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	<title>PMServicesNW &#187; Risk</title>
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		<title>Residual vs. Secondary Risks</title>
		<link>http://www.pmservicesnw.com/2011/04/residual-vs-secondary-risks/</link>
		<comments>http://www.pmservicesnw.com/2011/04/residual-vs-secondary-risks/#comments</comments>
		<pubDate>Sun, 10 Apr 2011 16:33:50 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[Residual Risks]]></category>
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		<category><![CDATA[Secondary Risks]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=2763</guid>
		<description><![CDATA[By Ray Myers, Jr., PMP We know that risks are unknown future events that may have positive or negative influence on our projects.  It is also important to identify and understand residual and secondary risks. Residual Risks Risks that remain after all of the response strategies have been implemented Secondary Risks Risks that are a direct result of implementing a risk response About the Author: Ray Myers, Jr. is a PMP certified project manager with over 20 years’ experience planning and managing technology projects.  Contact Ray at www.pmservicesnw.com Article source: www.pmservicesnw.com &#169;2012 PMServicesNW. All Rights Reserved..]]></description>
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		<title>Risk Probability Impact Matrix</title>
		<link>http://www.pmservicesnw.com/2010/10/risk-probability-impact-matrix/</link>
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		<pubDate>Sat, 09 Oct 2010 07:10:38 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[impact matrix]]></category>
		<category><![CDATA[probability matrix]]></category>
		<category><![CDATA[risk matrix]]></category>
		<category><![CDATA[risk probability impact matrix]]></category>

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		<description><![CDATA[By Ray Myers, Jr., PMP Risk management is an important project management function.  While we have tools to identify, assess, and manage risks, it’s sometimes difficult to understand and distinguish the relative importance between them. A risk probability/impact matrix provides a visual framework that may help decide which risks need your attention.  The matrix is based on 2 primary axes. Probability A risk is a future event that if it occurs may impact the project.  For the purposes of this matrix, risks are classified by high, medium, or low probability of occurrence. Impact Risk impact to the project is usually measured in dollars.  This matrix classifies risk impacts as high, medium, or low, although the matrix could be easily adapted to reflect dollars, if desired.   The probability/impact matrix enables plotting of potential risks within these two axes for a visual representation of the relationships between the risks in terms of probability and impact.  The matrix may give you the visual information you need to decide which risks you want to manage a little closer.     About the Author: Ray Myers, Jr. is a PMP certified project manager with over 20 years experience planning and managing technology projects.   Contact [...]]]></description>
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		<title>Not All Risks are Negative</title>
		<link>http://www.pmservicesnw.com/2010/10/not-all-risks-are-negative/</link>
		<comments>http://www.pmservicesnw.com/2010/10/not-all-risks-are-negative/#comments</comments>
		<pubDate>Fri, 08 Oct 2010 07:07:23 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[Negative risks]]></category>
		<category><![CDATA[positive risks]]></category>
		<category><![CDATA[risk opportunities]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=1998</guid>
		<description><![CDATA[By Ray Myers, Jr., PMP Risk events can have both negative and positive impacts on a project.  Most people think of risk in negative terms, however some events could have a positive impact on a project.  Consider how an unexpected drop in the cost of materials could reduce the overall cost of a project. We call it an opportunity when risk has a positive impact on a project, but we still manage opportunities as risk. About the Author: Ray Myers, Jr. is a PMP certified project manager with over 20 years experience planning and managing technology projects.   Contact Ray at www.pmservicesnw.com Article source: www.pmservicesnw.com &#169;2012 PMServicesNW. All Rights Reserved..]]></description>
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		<title>Murphy’s Risk Management Law</title>
		<link>http://www.pmservicesnw.com/2010/10/murphy%e2%80%99s-risk-management-law/</link>
		<comments>http://www.pmservicesnw.com/2010/10/murphy%e2%80%99s-risk-management-law/#comments</comments>
		<pubDate>Thu, 07 Oct 2010 07:00:59 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[Murphys Risk Management Law]]></category>
		<category><![CDATA[Risk Management]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=1994</guid>
