ISE 440 - Ch. 6 - Yasser.pdf

Chapter 6: Project Activity and Risk Planning Project Management: A Managerial Approach, Wiley, 9th Ed. By Meredith, J.R., Mantel, S.J., and Shafer, S.M. Slides are modified by Dr. Yasser Almoghathawi ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 1 Project Management ISE 440 - Term 231 Dr...

Chapter 6: Project Activity and Risk Planning Project Management: A Managerial Approach, Wiley, 9th Ed. By Meredith, J.R., Mantel, S.J., and Shafer, S.M. Slides are modified by Dr. Yasser Almoghathawi ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 1 Project Management ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 2 Outline I – Project planning ▪ Why to plan? ▪ Project planning • Launch meeting or chartering workshop • Mind mapping for initial planning • Work breakdown structure (WBS) • Elements of a project management plan ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 3 Why to plan? ▪ “If you fail to plan, you plan to fail.” ▪ Every minute allocated to planning saves as much as 10 minutes in execution (Brian Tracy, Author of Eat that Frog) ▪ To establish a set of directions in sufficient detail to tell project team: • what has to be done • when to be done • what resources are required and when • what are the deliverables ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 4 Project Planning ▪ Used to “flesh out” the nature of the project ▪ Planning is done to facilitate later accomplishment ▪ “Launch meetings” or “Project Chartering workshop” • Important for senior management to attend • Success of “launch” meetings dependent on well-defined objectives • Useful to review major risks facing the project at the start • Don’t let plans, schedules, and budgets go beyond the most aggregated levels at this point ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 5 Project Planning: Project Chartering ▪ “Launch meetings” or “Project Chartering workshop” • Outcomes include: ▪ Initial Technical scope ▪ Areas of responsibility ▪ Delivery dates or budgets ▪ Initial risk management • Once the charter is developed, any subsequent change should be made by informing and discussing it with contributing units. ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 6 Project Planning: Project Chartering ▪ Outside Clients • When it is for outside clients, specifications cannot be changed without the client’s permission • Client may place budget constraints on the project ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 7 Project Planning: Project Chartering ▪ Project Charter Elements: • Purpose • Objectives • Overview • Schedules • Resources • Stakeholders • Risk management plans • Evaluation methods ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 8 Project Planning: Project Chartering ▪ Project Charter Elements: • Purpose ▪ a short summary directed to top management and those unfamiliar with the project ▪ contains general goals and strategic justification of the project • Objectives ▪ contains a more detailed statement of the general goals (include profit and competitive aims) of the project, what constitutes success, and how the project will be terminated • Overview ▪ provides high-level of “what to do and how to do” ▪ describes both the managerial and the technical approaches to the work ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 9 Project Planning: Project Chartering ▪ Project Charter Elements: • Schedules ▪ lists all milestone events and/or phase-gates ▪ each major task is listed, with the estimated time obtained from those who will do the work ▪ the projected baseline schedule is constructed from these inputs • Resources ▪ should include 1. budget; capital and expense requirements, one-time and recurring 2. a complete list and description of all contractual items such as customersupplied resources, liaison arrangements, documentation related to specifications, purchasing/procurement contracts, etc. 3. cost monitoring and control procedures ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 10 Project Planning: Project Chartering ▪ Project Charter Elements: • Stakeholders ▪ lists the key stakeholders such as client, community, external stakeholders (NGOs, Govt regulatory bodies) and personnel requirements ▪ lists any special skill requirements, needed training, possible recruiting problems, legal/policy restrictions, and security clearances ▪ It is helpful to time-phase this process • Risk management plans ▪ covers, at a high level, potential problems that could affect the project • Evaluation methods ▪ contains a brief description of the standards and procedures to be followed in monitoring, collecting, storing, auditing, and evaluating the project, and post-project lessons learned ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 11 Project Planning: The Project Plan ▪ The Project Plan • A plan for communicating with and managing stakeholders • Establishing the cost baseline for the project and developing a plan to manage project costs • Developing a plan for managing the human resources assigned to the project • Developing a plan for continuously monitoring and improving project work processes • The process for managing change • Defining how project