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Matt and Jake are seasoned changeover project managers for the Budweiser Events Center (BEC), and even though the Event Sheet clearly directs the work of the project, there are times when they are forced to make decisions on the fly in order to get the job completed in the most efficient way possible
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For example, during the changeover from indoor football to ice hockey, one of the two forklifts breaks down It is a key piece of equipment involved in removing the indoor football field and pads, removing the insulated flooring, and hauling in heavy loads such as hockey glass, dasher boards, and so on It is midnight, so getting the forklift repaired in time to complete the changeover is out of the question Every minute that the crew is standing around waiting on the next step in the changeover process is costing time and money The complete ice hockey setup must be finished by 6 AM to give the technicians enough time to prep the ice for practice that day This is one of those times when it is important to have a contingency (fallback) plan with backup options available In this instance, although the options seem limited, the PMs have planned well; they have established a couple response strategy options to ensure that the project gets completed on time The options are as follows:
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Option A Line up a rental company that can provide the needed equipment at any time, day or night, and to make sure the estimated cost of the rental is held in the contingency reserve fund Option B Use temporary labor to provide late-night assistance to help complete the changeover in time (again, using contingency reserve funds)
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Matt and Jake decided to use Option A to complete the changeover on time Their risk management, solid project management, and contingency planning saved the day
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Monitor and Control Risks Inputs, Tools and Techniques, and Outputs
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The inputs, tools and techniques, and outputs for the Monitor and Control Risks process are as follows
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Inputs Some of the inputs for the Monitor and Control Risks process are the same as previous processes (risk register and project management plan) and the outputs from the Plan Risk Responses process The two unique inputs for this process that should be considered are
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Work performance information Performance reports
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Deliverable status, schedule progress, and costs
Look for trends, forecasting data accuracy, and so on The tools and techniques used in this process are unique and are
Tools and Techniques as follows:
Risk reassessment Risk audits
Involves looking for secondary or new risks
Review effectiveness of risk responses, action taken, and so on
11: Project Risk Management
Variance and trend analysis Statistical data that helps answer the questions: Were the expected results achieved Where do we go from here Technical performance measurement Requires objective quantifiable measurements Reserve analysis Status meetings action Compare the plan to the actual use of reserves and future needs Regular status reviews are used to ensure proper focus and
Outputs The outputs to this process are as follows:
Risk register updates
From reassessments, risk audits, and reviews
Organizational process assets updates Information from the six risk management processes will produce information that can be used for current and future projects Change requests Change is inevitable As a result, change requests may need to be initiated to put the project back on track (this includes recommended correction and preventive actions) Project management plan updates Progressive elaboration yields new information, new situations, and new risks, which all tend to drive updates to your project plan Project document updates The ripple effect requires updates to various project documents as the project progresses
Reporting Status Early and Often
Nothing is more embarrassing than the customer knowing something before you do when it comes to your project You need to be the air traffic controller, the conductor of your project You need to be the person reporting the status of a risk event, the expected impact to your project, and the action plans (fallback or back-out plans) you are taking to ensure everything is under control
Timely and accurate reporting is essential to risk management Information is power when it comes to managing a project Making sure you collect meaningful, accurate, and timely information can mean the difference in whether or not you meet your project objectives on time and on budget There isn t a project manager alive who hasn t wished they would have known more about a situation sooner than later Our actions and reactions are totally dependent on timely and accurate reports (verbal or written) so we can make prompt informed decisions
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