Enterprise Risk Management for Projects, Programs and Portfolios: A Primer
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This document provides an overview of enterprise risk management for projects, programs, and portfolios. It begins with definitions of projects, programs, and portfolios. It then discusses why risk is a non-negotiable factor and provides an overview of the basic constructs of risk management. The document outlines the main types of organizational approaches to risk management. Finally, it summarizes the key steps in the risk management process as defined by PMI.
Enterprise Risk Management for Projects, Programs and Portfolios: A Primer
- 1. Enterprise Risk Management for Projects, Programs and Portfolios A Quick Start Guide for a true gamechanger for the MSME forum | Seshadri Venkataraman | 4th of May 2020 | Speaker & Change Agent ; Enterprise Agile Transformation Architect & Business Strategy Adviser to Executive Leadership. PMI - Agile Certified Practitioner (PMI.ACP) PMI -Project Management Professional (PMI.PMP) Certified Scrum Professional (CSP) Certified Scrum Developer (CSD) Certified Scrum Product Owner (CSPO) Certified Scrum Master (CSM) ITIL Version 3.0 Foundation https://www.linkedin.com/in/seshadri-venkataraman-csp-pmp-743622a4
- 2. Agenda Understanding the basis of Projects, Programs and Portfolios (PPP) Understanding Risk as a Non-Negotiable PPP entity Understanding the elementary constructs of Risk Management in PPP
- 3. Some Quick Definitions Projects: A temporary endeavor undertaken to create a service, offering, transition or outcome. The bottom line is all projects (and of course programs) are temporary in nature. There does exist a definite 'start date' and a definite 'end date'. Programs: A group of related projects that essentially translate to benefits being delivered from the organizational business standpoint or a vantage point. Projects essentially speak tons about triple constraints - Cost, Scope and Schedule; whereas programs essentially focus on the benefits being delivered. Portfolios: A group of both projects and programs both interrelated and unrelated however, which is lined from an organizational execution, governance and delivery perspective. Portfolios typically run as long as the serving/execution organization is alive.
- 4. Why this Risk Factor Any project, program or a portfolio has all of these steps done in sequential stages either with a big bang approach or through an incremental approach. Addition of Uncertainty increases when there is a shortfall in the information needed to execute the activity this eventually becomes the Risk factor and gets compounded when the activity sequences are increased as the project or program or portfolio progresses in action.
- 5. Risks Factors Good, Bad or Ugly?? Not all risks are bad there are good risks as well. The Good Risks are called Opportunities The Bad Risks are Threats It thus becomes important that both the Project Manager and Teams work together to minimize the unfavorable impacts and increase the good impacts
- 6. Organizational Types The Naive One The Novice One The Normalized One The Natural One
- 7. The Risk Management Process Steps at a glance 1. Plan Risk Management 2. Identify Risks in PPP activities 3. Perform Qualitative Analysis 4. Perform Quantitative Analysis 5. Perform Risk Responses 6. Implement the Risk Responses 7. Monitor and Control the Risks The Risk Management Process Steps All references are from the PMI - PMBOK 6th Edition
- 8. Which of this is the most important one
- 9. The Winner is ??
- 10. Importance of Risk Management as connected to other PPP Management factors PPP: Projects, Programs and Portfolios Scope: Can surely be negotiated, customer shall be happy if he/she get what they wanted Costs: Can still be negotiated, customer shall be happy if he/she get what they wanted Schedule: Will any customer be happy with spill-over in schedule metrics ?? Ensure focus towards building and delivering what the CUSTOMER REALLY WANTS and NOT WHAT the CUSTOMER WANTS
- 12. Contact Information Seshadri Venkataraman Email: seshguru@gmail.com ; seshvenkat@gmail.com Mobile: +91.98407.73196 Skype: seshadri6 Please connect with me on Social Media, My public profiles are as below. LinkedIn: https://www.linkedin.com/in/seshadri-venkataraman-csp-pmp-743622a4 Twitter: https://www.twitter.com/seshadrivenkat Facebook: https://www.facebook.com/seshadri.venkat www.projectmanagement.com/profile/seshadrivenkat
- 13. Best Wishes for your Risk Management Itinerary Thank you !! 14