requirements will be managed ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 12 Project Planning: The Project Plan ▪ The Project Plan • Developing guidelines for procuring project materials and resources • Defining the project’s scope and establishing practices to manage the project’s scope • Developing the Work Breakdown Structure • Developing practices to manage the quality of the project deliverables • Establishing practices for managing risk • Establishing the schedule baseline and developing a plan to manage the project’s schedule ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 13 Project Planning: Mind mapping ▪ Mind mapping, a planning tool at initial stage • PMs typically use left side of brain – logical and analytical • Should also use right side – creative • A whole-brained approach is mind mapping ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 14 Project Planning: Mind mapping ▪ Mind mapping ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 15 Project Planning: Mind mapping ▪ Mind mapping ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 16 Project Planning: Mind mapping ▪ Mind mapping advantages: • It is a visual approach that mirrors how human brain records & stores information • It helps tap the creative potential of the entire project team ▪ helps increase quantity and quality of ideas • Team members find it enjoyable • Helps generate enthusiasm • Helps in participative management ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 17 Project Planning: WBS ▪ The Work Breakdown Structure (WBS), a tool for detailed planning • A hierarchical planning process • Breaks tasks down into successively finer levels of detail • Continues until all meaningful tasks have been identified • These make tracking the work easier • Need separate budget/schedule for each task ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 18 Project Planning: WBS ▪ The WBS: • A hierarchical planning process ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 19 Project Planning: WBS ▪ The WBS: A Key Element • What is to be done • When it is to be started and finished • Who is going to do it • Some activities must be done sequentially • Some activities may be done simultaneously • Many things must happen when and how they are supposed to happen • Each detail is uncertain and subjected to risk ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 20 Project Planning: WBS ▪ Hierarchical Planning for WBS • Major tasks are listed (Level 1) • Each major task is broken down into detail (Level 2) • This continues until all the activities to be completed are listed • Need to know which activities “depend on” other activities ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 21 Project Planning: WBS ▪ Example: a conference ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 22 Project Planning: WBS ▪ A Form to assist hierarchical planning ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 23 Project Planning: WBS ▪ Example: Career Day ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 24 Project Planning: WBS ▪ Example: Merger of Ajax Hardware into InStat Corp ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 25 Project Planning: WBS ▪ Example: Merger of Ajax Hardware into InStat Corp ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 26 Project Planning: WBS ▪ Steps to Create a WBS 1. List the task breakdown in successive levels 2. Identify data for each work package 3. Review work package information 4. Cost the work packages 5. Schedule the work packages 6. Continually examine actual resource use 7. Continually examine schedule ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 27 Outline II – Human Resources Assignment ▪ Introduction ▪ Assigning Roles and Responsibilities ▪ Managing Human Resources ▪ Virtual Teams vs Colocation ▪ Responsibilities on PM ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 28 Human Resources ▪ Successful completion of process of making WBS should be followed by assigning human resources to WBS ▪ After initial team members create a WBS, additional team members may need to be added to the team ▪ Useful to create a table that shows staff needed to execute WBS tasks ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 29 Assigning Human Resources (planning) ▪ List the preliminary requirements for the required skills ▪ Determine the preliminary effort level and number of resources needed to meet project objectives ▪ Determine reporting relationships needed ▪ Identify risks associated with staff acquisition, retention ▪ Determine how project team members will be acquired and how long they will be needed • Consider change throughout the project duration ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 30 Assigning roles and responsibilities ▪ Various formats exist to document team member roles and responsibilities ▪ Most of the formats fall into one of three types: hierarchical, matrix, and text-oriented ▪ Regardless of the method utilized, the objective is to ensure that each work package has an unambiguous owner and that all team members have a clear understanding of their roles and responsibilities ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 31 