What is Project risk management
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5 October 2018 - 10:20, by , in blog, ITM Institute, PGDM, Comments off

Introduction to project Risk management

A guest lecture was organized on 27th September 2018 at 9:15 pm, for PGDM – Operations & Supply chain and PGDM – IT & Analytics, 2018-20 batch. The speaker for the session was Mr. Sham Phadnis.

Mr. Sham Phadnis is an ex- industry veteran with more than 33 years of industrial experience in National & International companies. He was associated with TATA Motors, Bombay Dyeing & Manufacturing, Al Turki in Oman, Larsen and Toubro, Dodsal Saudi Arabia, headed major projects at Reliance Industries Limited in oil and gas division.

Lecture Report:

The session started with brief introduction of Mr. Sham Phadnis. In his lecture, he emphasised on various aspects of Project, Project Management and Risk associated with it.

The topics discussed were –


  • Definition
  • SCTQ Scope
  • Cost
  • Time
  • Quality
  • Stakeholders

Project Management:

  • Achieving project goals within cost and schedule
  • Plan-Do-Check-Act Concept


  • Definition
  • Concepts of risk tolerance
  • Objectives
  • Perception of risk
  • Culture and personality, etc.

He discussed three kinds of project small, medium and large and their objectives. He gave examples for each project and related it with the real-world industrial situations. Sir discussed about risks in relation to objectives, cost, time, quality, and performance.

Further he continued with project risk management, explained how to increase the probability and impact of positive events. He explained the differences of considerable and negligible risks.

The lecture concluded by summarising the events and their respective impact of risks in different aspects followed by a short video.

Few glimpses of the guest lecture

Prof. Murty sir presenting a token of thanks to Mr. Sham Phadnis sir