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Title: ENT200 HULT Lect 4 from Rukare
Description: Outline of the lecture on risk management process by D. Rukare, no need to take notes in class !
Description: Outline of the lecture on risk management process by D. Rukare, no need to take notes in class !
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HULT International Business School
Principles of Entrepreneurship (ENT200) - Midterm Exam Study Guide
Note - For the semester with D
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Risk: Uncertain or chance event that planning can not overcome or control
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Risk management: A proactive attempt to recognize and manage internal events and external
threats that affect the likelihood of a project’s success
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Risk event graph:
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- Prepares the project manager to take advantage of appropriate tasks
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- Improve chances of reaching project performance objectives within budget and on time
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Managing risk:
- Step 1: Risk identification → Generate a list of possible risks through brainstorming problem
identification and risk profiling => macro risks first and then specific events;
- Step 2: Risk assessment → Scenario analysis for event probability and impact + Risk assessment
matrix + Failure mode and effects analysis (FMEA) + Probability analysis + Decision trees, NPV, PERT
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IMPACT * PROBABILITY * DETECTION = RISK VALUE
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- Reducing impact of adverse event
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- Transferring risk
- Paying a premium to pass the risk to another party
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- Retaining risk
- Making a conscious decisions to accept the risk
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Contingency Planning:
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Contingency plan: an alternative plan that will be used if a possible foreseen risk event actually
occurs
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Risk of Not Having a Contingency Plan: Having no plan may slow managerial purpose
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Risk and contingency planning:
- Technical risks: backup strategies if chosen technology fails
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- Schedule risks: use of slack increases the risk of a late project finish
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- Deciding to use the schedule to solve cash flow problems should be avoided
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- Share => Allocating some or all of the ownership of an opportunity to another party who is best
able to capture the opportunity for the benefit of the project
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- Accept => Being willing to take advantage of an opportunity if it occurs, but not taking action to
pursue it
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Contingency timing and time buffers:
- Contingency funds: funds to cover projects risks => identified and unknown
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- Budget reserves => are linked to the identified risks of specific work packages
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change in project scope) of the total project
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Title: ENT200 HULT Lect 4 from Rukare
Description: Outline of the lecture on risk management process by D. Rukare, no need to take notes in class !
Description: Outline of the lecture on risk management process by D. Rukare, no need to take notes in class !