PMIWDC Sunrise Valley Luncheons - A Practical Approach for Managing Risk/Uncertainty in Projects: Unified Risk Management (URM) Model

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About The Program

Project Management (PM) is all about delivering the project successfully. This could be done by being in control, that is making sure the project is moving in the right direction by managing Time, Cost, Quality, Scope and Risk. However, in managing these parameters one needs to be aware of lack of availability of reliable and accurate input data for planning. Also, even if we have access to good estimation data, that may need to be modified or changed due to the changing project environment. Then a project manager and the project management system must be flexible and dynamic enough for dealing with these uncertainties or risks. Over the past couple of decades, the concepts of risk and uncertainty rightfully have been the focus of attention for researchers and practitioners of project management alike. It has been even argued that a no risk project does not worth pursuing. While plenty of high-quality research has been generated, little practical solutions have emerged. In this presentation we go over generic project risk management process and show that, any project requires a very dynamic project management approach which has an integrated risk management component. The presentation provides a generic approach for addressing and managing uncertainty in execution of small to large and complex projects. We discuss the available tools and techniques of risk management and how to set duration buffer and contingency budget for projects using a practical approach. The method known as URM or Unified Risk Management model.

About the Speaker

Homayoun Khamooshi Headshot

Homayoun Khamooshi

Homayoun Khamooshi is an Associate Professor in the Department of Decision Sciences at the School of Business of the George Washington University (GWU). He is the chair of internationally known Master of Science in Project Management. Dr. Khamooshi earned his Ph.D. in Management Science (Project Management: Planning and Scheduling) from Lancaster University in 1994 in the United Kingdom, his Master of Engineering in Industrial Engineering and Management from Asian Institute of Technology (AIT) in 1979 in Thailand and a B.Eng. in Mechanical Engineering from Abadan Institute of Technology, Abadan, Iran in 1975. He was selected as Performance Management Professor of the year in 2021 by College of Performance Management. Dr. Khamooshi has more than a decade project management experience in Oil, Gas and Petrochemical Industries prior to pursuing his Ph.D. at Lancaster University in the UK. His research interests include project management as a dynamic system including Strategic Project Management (SPM), PRAM (Project Risk Analysis and Management), Project Perfromance Management Analytics, Planning and Scheduling, SIPMS (Smart Integrated Project Management Systems) and simulation-based business modeling. He has numerous publications in multiple outlets including Computers and Industrial Engineering, JORS (Journal of Operational Research Society), IEEE (Engineering Management), IJPM (International Journal of Project Management), IJCM (International Journal of Construction Management) and many other journals.

About Sunrise Valley Luncheons

The Sunrise Valley Luncheon Series (formerly the Fairview Park Luncheon Series) is held at Noblis. Noblis has recently relocated its headquarters office to Reston, VA at 2002 Edmund Halley Drive. There is no charge for these events and the event is open to the public. Participants are encouraged to bring a lunch to the event if they wish! Networking begins at 11:30am and the presentation runs from 12:00noon - 1:00pm.

Non-Noblis visitors are required to show a picture ID to gain entrance to the facility. Please contact Bill Morris ([email protected]) or King Chau ([email protected]) with any questions regarding this event.

Event Details

Date & Time

6 April 2022

12:00 PM - 1:00 PM (EST-05:00)

Location

Virtual Event

Price

Members: Free

Non-Members: 4.99 USD

PDUs

0.5 Strategic; 0.5 Technical

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