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March 13, 2002 -- Project Risk -- Robert Laliberte, host

Title: Put Risk Management Training Wheels on Your Project Support Office

Abstract:
Do not rely on PMBOK alone for everything you need to know to practice effective risk management. One of the simplest steps you can take is to set up a data base to maintain your project risk information. Here is some practical, tested, and economical advice.

Detailed Description:
The failure of project organizations to establish a meaningful risk management mindset has been a recurring theme of the Risk Management papers from recent symposia. Yet frequently the experts fail to mention the central importance of a simple risk data base. Such a "tool" serves to collect and maintain information that preserves the collective memory on the details of each risk facing the project and the project office. Why navigate the Project Management Rapids in a risk management canoe if you intend to leave the paddle ashore?

For good reason, the PMBOK chapter on risk management neither describes nor promotes a specific risk management tool. Although there are numerous commercial products to advance the state of the practice on any project, the benefits of a generic data base must not be overlooked. The author describes several simple approaches to maintaining risk management information. He then focuses specificially on how a data base has been used in his project office to support each of the four steps of the risk management process described in PMBOK.

Using the Software Project Managers Network (SPMN) "Risk Radar" database as an example the author provides additional practical insight into the basic type of information collected and how to maintain it. Additional benefits are realized as the author explains how the generic risk data base enhances the specific PMBOK process inputs, tools and outputs. For example, the risk data base from previous projects can be used as the source of historical information as an input to the Risk Identification process. Risk identification is supported by permanently capturing the information, the discussion, and historical developments in the risk within the text fields of the data base. Assignment of the risk item to an individual is clearly recorded, as well as other parameters related to classifying the risk.

Clear, simple strategies for recording risk response plans, and fall-back contingency plans are provided. Either the sample data base or one developed for the project needs must contain structure to preserve narratives on the plans chosen, their trigger points, and measurable action items that ensure effective implementation of the risk response. The data base must include an estimate of the resources required to implement the mitigation action.

Speaker Biography:
Bruce C. Chadbourne, PMP is a 25-year veteran of Engineering Project Management, spanning service in Nuclear Engineering as a U.S. Navy line officer, followed by systems and software engineering projects with GE Aerospace and Lockheed Martin. For the last five years Bruce has been responsible for developing project office and risk management discipline in his company. His paper "To the Heart of Risk Management" was published in PMI ’99 and tonight's "Training Wheels" paper was presented at PMI 2000. Members of the audience might recognize a variation that was published in the February 2001 edition of "PM Network" magazine.

He now serves on the Risk SIG as Director of Region I "Eastern Americas" and is an instructor of Project Management Certificate programs for Boston University Corporate Education Center.

He lives in Merrimack, New Hampshire but traces the previous 11 generations of his family to the State of Maine.

Call the Maine Chapter Voicemail for meeting information and for information about meeting cancellations in case of inclement weather ~ 207-766-5514 September to mid-June ~ 766-5836 mid-June through August