In this seminar we will discuss Risk Management, Issue Management, and Opportunity Management, and how they can be integrated into the Program Office.

Each program has a risk profile that changes over time. Think of the risk profile as a graph of the amount of uncertainty about a program’s outcomes. As we progress through the phases of a program—defining requirements, conducting trade studies, defining concepts and preliminary designs, completing detailed designs, building prototypes and conducting tests—what we really are doing is removing uncertainty from the program. That uncertainty encompasses the performance of the product, its cost and how much time is needed to develop and produce the product. We can be surprised at any point in this process. Some surprises can be handled in stride, and some may lead to major setbacks and a restructuring or even cancellation of the program. It is our job to anticipate those surprises, assess their likelihood and their impacts and, most of all, do something either to prevent them or, if they do occur, to limit their impacts.

With RM, you want to plan for as much as possible but be prepared for the unexpected, and always look for not just problems, but opportunities.

We’ll touch on opportunities throughout the day… RM isn’t just about planning for the bad stuff, but should include looking at possible opportunities and the risks associated with those opportunities.

Speakers:
Mr. Darren Rhyne, Professor of Engineering Management, DAU Capital and Northeast Region