Assigning roles and responsibilities ▪ Hierarchical-Type Chart • The organizational breakdown structure (OBS) is arranged according to an organization’s existing departments, units, or teams with the project activities or work packages listed under each department ▪ Organizational units responsible for each WBS element ▪ Who must approve changes of scope ▪ Who must be notified of progress ▪ WBS and OBS may not be identical ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 32 Assigning roles and responsibilities ▪ Hierarchical-Type Chart Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned ISE 440 - Term 231 Roles Responsibilities WBS assigned Roles Responsibilities WBS assigned Dr. Yasser Almoghathawi, KFUPM Roles Responsibilities WBS assigned 33 Assigning roles and responsibilities ▪ Matrix Charts • A responsibility assignment matrix is a grid that shows the project resources assigned to each work package • The matrix format shows all activities associated with one person and all people associated with one activity • For example: Responsible, Accountable (or Approval), Consult, Inform (RACI) matrix ▪ Keeps track of who must approve and who must be notified ▪ Shows critical interfaces ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 34 Assigning roles and responsibilities ▪ Matrix Charts • Sample RACI Matrix ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 35 Assigning roles and responsibilities ▪ Matrix Charts • If the project is not too complex, the responsibility chart can be elaborated with additional roles ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 36 Assigning roles and responsibilities ▪ Text-Oriented Format • Team member responsibilities that require detailed descriptions can be specified in text-oriented formats. Usually in outline form, the documents provide information such as responsibilities, authority, competencies, and qualifications ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 37 Managing Human Resources ▪ Ensure that teams are used in an optimized fashion ▪ Resource Histogram • This chart illustrates the number of hours a person, a department, or the entire project team that will be needed each week or month over the course of the project ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 38 Managing Human Resources ▪ Other issues to consider include: • Staffing release plan • Identification of training needs • Team-building strategies • Plans for recognition and rewards programs ▪ Other than money, most project team members are motivated by an opportunity to grow and accomplish ▪ A good strategy for PMs is to give the team recognition throughout the life cycle rather than waiting until completion ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 39 Virtual Teams vs Colocation ▪ Colocation • Colocation, also referred to as “tight matrix,” involves placing many or all of the most active project team members in the same physical location • to enhance their ability to perform as a team ▪ team members are readily available, better communication, work at same time usually • Colocation can be temporary, such as at strategically important times during the project, or for the entire project • Disadvantages include increased cost because of travel, relocation expenses and requirement of scarce resources to be present for your project ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 40 Virtual Teams vs Colocation ▪ Virtual teams • Virtual teams can be defined as group with little or no time spent meeting face to face • Advantages include: ▪ it allows to form team of people living in different geographical locations ▪ form teams of people who work different shifts, hours, or days ▪ includes people with mobility limitations or disabilities • Disadvantages include: ▪ possibility for misunderstandings, feeling of isolation, difficulties in sharing knowledge and experience between team members, and cost of appropriate technology ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 41 Responsibilities on PM ▪ PMs should acquire skills to build, maintain, motivate, lead, and inspire project teams to achieve high team performance and to meet the project’s objectives ▪ Teamwork is a critical factor and developing effective project teams is one of the primary responsibilities • High team performance can be achieved by using open and effective communication • creating team building opportunities • developing trust among team members • managing conflicts • encouraging collaborative problem solving and decision making ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 42 Interface Coordination Through Integration Management ▪ Managing a project requires a great deal of coordination ▪ Projects typically draw from many parts of the organization as well as outsiders ▪ All of these must be coordinated ▪ The RACI matrix helps the project manager accomplish this ▪ Integration management is the intricate of coordinating the work and timing of different groups ▪ Interface coordination is the process of managing this work across multiple groups ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 43 Managing Projects by Phases and Phase-Gates ▪ Break objectives into shorter term