The Good, the Bad and the Ugly Risk Debt & Next Generation Risk Management
This seminar introduces a new term in risk management industry: Risk Debt. It illustrates how risk debt can change from good to bad to ugly and what to do about it. It also highlights the leading practices and advanced tools that embody next generation risk management.
Risk is inherent to projects. Ignoring it will result in unrealistic estimates of schedule and cost. The likely consequence is poor investment decisions, schedule delays, cost overruns, and ultimate project failures. Considered a four-letter dirty word, risk was virtually ignored in many organizations until recently. However, today risk management is front and center. The commonly used first generation (1G) risk management methods involve risk registers and qualitative analysis. The 2G methods, which are not as common yet, are based on quantitative analysis.
In this seminar, first, a new term “risk debt” will be introduced and illustrated how it can change from good to bad to ugly with industry examples and what to do about it. Second, the evolution of risk management will be delineated and shown the leading practices and advanced tools that embody the next generation (3G) approach to managing project risks.
Dr. Prasad S. Kodukula, PMP, PgMP, DASM, DASSM, is a PMI Fellow, speaker, coach, author, inventor, and entrepreneur with more than 30 years of professional experience. A Global Ambassador of Project Management, Prasad has spoken in nearly 50 countries and worked with 40 Fortune 100 companies (e.g., Abbott, BP, Chrysler, Dow, IBM, JPMorgan Chase, Kraft, Motorola, Stryker, United Technologies). He is co-founder and CEO of two companies: Kodukula & Associates, Inc., a project management speaking and coaching company; and NeoChloris, Inc., a clean energy company. He also teaches project management at the University of Chicago.
He was recognized three times by the Project Management Institute as “Best of the Best in Project Management” with 2020 PMI Fellow Award, 2016 Eric Jenett Project Management Excellence Award, and 2010 PMI Distinguished Contribution Award. He also received prestigious awards from the USEPA and the States of Kansas and Illinois for outstanding achievements in education, training, and technology innovation. Prasad is a co-author or contributing author of ten books and more than 40 articles and holds four patents.
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