(34a) Effective Application of Project Risk Management

Effective Application of Project
Risk Management

In today's complex capital project
environment, a project manager has a myriad of risks to consider and address.  The traditional risks include - managing to
the project cost and schedule commitments, addressing regulatory and
environmental concerns, availability of internal resources vs. contracting out
for services, among others.  In today's
increasingly active capital project execution environment, a whole new set of
potential risks have arisen.  Several of
these include availability of competent engineering and construction
contractors, experience of engineering and construction supervisors, material
and equipment availability, the multi-cultural nature of today workforce, etc.

This presentation will address the
industry Best Practice approach for identifying project risks, measuring their
impact (negative and positive), developing risk mitigation options, managing to
these mitigation strategies and the need to continue this process throughout
the life of the project.  We will also
discuss who on the project team has the responsibility for this risk management
task and also some of the tools that are available in the industry to help
address this topic. 

We live in an increasingly complex
project environment impacted by technology advancements, regulatory mandates,
the pressure of time constraints and resource limitations.  Effective project teams need to continuously address
these issues in order to successfully deliver projects.