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Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project Hardcover – February 18, 2009


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Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project + A Guide to the Project Management Body of Knowledge: PMBOK(R) Guide
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Product Details

  • Hardcover: 368 pages
  • Publisher: AMACOM; Second Edition edition (February 18, 2009)
  • Language: English
  • ISBN-10: 0814413404
  • ISBN-13: 978-0814413401
  • Product Dimensions: 9.2 x 6.4 x 1.3 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (36 customer reviews)
  • Amazon Best Sellers Rank: #60,828 in Books (See Top 100 in Books)

Editorial Reviews

Book Description

Winner of the Project Management Institute’s David I. Cleland Project Management Literature Award 2010

It’s no wonder that project managers spend so much time focusing their attention on risk identification. Important projects tend to be time constrained, pose huge technical challenges, and suffer from a lack of adequate resources. Identifying and Managing Project Risk, now updated and consistent with the very latest Project Management Body of Knowledge (PMBOK)® Guide, takes readers through every phase of a project, showing them how to consider the possible risks involved at every point in the process.

Drawing on real-world situations and hundreds of examples, the book outlines proven methods, demonstrating key ideas for project risk planning and showing how to use high-level risk assessment tools. Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management. Comprehensive and completely up-to-date, this book helps readers determine risk factors thoroughly and decisively…before a project gets derailed.

From the Inside Flap

As a project manager, you know that complicated projects are inherently risky business. Between time constraints, technical challenges, and resource difficulties, things that can go wrong often do—which is why one of the most important parts of your job is considering the possible risks involved at every point in the process.

Fully updated and consistent with the very latest Guide to the Project Management Body of Knowledge (PMBOK® Guide), Identifying and Managing Project Risk takes you through every phase of a project, helping you guard against failure by improving and increasing your risk analysis capabilities.

The book outlines proven methods for project risk planning, drawing on real world situations and hundreds of examples—including what many once considered a truly impossible project, the Panama Canal—to demonstrate key ideas in the risk management process. You’ll learn how to use high level risk assessment tools, implement a complete system for monitoring and controlling projects, and properly document every possible consideration. The book contains sections on the different types of risk to consider when planning; how to identify key issues associated with project metrics; activity sequencing; Work Breakdown Structure (WBS); analysis of scale; and cost estimating and budgeting.

Identifying and Managing Project Risk outlines the essential concepts involved in project risk planning and provides indispensable details and advice on topics such as:

  • -The benefits and uses of risk data
  • -Setting limits and defining deliverables
  • -Procurement planning and source selection
  • -Constraint management and risk discovery
  • -Quantitative and qualitative analysis
  • -Project simulation and modeling
  • And much more

Analyzing aspects such as available resources, project scope, and scheduling, this new edition also explores the growing area of Enterprise Risk Management as well as other important new developments in the field.

This valuable resource moves beyond risk management basics involving insurance, financial, and investment portfolio risk to examine areas like information technology, software engineering, product development, and other high tech fields, giving you a well-rounded understanding of what goes into making project risk identification a crucial element of project management strategy.

Your ability to identify and manage project risk is necessary for the smooth and successful completion of all projects, regardless of size, type, or scope. This book will help you eliminate surprises and transform risk into a variable you can manage and keep safely under control. Comprehensive and completely up-to-date, Identifying and Managing Project Risk helps you determine risk factors thoroughly and decisively…before a project gets derailed.

 

Tom Kendrick, PMP, is an internal project management consultant for Visa Inc. and the author of Results With­out Au­thority. He has more than 30 years of project management experience, 12 of which were spent as a part of the Hewlett-Packard Project Management Initiative. He lives in San Carlos, California.


More About the Author

Tom Kendrick is currently Program Director for the project management curriculum at UC Berkeley Extension, and lives in the Bay area near San Francisco, California. He was awarded the 2010 Project Management Institute (PMI) David I. Cleland Project Management Literature Award in October 2010 for "Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project."

Tom has regularly taught classes and and given presentations on program, project, and risk management for conferences, associations, and universities. Tom spent 20 years with Hewlett Packard in its Project Management Initiative and in a variety of other project management roles. He has nearly 40 years of worldwide PM experience, including work for Visa, DuPont, General Electric, and as an independent consultant.

Tom has a BSEE from Princeton University, an MSEE from the University of Pennsylvania, and an MBA from the Wharton School at the University of Pennsylvania. He is also a certified PMP and serves as a volunteer officer for both the PMI Silicon Valley Chapter and the Risk Management SIG.