sub-objectives ▪ Project life cycle is used for breaking a project up into component phases ▪ Focus on specific, short-term output ▪ Lots of feedback between disciplines ▪ phase-gate and similar systems are intended to • create a process by which to measure project progress, • keep projects on track and aligned with the current strategy, and • keep senior management informed about the current state of projects being carried out ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 44 Outline III – Project Risk Management ▪ Introduction ▪ Sub-Processes of Risk Management • Risk Management Planning • Risk Identification • Qualitative Risk Analysis • Quantitative Risk Analysis • Risk Response Planning • Risk Monitoring and Control • The Risk Management Register ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 45 Project Risk Management ▪ Projects are risky, uncertainty is high ▪ Project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality ▪ PM must manage this risk; managing it called “risk management” ▪ Risk management should be built on the results of prior projects ▪ Risk varies widely between projects ▪ Risk varies widely between organizations and people as per their attitude ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 46 Sub-Processes of Risk Management ▪ Risk Management Planning—deciding how to approach and plan the risk management activities for a project ▪ Risk Identification—determining which risks might affect the project and documenting their characteristics ▪ Qualitative Risk Analysis—performing a qualitative analysis of risks and conditions to prioritize their impacts on project objectives ▪ Quantitative Risk Analysis—estimating the probability and consequences of risks and hence the implications for project objectives ▪ Risk Response Planning—developing procedures and techniques to enhance opportunities and reduce threats to the project’s objectives ▪ Risk Monitoring and Control—monitoring residual risks, identifying new risks, executing risk reduction plans, and evaluating their effectiveness throughout the project life cycle ▪ The Risk Management Register—creating a permanent register of identified risks, methods used to mitigate or resolve them, and the results of all risk management activities ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 47 Risk Management Planning ▪ It is a basic layout describing the overall risk management process ▪ Methodology: Defines the approaches, tools, and data sources that will be used to perform risk management ▪ Roles and responsibilities: Defines the lead, support, and risk management team members may be for each WBS ▪ Budgeting: Estimates funds needed for inclusion in the cost baseline and establishes protocols for application of contingency and management reserves ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 48 Risk Management Planning ▪ Timing: Defines when and how often the risk management processes will be performed throughout the project life cycle ▪ Risk categories: Provide a means for grouping potential causes of risk • Several approaches can be used; e.g., internal and external • Otherwise, a risk breakdown structure (RBS) helps the project team to look at many sources from which project risk may arise ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 49 Risk Management Planning ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 50 Risk Identification ▪ ▪ ▪ ▪ ▪ ▪ Expert opinion Documentation review Assumption analysis Previous experience Delphi method is useful for identifying project risks Other methods include: • brainstorming, • cause-effect (fishbone) diagrams, • EWS (early warning signs), • flow charts, • SWOT (strengths, weakness, opportunities, threats) analysis. ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 51 Qualitative Risk Analysis ▪ Purpose is to prioritize risks ▪ A sense of the impact is also needed ▪ Each objective should be scaled and weighted ▪ Construct a risk matrix ▪ Same approach can be used for opportunities ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 52 Qualitative Risk Analysis ▪ Risk Matrix ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 53 Qualitative Risk Analysis ▪ Risk Matrix www.bizmanualz.com ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 54 Qualitative Risk Analysis ▪ Risk Matrix www.ntaskmanager.com ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 55 Qualitative Risk Analysis ▪ Risk Matrix https://davidjball.com/ ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 56 Qualitative Risk Analysis ▪ Risk Matrix www.stakeholdermap.com ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 57 Qualitative Risk Analysis ▪ Risk Matrix ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 58 Qualitative Risk Analysis ▪ Defining probability and impact • The quality and credibility of the risk analysis require that different levels of risk probability and impact be defined that are specific to the project context • General definitions of probability levels and impact levels are tailored to the individual project ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 59 Qualitative Risk Analysis ▪ Defining probability ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 60 