Where Science Meets Practise Seminar Series: Is Your Project Risk Savvy?
Written by Amit Singh Chauhan
About the Speaker(s)
Prof. Dr. Josef Oehmen, Associate Professor at DTU. studies large-scale engineering programs, particularly their risks and risk management approaches. He is a regular contributor to PMI conferences and publications, and led a large PMI research initiative on the management of engineering programs
Trine Veicherts – Since 2007 Risk Manager with the Danish Road Directorate, is a civil engineer with 25 years of experience in Risk Analysis and Construction Risk Management from the consulting engineering industry. Studied risk analysis at UC Berkeley in California and DTU. As a consultant, Trine also worked with fault tree analysis, Bayesian net modeling, decision analysis, evacuation analysis and safety reviews for defense weapon systems. Responsible for project risk management in all major projects in all phases.
About the Event
The event was mainly aimed at presenting the theoretical approach to Risk Management and then extending it with a practical approach towards the same subject.
It was titled, “Is Your Project Risk Savvy” – Discover what you still don’t know about project risk management. It was a 3-hour event with the following agenda :-
- 17:00 Welcome and Introduction
- 17:15 The next big thing in project risk management, Josef Oehmen
- 18:30 Networking in relaxing Christmas Atmosphere with interesting people incl. Christmas snacks and Gløgg.
- 19:00 Project risk management put into practice in road planning, design and construction, Trine Veicherts
- 19:30 Panel Discussion
- 20:00 End of the event
The evening began with an introduction to the presenters and the various research areas DTU specializes in and the esteemed faculty working/researching in those areas.
The first speaker of the evening, Josef Oehmen explored the three "megatrends" in project risk management, where each in its own right has the possibility to (positively) disrupt our current status quo and advance the professionalization of risk management. It was an interesting take on risk management considering the relatively high level of maturity one has reached today, regarding project risk management processes and toolboxes. However as the surveys show that projects still struggle with risks and risk management.
Josef elaborated on the 3 megatrends in project risk management as such
- Risk is not a number but a feeling
- Risk can be quantified not just as probabilities
- Good risk management becomes good project management
He went on to explain what factors affect how we perceive risk and how one weighs in benefits when rating a risk and that cognitive biases make us vulnerable to risks. Josef then spoke about how one can measure risk more accurately and then take steps to assimilate improved risk management when managing projects.
The second speaker, Trine, then spoke about risk management in Road Planning and Construction in Denmark. It was more of a practical insight considering she works for the Danish Road Directorate and had live examples from the current projects ongoing in Denamrk, to quote from.
She talked about how numerous cost overruns in major road projects led to a new set of principles for cost estimating and risk management in the Danish Ministry of Transport. The use of risk management as a management tool at both corporate and project level was discussed. She explained how the applied model for risk management makes the Road Directorate among the leading Danish companies working with project risk management and which led to their projects being under budget and ahead of schedule.
The event ended with a panel discussion wherein the speakers answered questions of the audience and the evening was given a nice Danish touch because there were Christmas snacks and Gløgg on offer during the break. Overall it was a satisfying event and a special note of thanks was sent out to the speakers, to Allan, President of PMI Denmark Chapter and the volunteers from DTU who conducted and coordinated the event.