Risk and Contingency Planning
-Technical Risks
Backup strategies if chosen technology fails.
Assessing whether technical uncertainties can be resolved.
-Schedule Risks
Use of slack increases the risk of a late project finish.
Imposed duration dates (absolute project finish date)
Compression of project schedules due to a shortened project duration date.
Risk and Contingency Planning (cont’d)
-Costs Risks
Time/cost dependency links: costs increase when problems take longer to solve than expected.
Price protection risks (a rise in input costs) increase if the duration of a project is increased.
-Funding Risks
Changes in the supply of funds for the project can dramatically affect the likelihood of implementation or successful completion of a project.
Opportunity Management Tactics
-Exploit
Seeking to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.
-Share
Allocating some or all of the ownership of an opportunity to another party who is best able to capture the opportunity for the benefit of the project.
-Enhance
Taking action to increase the probability and/or the positive impact of an opportunity.
-Accept
Being willing to take advantage of an opportunity if it occurs, but not taking action to pursue it.