PRM

PROJECT RISK MANAGEMENT FROM MMA

Project Risk Management (PRM) is about controlling the threats to your project’s success in achieving its goals. Project managers have always managed risk, at least instinctively. What PRM adds is a systematic process for understanding and asserting control over your risks (and realising opportunities, being the flip side of risks). PRM is conducted prior to submitting the bid for the project, and throughout the lifecycle of its implementation; it is also applicable to major internal projects that are not subject to a contract. The PRM process, which is necessarily an ongoing and integral aspect of project management if it is to be effective, involves:

· characterising the objectives of a project and the priorities among them

· establishing a clear picture of the specification for the project output, of the project’s detailed plans, of the resources needed for its conduct, of its dependencies and of a range of other scoping characteristics

· identifying the risks associated with each stage of the project

· assessing the probability and severity of such risks (and their interdependence)

· analysing how the probability/severity ratings combine to bear upon achievement of the project cost, compliance, timescale and other objectives – and which risks need to be reined in to contain such impact to an acceptable level

· innovating options for how the risks may be reduced or otherwise handled, and for how the risk impact may be minimised through advance preparations

· deciding (on cost-benefit criteria) on tasking based on these options

· implementing such tasks as an integral aspect of project activity

· continual monitoring of the performance of the project in terms of risk status, reiterating the earlier steps as necessary to secure project success.

MMA can’t implement this process for you, as it’s your project, your risks and your management activity. But what MMA can do is provide key inputs:

· helping identify risks, from an independent and dispassionate viewpoint: through interviews or workshops held with a broad range of stakeholders

· assessing probability/severity through a combination of MMA’s and your experience

· conducting analysis on your behalf of the potential impact on project objectives (including ‘what-ifs’ if you go down alternative paths)

· proposing potential strategies for risk reduction and impact fallback preparation

· facilitating review with your team: seeking consensus on the risks & analysis, and supporting your project manager’s decisions about tasking risk reduction & impact preparation based on the options proposed by MMA and your team alike

· if the project is at the bid stage: helping you take risk fully into account in your contracting decisions – and helping pitch risk considerations within your bid

· if the project is in-contract: conducting follow-up assessments: assessing the progress made with controlling the risk, updating the analysis as project circumstances evolve and supporting renewal of the risk reduction tasking.

MMA can also audit and help improve your internal risk management approach and its position within your corporate processes, culture and governance.

We’d be pleased to meet with you to discuss your Project Risk Management needs.

Identify --- Assess --- Reduce/Control --- Implement

PRM BY PHASE