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Why Benjamin Franklin Was So Awesome
Almost everyone who has graduated from high school knows that Benjamin Franklin was a famous American.Most of us have read that Franklin used a lighting rod to prove a theory he had about electricity. Others remember that he was the one who invented the bifocals which many of us wear today. (I just ordered a new pair of trifocals; thanks to Ben, I see better.)But few of

appear.

At the end of the designated brain storming period, everyone sticks their risks on the wall under pre-agreed headings, for example Bid Management, Technical, Procurement and so on and duplicates removed.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect

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In the Defence industry, Risk Management is paramount. Most Defence companies have a whole department dedicated to it. No bid or project can start without a Risk Management Review and no bid will be accepted by a potential customer without the inclusion of a Risk Management Plan.

Risk Management is an ongoing process - it's "cradle to grave", starting on receipt of an invitation to tender, covering the bid period, the life of the project up to delivery then on through subsequent support phases.

The process, following distribution of an invitation to tender, will be that the allocated Risk Manager calls a meeting of all the department heads or their representatives. Thus, the attendance in respect of a sizeable bid will be something like: Risk Manager (Chairman), Project Manager, Bid Manager, Marketing Manager, Technical Lead, Quality Assurance, Configuration Management, Integrated Logistics Support and Verification and Acceptance Representatives, Procurement Manager, Contract Manager and Finance Manager.

A full day will be allocated to the review and a number of systems may be used but one favourite is brain storming. Each member of the team writes as many risks as they can think of on sticky notes. These risks may be anything from "insufficient resources in contracts department put delivery of bid on time at risk" to "lateness of supplier deliveries delay programme". As with most brain storming, anything goes, no matter how stupid an idea may appear.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect

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of an invitation to tender, covering the bid period, the life of the project up to delivery then on through subsequent support phases.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect

E-Procurement
E-Procurement is the process of purchasing goods electronically. The various stages of electronic procurement include identifying vendors or suppliers, placing orders and the arrival of goods. E-procurement helps to improve the efficiency of the purchase process and decreases the cost involved in traditional purchasing. Most of the paper work is eliminated, thereby cutting the cost a

something like: Risk Manager (Chairman), Project Manager, Bid Manager, Marketing Manager, Technical Lead, Quality Assurance, Configuration Management, Integrated Logistics Support and Verification and Acceptance Representatives, Procurement Manager, Contract Manager and Finance Manager.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect

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but one favourite is brain storming. Each member of the team writes as many risks as they can think of on sticky notes. These risks may be anything from "insufficient resources in contracts department put delivery of bid on time at risk" to "lateness of supplier deliveries delay programme". As with most brain storming, anything goes, no matter how stupid an idea may appear.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect

Project Management - Reviewing the Invitation to Tender
The team members are in place, many of whom will have been pillaged from other projects and you need to set them to work. The first priority when managing a bid is to have the customer's bid documentation reviewed. No one person is an expert on all aspects, which is why you have a team comprising members from all different disciplines and that is how you divide up the paperwork. T

appear.

The risks are then graded within their headings from the worst impact on the project and the highest likelihood of occurring down to the least effect and least likelihood of impacting. The top 20 (this could be 50 or more for a very large and complex project) worst risks are then discussed in detail in order to formulate mitigation and contingency plans and to assess the possible cost in terms of both time and money should the risk impact.

Each risk is given an owner within the team, even if the risk is seen to be one over which only the Customer has control and following this initial meeting, each risk owner is interviewed by the Risk Manager. The purpose of the interview is to obtain the agreement of the individual that the mitigation and contingency plans are possible and workable and that they will accept responsibility for that particular risk.

The Risk Manager compiles all the risks and their associated data and produces a chart showing the risk, its possible impact, the percentage likelihood of its impacting together with associated plans and ownership. The chart, or Risk Management Plan, is circulated amongst the project team for approval and when that process is complete, is formally baselined and issued as part of the bid or project plan.

The next article will detail the management of the risks as they threaten the project.

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The world of Franchising is full of claims and the statistics always seem to say that Franchises are the safest way to go in to business. But can we always rely on the numbers. Here are ways that the numbers do not give the whole picture

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