Learn about the role of program managers in providing risk assessment, including how uncertainty acts as a multiplier.
- Within the program management world,…risks are just unplanned events.…A program has the word risk written all over it,…because they are found everywhere.…The program manager needs to look for risks…at the organizational strategy level,…the program level, and the project component level,…including between the projects.…Risk planning starts with identification.…The easiest risks to identify are the known unknowns.…We know those risks can happen and can plan accordingly.…
What you do is put together…what is called a risk contingency,…which is some funding you have on the side…in case one or more of the risks actually appear.…There's a simple calculation you perform…to figure out how much additional funding you might need.…First off, you and your team estimate what the chances are…of the risk occurring or the probability of it happening.…Then you move on to the impact or cost you have…within your risk.…You then multiply the probability and the impact…to determine what the risk means to you in financial terms.…
Probability times impact equals risk cost.…
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- What is program management?
- Who are program managers?
- Program versus project
- Program life-cycle phases
- Aligning programs to an organization's strategies
- Analyzing needs and planning programs
- Delivering and sustaining benefits from programs
- Working with program stakeholders
- Supporting program governance activities
- Managing program finances and resources
- Scheduling programs
- Managing program scope and quality