Level of Uncertainly in Project Risk

Level of Uncertainty includes:

• Known
  Items that you are aware of will affect you, but you have no control over.
  
• Known-Unknown
  Items that will affect you, although you are not able to predict how or how much they will affect you.
  
• Unknown-Unknown
  Items beyond your ability to foresee.

What is Risk (Risk classification)?

Risk Classification:

• Effect-Base
  Addresses risk in terms of what it might affect.
  
• Source-Base
  Addresses risk in terms of where it orginates. Sources may be internal or external to the project.

Business Risk and Insurable Risk in PMP

Business Risk is:

• When undertaking a new project, an organisation takes a business risk based on the assumption that the project has a potential for both profit and lost.

Insurable Risk is:

• Focuses on the potential for loss. Campanies often purchase insurance to offset these risks.

What is Project Risk?

What is a risk on a project?

• Project risk is the uncertainty that an event or condition that affects at least one of the project objective such as cost, scope, time or quality will be realised.

Managing Stakeholder (in terms of PMP)

Stakeholder management is the process of controlling communications to adjust the needs of the stakeholders.

To manage stakeholder, the following can be used:

• Face-to-face meeting with stakeholders are the most effective.
  
• Be flexible in communications.
  
• Assign, track and resolve open issues that are of interest to stakeholders.
  
• Change requests need to be processed to update the communication plan.
  
• Take corrective action as needed to bring project performance in line with customer expectations.
  
• Document lesson learned to reflect the causes of issues and changs made to remedy them.

Difference types of Reports (in PMP)

In Project Communication, there are several types of reports and they are:

• Status Report
  Describing where the the project now stands regarding performance measurement baseline in cost, schedule, scope and quality.
  
• Progress Report
  Describing what has been accomplished.
  
• Trend Report
  Examining project results over time to see if performance is improving or deteriorating.
  
• Forecasting Report
  Predicting future project status and performance.
  
• Variance Report
  Camparing actual results to baselines.

How to report Project Performance

How to report project performance?

• Analyse work results against planned performance.
• Hold performance reveiws to communicate and acess project status and/or progress.
• Balance the constraints of preparing performance reports against the benefits gained by the reporting.
• Measure and monitor performance the same way throughout the project life cycle.

Benefits of Performance Reporting

Benefits of Performance Reports are:

• Analysis of the current status of the schedule and budget.
• Feedback to team members and work package owners.
• Communicate with upper management and customers.
• Early indentification of variance.
• Early impelmenation of corrective actions.