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Risk arise because of uncertainty about the future. Risk exposure may arise from:
Economic uncertainty

Financial or social gain or loss

Physical damage or injury

Changes in relationships

Opportunity and Risk Defined

Key Definitions What is Opportunity?
Opportunity is the measure of the probability of a opportunity event, a positive desired change, occurring and the desired impact of that event.

What is Risk?
Risk is the measure of the probability of a risk event, an unwanted change, occurring and the associated effect of that event. In other words, risk consists of three components:
A risk even (an unwanted change) The probability of occurrence (uncertainty) The significance of the impact (the amount at stake)

Opportunity Management
Opportunity Management: The objective is to have positive impact. Opportunity elements:
Strategic alignment Project value Possibility of success Project importance Expected outcome

Risk Management
Risk Management: The objective of risk is to identify and manage significant risk. Risk Elements:
Stakeholders Commitment Project personnel competence External obstacles Project sponsor engagement Delivery schedule Project culture

Project Culture
The project culture involves people, process and actions to bring results: Develop a winning culture things get done Develop a culture that speaks the truth Develop a challenging culture aim high Develop a reward culture praise Develop a culture that manages risks Develop a culture of focus that it can be done be realistic

Opportunity and Risk Management

Six Step Model
1. Identify opportunities and risks Opportunity/Risk Assessment 2 Analyze opportunities and risk 3 Prioritize opportunities and risk

4. Develop opportunity and risk action plans Opportunity/Risk Action Plans 5. Implement opportunity and risk action plans 6. Evaluate project results

Identify Opportunities and Risks

ORM Tools and Techniques: Interview techniques Work breakdown structure Brainstorming Nominal group technique Crawford slip Analogy techniques Delphi technique Affinity diagram

Hold a Kickoff Meeting

Kick-off to a great start! Determine the meeting culture Confirm who will do what Who will be project representative Discuss schedule Discuss project execution Discuss the deliverables Determine risks, success criteria etc.

Risk Identification Meetings

Determine the purpose Determine the right attendees Choose the right venue Determine the agenda and circulate Discuss the deliverables Allow sufficient time Provide refreshments Provide needed equipment

Manage Meeting Pitfalls

Common complaints Meetings are a waste of time Meetings take up to much time A participant/s talked too long No decisions were made We say the same things Nothing gets done Meetings lead to arguments

Risk Management Exercise

Do risk management exercises.