Another NBE Research Centre (NBERC) University of South Australia Colloquium concluded with a great success. It was an honour for me to be the internal keynote speaker this year talking about "crazy risk stories"!
Keynote presentation title: Beware of risks they always exist...: Small tips that can make big differences
Risk management is a well-established practice, and continuously expands to more and more fields of interest, ranging from finance and engineering to safety and social sciences. Project risk management has evolved significantly during the last twenty years. The most important advantage of risk management is the fact that it may contribute towards a much better approximation of the real outcome of a project in regard to time, cost and performance, as well as help in minimising deviations from the baselines. In other words, it aids the project team to obtain a better understanding of a project and be prepared to overcome any adverse conditions that might arise or even better (more rarely though), to seize any opportunity for the benefit of the project. This is even more important in large projects where the risk sources are quite extended.
This presentation will focus on the risk management processes and highlight some common pitfalls when these are applied in projects. It is a result of a 15 years long, longitudinal research in the field of project and technical risk management that captures common practices and tries to identify repeating issues and areas of concern along the whole spectrum of the risk management process. The research aims to improve risk management and contribute towards better project management outcomes. Examples from specific projects combined with short activities for the participants will offer insights on what should be applied, when and how. Take home from this presentation would be tips and tricks of the trade!