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A Risk Management Lesson - Introduction
March 26, 2008 | Author: PM Hut | Filed under: Risk Management
A Risk Management Lesson - Introduction (#1 in the series A Risk Management Lesson)
By Andy Murray
The 2006 foiled terrorist plot resulted in the UK transport ministry imposing extreme restrictions on what’s permissible to carry on board domestic, short haul and long haul flights. The sudden introduction of such measures meant that airport processes, systems and resources could not cope with the requirement to check-in all items of luggage. The consequence being that flights were delayed and cancelled as the backlog of passengers outgrew the capacity of the airport departure halls.
That’s the big picture view of the impact to UK air transport. But what was the impact at an individual level?
- Cost of alternative travel
- Cost of hotel if alternate travel was not possible
- Missed meetings
- Missed training event
- Missed conference
- Damaged or lost luggage (aircraft holds are not laptop friendly)
- And for consultants and contractors - can’t bill for your time (ouch!)
(The above is a only business not leisure perspective)
Applying Risk Management techniques can provide some valuable lessons in these cases. Most Risk Management methods have a process approach, broadly covering:
- Identification
- Evaluation
- Response Formulation
- Selection
- Implementation
- Monitoring
So, we have identified the risk of ‘disruption to air travel due to terrorist activity’ and have started to evaluate it.
Andy Murray is a director of Outperform UK Ltd, a management consultancy helping clients improve their bid, project and programme management performance through the practical application of structured methods. Outperform is an Accredited Consulting Organisation (ACO) and is ISO 9001 certified. Andy previously sat on the Executive Committee for Best Practice User Group™ (BPUG™) which represents users on behalf of OGC for their best practice trilogy of PRINCE2™, Managing Successful Programmes (MSP) and Management of Risk (M_o_R®). Andy’s runs a professional blog, PRINCE2:2009 Project, where he shares his thoughts about PRINCE2.
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