Qualitative Risk Analysis ▪ Defining impact ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 61 Quantitative Risk Analysis ▪ More precise than qualitative ▪ Typically, more accurate ▪ Three techniques: • Failure Mode and Effect Analysis (FMEA) • Decision Tree Analysis / Expected Monetary Value (EMV) • Simulation ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 62 Quantitative Risk Analysis ▪ Failure Mode and Effect Analysis (FMEA) 1. List ways a project can fail 2. Evaluate severity (S) of the impact of each type of failure on a 10-point scale where “1” is “no effect” and “10” is “very severe” 3. For each cause of failure, estimate the likelihood (L) of its occurrence on a 10-point scale where “1” is “remote” and 10 is “almost certain” 4. Estimate the inability to detect (D) a failure associated with each cause using a 10-point scale, “1” means detectability is almost certain and “10” means it is practically certain that failure will not be detected in time to avoid or mitigate it 5. Find the risk priority number (RPN), (𝑹𝑷𝑵 = 𝑺 ∗ 𝑳 ∗ 𝑫) 6. Consider ways to reduce the S, L, and D for each cause of failure ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 63 Quantitative Risk Analysis ▪ Failure Mode and Effect Analysis (FMEA) ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 64 Quantitative Risk Analysis ▪ Expected Monetary Value (EMV) • EMV analysis is a statistical concept that calculates the average outcome when the future includes scenarios that may or may not happen (i.e., analysis under uncertainty) ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 65 Quantitative Risk Analysis ▪ Decision Tree based on Expected Monetary Value (EMV) ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 66 Quantitative Risk Analysis ▪ Decision Tree based on Expected Monetary Value (EMV) ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 67 Quantitative Risk Analysis ▪ Simulation • A project simulation uses a model that translates the specified detailed uncertainties of the project into their potential impact on project objectives • Simulations are typically performed using the Monte Carlo technique • In a simulation, the project model is computed many times (iterated), with the input values (e.g., cost estimates or activity durations) chosen at random for each iteration from the probability distributions of these variables. A histogram (e.g., total cost or completion date) is calculated from the iterations ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 68 Quantitative Risk Analysis ▪ Simulation ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 69 Risk Response Planning ▪ Threats ▪ Opportunities • Avoid • Exploit • Transfer • Share • Mitigate • Enhance • Accept • Accept ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 70 Risk Response Planning ▪ Threats • Avoid ▪ eliminate completely; e.g., de-scope project if cost overrun is likely • Transfer ▪ transfer the risk to another party; e.g., asking contractor to submit performance bond, buying insurance, make changes in contract • Mitigate ▪ reducing probability and impact of risk by using better material, technologies, process, providing backups and redundancy • Accept ▪ risk is accepted may be because you cannot do anything else to manage proactively, if the risks are non-critical or cost to deal with them is quite high. Plan contingency resources for such risks if they occur. ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 71 Risk Response Planning ▪ Opportunities • Exploit ▪ make sure opportunity is grabbed (stronger form of Enhance); e.g., using higher quality resources, such as equipment, materials, or human skills • Share ▪ sharing the opportunity with other party to increase value of opportunity or decrease cost; e.g., Joint Ventures (JVs) • Enhance ▪ increase probability and impact of opportunity by considering additional resources; e.g., increasing the quality of the resources or the number of resources • Accept ▪ willing to take opportunity but not willing to invest ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 72 Risk Response Planning ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 73 Risk Response Planning ▪ Known risks that cannot be managed proactively, should be assigned a contingency reserve ▪ Unknown risks cannot be managed proactively and therefore may be assigned a management reserve ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 74 Risk Monitoring and Control ▪ Four risk-oriented measures should be tracked: 1. How often a risk assessment is conducted/updated 2. How often a risk assessment is reviewed 3. The number of risks initially rated as low that later became high 4. The percentage of actual risks that developed that had been identified beforehand ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 75 The Risk Management Register ▪ Environments that may impact projects ▪ Assumptions made ▪ Risks identified ▪ List of categories and key words used to categorize risks, assumptions, and environments ▪ Quantitative and qualitative estimates of risks ▪ Minutes of all group meetings ▪ Actual outcomes of identified risks and results of risk management ISE 440 - Term 231 Dr. Yasser Almoghathawi, KFUPM 76