Brainstorming Risk Policy 

How to Manage Global Risks effectively?

Global Project face unique risks, for example; political, economic, market, competitive and technological risks and project management methodology risk.  How can we identify and manage these global risks? The goal of the Fourth PMBOK Cafe workshop is to explore the Global Project Risks. What are the top Risks? If these Risks happen what will be the effect? What can we do to manage these Risks? We will also focus on what are the Risks to our Project Management Methodologies? What can we do to improve our Schedule and Cost Risks on our global projects?

2010 S3W4 RM

Brainstorming Risk Policy 

How to Manage Global Risks effectively?

Global Project face unique risks, for example; political, economic, market, competitive and technological risks and project management methodology risk.  How can we identify and manage these global risks? The goal of the Fourth PMBOK Cafe workshop is to explore the Global Project Risks. What are the top Risks? If these Risks happen what will be the effect? What can we do to manage these Risks? We will also focus on what are the Risks to our Project Management Methodologies? What can we do to improve our Schedule and Cost Risks on our global projects?

2010 S2W4 RM

Political/Regulational/Economical

Introduction

Identify and Mitigate top Political/ Regulational/ Economical Risks to Global Project Management
To identify and propose ideas to mitigate risks on Political/ Regulational/ Economical area to Global Project Management
Global Projects Compared to local projects, we face more dynamic risks which have huge impacts
The goal is to be on budget, on Time, with satisfied customers
Smart Research Strategies, Proper Risk Response
Show 2 risks & explain how they could be controlled & managed.

Political Regualtional and Economic Risk from Robert Higgins on Vimeo.

Political Regualtional and Economic Risk from Robert Higgins on Vimeo.

Body

1st sample of risk : Saving Private Korean

Incident happened around April 2009
Kaesong Industrial complex
Car manufacture, construction, chemical, etc....

North Korea released South Korea's Hyundai Asan worker on Thursday after four-and-a-half months of detention amid an ongoing visit by the company's chairwoman, Jung Un, Hyun
Project member, Mr. Yu Seong-jin, detained in North Korea for 136 days
Lesson learn from the sample

Now the South Korea Government requests you to time travel back to the planning phase of the project.
Knowing the political risk which was happened, how would you plan and mitigate, and prepare the contingency plan?
Plan: form a risk management team with Korea Government SME, North Korea Ambassador.
Hold weekly meeting with the RMT.
Mitigation:
Closely keep an eye on the country political activities, seek advice from SMEs
Have a trigger and plan to evacuate project members

Vote another President if possible...

Contingency: Come up with contingency plan for each "high" risks

Obtain consensus, sign agreement for the contingency plan - so that Mr. Yu Seong-jin would not be detained for 136 days

2nd sample of risk : Current currency changing(e.x TOYOTA)

Lesson learn from 2nd sample
-How to control & manage a risk
Managing

- Risk hedge action before actualizing a risk

Monitoring
- Continual monitoring to each local site (goverment, economy)

Controlling
- Do an action which is prepared beforehand.

Conclusion

We showed 2 risks & explained how they could be controlled & managed. Then give conclusion
Comparing with local projects, we would face more dynamic risks which have huge impacts in global projects
Within budget, on Time, customers satisfied
Smart Research Strategies, Proper Risk Response

Market and Competitive Risk in Global Project Management

Market risks are influenced by competitive risks. Technical risks give impact on individual project progressing. We are here to introduce how to manage market and competitive risks to make the profit. The problem is we cannot control the market and the competitive risks. Take risks smart and change risks to opportunities.

Gathering information is the most important factor to win competitors in our market place. Get better market information than competitors. If you want to get information on your competitor’s and it may be necessary to spy on your competitors. Analyze the collecting information whether its issue or risk. Classify quantitative and qualitative risk. Prioritize the risks. Making marketing strategic options. Appropriate Timing? Suitable Cost? Matured? Target Age? Change Strategies,  Investment (M&A),  Political and regulative action,  Head hunting,  Change the target The key way to deal with the market and competitive risk is to be able to change the strategy.

Stay focused on the result of the project to make the profit, so monitor these risks. Take risks smart and change risks to opportunities.

Questions and Answers. Why is best to finish a project first? To make a profit it is most important to be first. For example Toyota Prius entered the market first. But there is also opportunity in the second to market. For example in Japan IBM is known as watching the market and being the second to enter the market. What does take a Risk Smart mean? We don’t need to take all the risks, we need to prioritize and focus on the important risks in the market.

Market and Competitive Risk in Global Project Management from Robert Higgins on Vimeo.

Brainstorming Risk Policy 

How to Manage Global Risks effectively?

Global Project face unique risks, for example; political, economic, market, competitive and technological risks and project management methodology risk.  How can we identify and manage these global risks? The goal of the Fourth PMBOK Cafe workshop is to explore the Global Project Risks. What are the top Risks? If these Risks happen what will be the effect? What can we do to manage these Risks? We will also focus on what are the Risks to our Project Management Methodologies? What can we do to improve our Schedule and Cost Risks on our global projects?

Global Risk Management