Customer Reviews

I would recommend this book to all students are who learning in this field.
Quills
Kendrick provides tools for quantifying and analyzing risk at the project level as well as a chapter on managing project level risk.
Patrick Neal
I found the book well written, easy to read and follow and packed with a lot of good information.
John Reinheimer

Most Helpful Customer Reviews

52 of 55 people found the following review helpful By Patrick Neal on July 11, 2003
Format: Hardcover
This volume may be the best one I have ever read on the subject of risk in the project arena. Kendrick has captured the best of current practical thinking on project risk and how to identify and manage it. And the author has carefully linked theory and practice to the Project Management Institute's "Project Mangement Body of Knowledge." In addition this book is exceedingly well written and very readable (a rarity in this genre).
Kendrick approaches risk identification from the perspective of the project manager in the areas of scope (project deliverables and product), resources (people, materials, and money), and schedule (time). He addresses each area in a separate chapter with practical advice on how to identify and document potential risks. An aspect of these three chapters I particularly appreciate is the depth of information that allows the reader to address each area of risk at different levels. Kendrick does this by providing an array of analytical tools. For example in Chapter 4, "Identifying Project Schedule Risks," the reader could use the list of common schedule risks and probably account for 80% of the schedule risks for their project, or move to a deeper analysis of risks associated with delays, dependencies, and errors in estimation. In the area of estimation the reader is presented with an array of estimating techniques that can be used as appropriate to detect potential risks in estimation.
Chapter seven on "Quantifying and Analyzing Activity Risk" appears just in time. After reading the first six chapters the reader may throw up their hands and declare "I can't manage all of this!" As an experienced project manager, Kendrick gives us tools to help select the risks to manage.
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36 of 40 people found the following review helpful By A customer on June 2, 2008
Format: Hardcover
This book provides an overview on how to manage certain types of project risks (some risks are not covered, e.g. financial) and, implicitly, only IT projects and not other types of projects (e.g. construction). Like many books on this topic, the treatment is uneven. The strengths are its logical structure and clear exposition. I knocked off 2 stars because a) there is a disconnect between the text (mostly IT-related) and case study (building of Panama Canal), and b) neglect of contractual issues, the key instrument of risk management. This is the book for you to read if you have no idea about project risk management.
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19 of 22 people found the following review helpful By Al DeLucia on April 9, 2003
Format: Hardcover
Reviewed by Al DeLucia
Director
Project Management Division
GSA, Philadelphia
Anyone who - like me -- has struggled to relate the abstract discussion of Risk Management in the PMBOK to actual project management practice will welcome this down-to-earth presentation. This book shows how to incorporate risk management into the planning of your project along the way - the entire way -- of the project development sequence.
Mr. Kendrick had many years of practical project management experience with Hewlett- Packard and headed their in-house project management training and consulting program. Over a period of 10 years, he trained hundreds of project managers at HP, in other organizations world-wide, and at the University of California at Berkeley and systematically collected information about the most significant risks they had encountered in their projects. The result is a database called PERIL (Project Experience Risk Information Library), that contains 222 projects sorted into risk categories based on type and impact. In this book, these results are integrated with the PMBOK processes of project development in a way that shows what project management is really all about.
Anecdotes from the construction of the Panama Canal are interestingly presented at the ends of the chapters. These describe how the concepts of each chapter were applied - or not - first by the French in their failed attempt to build the canal, and then by the Americans in their successful endeavor under the sponsorship of Teddy Roosevelt.
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11 of 13 people found the following review helpful By Sue White on May 10, 2006
Format: Hardcover Verified Purchase
As the other reviewers have indicated, this book is an excellent addition to your library.

It is well-written, well-organized, and supported by real-life data from his PERIL database (compiled from hundreds of projects, world-wide, over the past decade). The book makes good use of bullets and diagrams to emphasize and/or explain important points.

I particularly liked the way he correlated his material with the Project Management Institute (PMI)'s PMBOK.

Further, I appreciated his discussion of some of the most difficult issues that arise when implementing a formalized project management methodology (including some that are seldom addressed in books), e.g.:

o Tips for persuading senior level management of the necessity of a formalized project management methodology

o Recognizing the power shift that occurs within a company when formalized project management/portfolio management processes are implemented and followed

o Metrics, derived from the PERIL database, relating to things such as the impact of the permanent (or temporary) loss of a project team member. (I'm always looking for metrics to support some business case, or other request to senior management, for additional ... time ... resources ... budget, etc.)

o The Appendix, which listed some of the Schedule, Resource and Scope risks from the PERIL database

o The sample Risk Questionnaire, and the many other tools, tip and procedures included in the book

Overall, I give it five stars and expect that it will become "dog-eared" very quickly, from heavy use, as I refer to it often in my work.
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