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The Owner's Role in Project Risk Management (2005) / Chapter Skim
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Executive Summary
Pages 1-4

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From page 1...
... The primary objective of this report is to provide DOE project directors with a basic understanding of both the risk management role of an owner's representative member of a project management team and the knowledge needed for effective oversight of risk management activities that are delegated to contractors. The report also discusses the roles and responsibilities of senior managers and program managers in developing risk consciousness among all owner, contractor, and supplier personnel by educating them about the importance of explicit consideration of risks and the implementation of an effective risk management process.
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From page 2...
... · Effectively communicate to all key stakeholders the progress and changes to project risks and mitigation plans. It should be noted that successful risk management needs to be performed by qualified personnel working within a project management process that includes review and approval by senior management.
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From page 3...
... In addition to fundamental practices such as development of a risk management plan, repeated risk assessments, statistical analysis, setting contingencies, and mitigation planning, this report describes the following risk management tools and techniques: · Database of the events on past projects · Brainstorming sessions by the project team · Root cause and essential function analysis · Repeated risk assessments as new information becomes available · Impact and probability analysis · Pareto diagrams · Failure modes and effects analysis · Project Definition Rating Index · Multivariate statistical analysis · Event trees · System dynamics · Sensitivity analysis · Project simulation · Stochastic simulation · Additive models · Risk mitigation plan · Risk transfer · Risk buffering · Risk avoidance · Risk control · Organizational flexibility · Options
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From page 4...
... 4 THE OWNER'S ROLE IN PROJECT RISK MANAGEMENT · Risk assumption · Precise and consistent contingency-setting process · Risk management plan · Waterfall diagram · Risk register Owners with ongoing programs of multiple projects also develop project portfolio risk management expertise and excellence. The intellectual, theoretical, computational, and other resources necessary to produce excellence in project risk management are available to DOE, but they need to be actively sought out and applied.
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Key Terms

  • management process
  • project risks
  • project management
  • effective risk
  • management tools

  • senior managers
  • risk assessments
  • management plan
  • repeated risk
  • risk mitigation

  • critical decision
  • risk avoidance
  • management commitment
  • provide doe
  • management activties

  • project life
  • fundamental practices
  • management team
  • rating index
  • explicit consideration

  • risk control
  • project directors
  • controlling project
  • sensitivity analysis
  • developing risk

  • project team
  • root cause
  • leading owner
  • senior management
  • past projects


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