UMN SI ISPM VHD M11 P01 160424 V00

Summary

In this lecture, Santo Fernandi Wijaya introduces Risk Management in Project Management. He explains that project management involves identifying, analyzing, and responding to risks to achieve project goals. Although risk management is often overlooked in IT projects, it is crucial for improving success. Key aspects include planning, identifying, analyzing, responding to, and monitoring risks. The importance of risk management is highlighted through studies, showing its benefits and maturity in various industries. The seven processes of risk management and the steps for effective planning are also outlined, emphasizing the need for thorough preparation and stakeholder involvement.

Takeaways

• 😀 Project management is both an art and a science aimed at identifying, analyzing, and responding to risks during a project to achieve its goals.
• 😀 Risk management actions are often overlooked in IT projects, but they are critical for improving project success and ensuring effective project execution.
• 😀 Project risk management helps define project scope, develop realistic estimates, and increase the likelihood of project success.
• 😀 The importance of project risk management is highlighted by studies such as those by Ibbs and Kwak, showing that risk management maturity is often the lowest in many fields, including software development.
• 😀 A similar survey in Mauritius and South Africa also indicated that risk management practices in software development were underdeveloped.
• 😀 A study by KLCI emphasizes the benefits of following good software risk management practices.
• 😀 The seven key processes of project risk management include: planning risk management, identifying risks, performing qualitative risk analysis, performing quantitative risk analysis, planning risk responses, implementing risk responses, and monitoring risks throughout the project.
• 😀 Planning risk management involves deciding how to approach and plan risk management activities for the project.
• 😀 Identifying risks includes determining which risks may affect the project and documenting the characteristics of each risk.
• 😀 Monitoring risks involves tracking identified risks, identifying new risks, implementing response plans, and evaluating the effectiveness of risk strategies throughout the project.

Q & A

What is the main focus of the lecture presented by Santo Fernandi Wijaya?

The main focus of the lecture is on Risk Management in Project Management, specifically in the context of IT projects.

What is the definition of project management according to the transcript?

Project management is described as the art and science of identifying, analyzing, and responding to risks throughout the project lifecycle to achieve project goals.

Why is risk management often neglected in IT projects, as mentioned in the lecture?

Risk management is often neglected in IT projects, even though it is crucial for ensuring project success, improving scope definition, and making realistic forecasts.

What is the importance of Risk Management in IT projects?

Risk Management in IT projects helps improve the success of the project by addressing potential risks and ensuring that the project runs smoothly while meeting objectives.

What did the studies by Ibbs and Kwak reveal about risk management?

The studies by Ibbs and Kwak revealed that risk management has the lowest maturity ranking among all knowledge areas in project management, indicating it is often underutilized.

What are the seven key processes of project risk management outlined in the transcript?

The seven key processes are: 1) Planning risk management, 2) Identifying risks, 3) Conducting qualitative risk analysis, 4) Conducting quantitative risk analysis, 5) Planning risk responses, 6) Implementing risk responses, and 7) Monitoring risks.

How does qualitative risk analysis prioritize risks in a project?

Qualitative risk analysis prioritizes risks based on their likelihood of occurrence and the impact they may have on the project's objectives.

What is the purpose of quantitative risk analysis in project management?

Quantitative risk analysis aims to numerically estimate the impact of risks on the project's objectives, allowing for more precise planning and mitigation strategies.

What does the process of 'Planning risk responses' involve?

Planning risk responses involves taking steps to enhance opportunities and reduce threats to project objectives through proactive strategies.

Why is it important to review risk tolerance from stakeholders in risk management planning?

It is important to review risk tolerance from stakeholders to ensure that the project's risk management strategies align with the acceptable levels of risk that stakeholders are willing to accept.