Project Risk Management 2e: Processes, Techniques and Insights Hardcover – 29 Oct 2003
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From the Inside Flap
Extensively revised and updated, this new edition of Project Risk Management builds on the success of the original book in showing how critical an understanding of risk management is in the estimating, planning, implementation and realisation of any project, large or small.
Project Risk Management sets out the key issues and concepts involved in effective risk management in a clear and accessible way, using a methodology that is applicable to all kinds and all sizes of projects, whether requiring detailed, quantitative analysis or a rougher approach using only qualitative analysis.
Project Risk Management met the growing need for a generic methodology that employed a systemic approach to project risk management. In this new edition, the authors expand on their discussion to include the latest developments within the field, and apply risk management processes in the context of the project management task as a whole, with the view to improving overall project performance.
Emphasizing risk management rather than risk evaluation, this book has been developed to meet your practical concerns. Based on a sound conceptual foundation Project Risk Management is a clear, comprehensive guide relevant to anyone involved in managing a project.
From the Back Cover
"When first published in 1997, Chris Chapman and Stephen Ward′s Project Risk Management instantly became a classic in the field, bringing risk management in a systematic manner into the mainstream for the management of projects. Their second edition of this seminal work is a tour de force – a comprehensive, lucid, and highly readable guide to one of the thorniest aspects of managing projects. Their book is a combination of leading edge scholarship coupled with strong, practical advice for project managers. I found useful insights on nearly every page."
Jeffrey K. Pinto, Ph.D. Breene Professor of Management, Penn State University
"Chris Chapman and Stephen Ward are our two leading scholars in project based uncertainty management. This second edition confirms their importance to the field."
Peter W G Morris, Professor of Project Management, University College London; Executive Director, INDECO
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Another feature is the risk management processes provided can be used for either project or product management because of the fine granularity of the project life cycle used - instead of the typical 6-stage Requirements, Design, Build, Test, Implement and Operate stages the authors use an 8-stage project life cycle that begins with conception and includes post-planning allocation and post-delivery review milestones. Moreover, the typical risk management cycle of Identify, Analyze and Quantify, Prioritize and Manage is expanded into a much more detailed cycle that includes focusing, clarifying ownership issues, and scenario analysis. In particular, the scenario analysis sub process is an excellent approach and allows you to go well beyond the typical expected monetary value and probability x impact types of analyses.
The authors assume that you have a good grounding in both probability and fundamental quantitative analysis techniques, and while both probability and a variety of techniques are used as examples they are only superficially explained. The best part of the book, though, is the large number of insights imparted through cases and real-life situations. These are thought-provoking, but require careful reading (especially for American readers who may not be used to the norms of the British vernacular).
If you are interested in a mature project or product risk management process and have some background in risk management this is a five-star book that absolutely should be in your library.
This book provides a framework for integrating risk management into the management of projects. It explains how to do this through the definition of generic risk management processes and shows how these processes can be mapped onto the stages of the project life cycle.
Another feature is the risk management processes provided can be used for either project or product management because of the fine granularity of the project life cycle used - instead of the typical 6-stage Requirements, Design, Build, Test, Implement and Operate stages the authors use an 8-stage project life cycle that begins with conception and includes post-planning allocation and post-delivery review milestones. Moreover, the typical risk management cycle of Identify, Analyze and Quantify, Prioritize and Manage is expanded into a much more detailed cycle that includes focusing, clarifying ownership issues, and scenario analysis. In particular, the scenario analysis sub process is an excellent approach and allows going well beyond the typical expected monetary value and probability & impact types of analyses.
The authors have set main emphasis on processes rather than analytical techniques. This book provides the reader with a fundamental understanding of project risk management processes but avoids being over prescriptive in the description of the execution of these processes. Instead, there is positive encouragement to use these generic processes as a starting point for elaboration and adaptation to suit the circumstances of a particular application, to innovate and experiment, to simplify and streamline the practical implementation of the generic processes to achieve cost-effective and efficient risk management.
The Authors have made good comparisons between their work and both PRAM and RAMP, as well as with the Project Management Institute's PMBOK 2000. They have developed and named the generic framework SHAMPU (Shape, Harness, and Manage Project Uncertainty) process and compare it with PRAM, RAMP, and PMBOK 2000.
The notion of risk efficiency is central to the theme. All risk management processes consume valuable resources and can themselves constitute a risk to the project that must be effectively managed. The level of investment in risk management within project must be challenged and justified on the level of expected benefit to the overall project.
The Authors document numerous examples drawn from real project experience to substantiate the benefits of a formal process-oriented approach. Ultimately, project risk management is about people making decisions to try to optimize the outcome, being proactive in evaluating risk and the possible responses, using this information to best effect, demonstrating the need for changes in project plans, taking the necessary action and monitoring the effects. Balancing risk and expectation is one of the most challenging aspects of project management. It can also be exciting and offer great satisfaction, provided the project manager is able to operate in a climate of understanding and openness about project risk. The cultural change required in organizations to achieve this can be difficult and lengthy, but there is no doubt that it will be easier to accomplish if risk management processes are better understood and integrated into the practice of project management.
The interesting part of the book is the large number of insights imparted through cases and real-life situations and these are thought provoking. This book is largely about how to achieve effective and efficient risk management in the context of a project. This book is an excellent literature on risk management and will be of interest to all involved in project management.
I strongly recommend for project managers and technical leads in software and automation development.
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