		<description><![CDATA[By Ray Myers, Jr., PMP   If it can go wrong, it will.  -Murphy&#8217;s law   That’s not very encouraging, in fact, it’s downright discouraging.  We do the best we can as project managers to identify, assess, and manage potential projects risks, but is seems that we are forever looking over our shoulders, waiting for the next shoe to drop. Well, what can we do about it? Risk Management Framework The answer to that question is a strong risk management framework – a process that is repeated throughout the project lifecycle.  The risk management framework consists of 4 components. Risk Identification This is a systematic process that methodically looks for all the factors that threaten the project objectives.  Identified threats or risks are evaluated for the potential impact and probability of occurrence.  The expected value for each event is calculated and is used to rank and prioritize the risks. Risk Response Plan A risk response plan is developed for each identified risk that describes in detail the specific actions that will be taken when the risk event occurs.  A trigger is identified for each risk event that will initiate the response plan when the trigger exceeds the threshold criteria. Establish [...]]]></description>
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		<title>Calculating Risk</title>
		<link>http://www.pmservicesnw.com/2010/10/calculating-risk/</link>
		<comments>http://www.pmservicesnw.com/2010/10/calculating-risk/#comments</comments>
		<pubDate>Mon, 04 Oct 2010 06:15:19 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[risk calculations]]></category>
		<category><![CDATA[Risk Expected Value]]></category>
		<category><![CDATA[Risk Impact]]></category>
		<category><![CDATA[Risk Probability]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=1990</guid>
		<description><![CDATA[By Ray Myers, Jr., PMP  To assess the potential impacts of risk to a project, it is important to understand the 3 basic elements used in risk calculations: Impact, Probability and Expected Value. Impact Impact is the expected cost of the risk event in dollars.  The impact is simply an estimate of what the risk event would cost if it occurred.  Not all risk events negatively impact a project.  In fact, some risk events could actually reduce costs to a project. Probability Probability is the likelihood of a risk event occurring.  The project manager estimates the probability of occurrence.  For example, the project manger may estimate that there is a 40% chance that a specific risk event could occur. Expected Value The expected value is the product of impact and probability and is expressed as:    Expected Value = Impact x Probability   Worked Example A project manager is evaluating the expected value of a risk event that would add $10,000 in cost to the project if it were to occur.  The project manager estimates that there is a 40% chance that the risk event may occur.  In this example, the expected value is calculated by multiplying the $10,000 cost [...]]]></description>
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		<title>6 Risk Processes</title>
		<link>http://www.pmservicesnw.com/2010/08/6-risk-processes/</link>
		<comments>http://www.pmservicesnw.com/2010/08/6-risk-processes/#comments</comments>
		<pubDate>Tue, 10 Aug 2010 16:23:02 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[risk processes]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=430</guid>
		<description><![CDATA[By: Ray Myers, Jr., PMP The PMBOK project risk management processes are: Plan Risk Management The process of defining how to conduct risk management activities for a project Identify Risks The process of determining which risks may affect the project and documenting their characteristics Perform Qualitative Risk Analysis The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact Perform Quantitative Risk Analysis The process of numerically analyzing the effect of identified risks on overall project objectives Plan Risk Responses The process of developing options and actions to enhance opportunities and to reduce threats to project objectives Monitor and Control Risks The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project. About the Author: Ray Myers, Jr. is a PMP certified project manager with over 2o years experience planning and managing technology projects.   Contact Ray at wwwpmservicesnw.com Article source: www.pmservicesnw.com &#169;2012 PMServicesNW. All Rights Reserved..]]></description>
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		<title>Risk Responses</title>
		<link>http://www.pmservicesnw.com/2010/08/risk-responses/</link>
		<comments>http://www.pmservicesnw.com/2010/08/risk-responses/#comments</comments>
		<pubDate>Mon, 09 Aug 2010 15:57:14 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Risk]]></category>
		<category><![CDATA[risk responses]]></category>

		<guid isPermaLink="false">http://www.pmservicesnw.com/?p=426</guid>
		<description><![CDATA[By: Ray Myers, Jr., PMP Risk responses fall into 4 categories: Avoid Eliminate the risk—usually by eliminating the causes Accept Accept the risk—but have a contingency plan in place Transfer Shift risk to a third party Insurance Sub-contractor Mitigate Reduce the likelihood of its occurrence About the Author: Ray Myers, Jr. is a PMP certified project manager with over 2o years experience planning and managing technology projects.   Contact Ray at wwwpmservicesnw.com Article source: www.pmservicesnw.com &#169;2012 PMServicesNW. All Rights Reserved..]]></description>
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