudes in the Construction Industry - Avoidance Does
Not Work. Most client organisations are
excessively risk averse, and in their attempts to avoid
‘all risk’ expose themselves to more adverse outcomes than
if they actively embraced and managed risk.
Risk Management. Managing risks is
important because it focuses attention on the
uncertainties that matter. This paper looks at the core
elements of risk management.
Types of Risk. Risks fall into four
broad categories and are created by a variety of factors
outlined in this paper.
Risk Assessment. Risks always
involve uncertainty, and matter because they have the
potential to affect objectives. This means that each risk
must be linked to at least one objective and its potential
impact assessed objectively.
Probability. Modern risk management
practices have developed analytical methodologies to
determine the probability of events occurring (or not
occurring) that allows contingencies to be calculated
based on mathematical certainties.
- WP: Issues Management. An issue is a
current problem that will negatively impact the successful
delivery of the project if it is not managed effectively,
but issues are not all equally important.
Root cause analysis.
Some valuable techniques for understanding the root
cause of a problem or an issue in complex situations.
Predicting Future Project Outcomes - The
power of uncertainty. Understanding the way Monte
Carlo, Latin hypercube and Sampling work to inform risk
Distributed -v- Consolidated
Contingencies - The power of Portfolios. The effect
of combining uncertainties into a ‘portfolio’ of risks is
to reduce the overall level of uncertainty in the
Risks don't add up.
Understanding that there difference between an
individual project risks, the overall risk of a project
and the risks associated with a portfolio of projects is
complicated but essential for effective risk management.
Standard Deviation for Project Managers.
The concepts behind Standard Deviation and how it is
- Blg: Stakeholders and Risk. One of the
interesting similarities between stakeholder management
and risk management is the challenge of knowing what we
know and more importantly understanding what we don’t or
- Blg: Stakeholder Risk Tolerance. The
skills that a mature organisation brings to the art of
‘risk management’ is to focus effort on managing risks
that can be managed, providing adequate contingencies for
those risks that cannot be controlled and deciding how
much residual risk is sensible.
- Blg: Black Swan Risks. The key definition
of a ‘black swan’ proposed by N.N. Taleb is that the
‘black swan’ was unpredicted and unpredictable, but in
hindsight it appears that it should have been foreseeable.
- Blg: Real Risk Management. Is any
real difference between a bet on which raindrop will reach
the bottom of the window first and responding to a bank’s
suggestion to fix (or un-fix) the interest rate on your
Resilience v Risks. Resilience is
the ability of a system to return to its original state
after being disturbed. Build resilience into you business
unit or project team and you have the capacity to deal
with the consequences of unforeseen risks.
- Blg: The Schedule Compliance Risk Assessment
Methodology (SCRAM). SCRAM focuses on schedule
feasibility and root causes for slippage. It makes no
judgment about whether or not a project is technically
- Blg: Stakeholders and Reputational Risk.
Your reputation is created in the minds of other people -
creating it, managing it, and protecting it is hard work.
- Blg: The language used to define risks can
contribute to failure. A corporate culture that
prevents the honest description of a risk or allows
imprecise definitions is a significant threat to pragmatic
- PERT and Monte Carlo:
- Contingencies and Reserves:
Useful external web-links
- External Link - to be added