SYNOPSIS

Since Covid-19 hit, the world couldn’t look more different. A new normal in work and life will be developed. We’re sure you’re doing your best to care for and protect your business and your projects, but perhaps you are wondering what are the best practices you can use to deal with those uncertainties - project risks!

Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project (PMBOK® Guide, Sixth Edition, page 395) ◊◊. The objectives of Project Risk Management are to increase the probability and/or impact of positive risks and to decrease the probability and/or impact of negative risks, in order to optimize the chances of project success.

Project risk has its origins in the uncertainty present in all projects. Known risks are those that have been identified and analyzed, making it possible to plan responses for those risks. 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. A negative project risk that has occurred is considered as an issue. (PMBOK® Guide, Fifth Edition, page 310).

This talk introduces the Project Management Institute, PMI®, A Guide for Project Management Body of Knowledge, PMBOK® Guide, seven (7) effective steps on managing project risks that applicable in any project environment.

(1)    Plan Risk Management
        – the process of defining how to conduct risk management activities for a project.
(2)    Identify Risks
        – the process of identifying individual project risks as well as sources of overall project risk and
           documenting their characteristics.
(3)    Perform Qualitative Risk Analysis
        – the process of prioritizing individual project risks for further analysis or action by assessing
          their probability of occurrence and impact as well as other characteristics.
(4)    Perform Quantitative Risk Analysis
        – the process of numerically analyzing the combined effect of identified individual project risks
           and other sources of uncertainty on overall project objectives.
(5)    Plan Risk Responses
        – is the process of developing options, selecting strategies, and agreeing on actions to address
           overall project risk exposure, as well as to treat individual project risks.
(6)    Implement Risk Responses
        – the process of implementing agreed-upon risk response plans.
(7)    Monitor Risks
        – the process of monitoring the implementation of agreed-upon risk response plans, tracking
           identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness
           throughout the project.

This sharing session aims to introduce the PMBOK® Guide systematic approaches to deal with project risks in the new norm. The key learning points and summary take away for the talk includes but not limited to the following:

1.  Who is Project Management Institute (PMI®)?
2.  What are the project management credentials and certifications of PMI®?
3.  What are the common reasons projects fails?
4.  What are the PMBOK® Guide seven (7) steps on Project Risk Management?
5.  How to apply the seven (7) steps into your project?
6.  How to analyze project risks effectively?
7.  What are the options you can choose to respond to risks?
8.  How to establish contingency plans for prioritized risks?


BIODATA OF SPEAKER  

Ir. Dr. Mui Kai Yin
PhD, MSc, BEng (Hons), PEng, ASEAN Eng, APEC Eng, IntPE, ACPE, MIEM, MAFEO, MACPM, CCPM, CTM, CSM, PMP, PKT, PJK

• Consultant & Project Director of CAREER GROWTH S/B (2018-Now)
• Past Chairman of IEM Penang Branch (2016-2021)
• Chairman of IEM Penang Branch (2014-2016)
• Vice Chairman of IEM Penang Branch (2010-2014)
• Honorary Secretary cum Treasurer of IEM Electronic Engineering Technical Division
   (2008-2009 & 2018-2020)
• Committee of IEM Electronic Engineering Technical Division (2009-2020)
• Director-at-Large of Project Management Institute (PMI) Malaysia Chapter Northern Branch
  (2017-2018)
• Council Member of the Institution of Engineers Malaysia (2019-2022)
• Standing Committee of IEM Admission and Practical Training (2019-2020)
• Standing Committee of IEM Examinations and Qualifications (2019-2020)

Dr. Mui graduated from the University of Sunderland, UK with an Honours degree in Bachelor of Engineering (BEng Hons in Mechanical Engineering).  Thereafter, he continued and completed his postgraduate degree from the University of Warwick, UK with a Master of Science (MSc in Advanced Mechanical Engineering).  He also holds a Doctor of Philosophy Degree (PhD in Management) from the Atlantic University, USA; with research thesis on Multi-National Corporation Employee Retention - Human Resource Management.

He had more than 22 years of working experience on leading and managing various projects portfolios in the Electronics, Telecommunication, Automotive and Construction industries, professional development, as well as non-for-profit organizations, and led >100 local and global new product launch/projects successfully.

One of the significant projects he led and managed was the design and build of one of the world’s largest solar cell manufacturing plant in Malaysia (>MYR 1 billion investment).  In this portfolio, he was the overall leader who led the Engineering, Procurement and Construction Management (EPCM) functions on behalf of the client, and managed >100 project team members and relevant stakeholders from diversify cultures and background.  This project received the Institution of Engineers, Malaysia (IEM) excellence award in 2012.

Dr. Mui carries a few credentials with him; he is a certified Project Management Professional (PMP®) with the Project Management Institute (PMI®), USA (www.pmi.org).  A certified Construction Project Manager (CCPM) with the Construction Industry Development Board (www.cidb.gov.my).  A licensed Professional Engineer with practicing certificate (PEPC) with the Board of Engineers, Malaysia (www.bem.org.my), and a corporate member of the Institution of Engineers, Malaysia (www.iem.org.my).  He is also a registered ASEAN Engineer and Honorary Member of the ASEAN Federation of Engineering Organization (www.aer.afeo.org).  

He has been an active member of the Institution of Engineers Malaysia involved in organizing various technical activities and events for the local branch members.  He was the chairman of the IEM Penang Branch (2014-2016) and is currently the past chairman of the IEM Penang branch (2016-2021). He is also the honorary secretary cum honorary treasurer, committee member of the IEM Electronic Engineering Technical Division, eETD (2009-2020).  And, currently the Council Member of the Institution of Engineers Malaysia (2019-2022), Standing Committee of IEM Admission and Practical Training (2019-2020), and Standing Committee of IEM Examinations and Qualifications (2019-2020). He is the Principle Professional Interviewer and Senior Mentor of the Institution of Engineers Malaysia (IEM).

Today, Dr. Mui focusing on providing project management training, coaching and consulting services to the local and oversea clients.  He is currently the subject matter expert for the Project Management Professional (PMP®) exam preparation boot camp, helping aspirant Project Managers and Leaders to prepare and pass the PMP® credential exam.  To-date, he and his organization trained >1,000 PMP® candidates, and >10,000 project stakeholders. Find out more at: www.careergrowth.com.my.