How to manage project opportunity and risk : why uncertainty by Stephen Ward, Chris Chapman

By Stephen Ward, Chris Chapman

"Based on a valid conceptual starting place but constructed to satisfy sensible issues, venture possibility administration has turn into famous as a typical paintings on its subject"--

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in accordance with a legitimate conceptual starting place but constructed to fulfill useful issues, undertaking chance administration has turn into well-known as a customary paintings on its subject. Read more...

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For many projects this involves refining such objectives, but it may involve the identification of additional objectives and further negotiation where pluralistic views persist among relevant stakeholders. This step influences an ‘integrated development of design, operations and termination’ that leads to ‘integrated evaluation of design, operations and termination’ using the developed performance criteria to assess the current asset design in ‘go/ no-go/maybe’ terms. As in the concept stage, a ‘no-go’ evaluation should kill the project or put it on hold.

3, suggests three areas of concern. indd 15 15 20/09/11 11:54 AM 16 HOW TO MANAGE PROJECT OPPORTUNITY AND RISK First, it is important to distinguish between strategic planning for operations, project execution and corporate strategy purposes. They are related but involve different purposes – a different ‘why’ in Kipling’s terms, with implications for the ‘who’. Second, it is important to distinguish between strategic and tactical planning for all purposes, and to ensure that all strategic planning precedes all tactical planning.

We will return to this example in Part III, and draw on it occasionally in the interim. Of immediate interest are two points. First, an approach to corporate and operations management compatible with this book’s approach to project uncertainty management was needed as a starting point for operational development. Second, the way a utility such as Ontario Hydro has to approach the operations–corporate–projects spectrum illustrates the nature of these interdependences when a top-down strategic perspective is adopted.

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