Risk Identification Worksheet and Paper - Risk...

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Risk Identification Worksheet and PaperChristopher M. BencoSeptember 26, 2016CPMGT/302Joseph Broberg
IntroductionAccording to "The Economic Times" (2016) “Risk management refers to the practice of identifying potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk”. This paper it will define the risk management process, explain the role of risk management in the project planning process,describe at least two risks and their sources for the selected scenario from the worksheet, outline how risk management may mitigate the risks for each risk listed, and explain how you would document the risk.Risk Management ProcessKloosterman (2014), “All risk management processes follow the same basic steps, although sometimes different jargon is used to describe these steps. Together these 5 risk management process steps combine to deliver a simple and effective risk management process. Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register. Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk. You develop an understanding of the nature of the risk and its potential to affect project goals and objectives. This information is also input to your Project Risk Register.Step 3: Evaluate or Rank the Risk. You evaluate or rank the risk by determining the risk magnitude, which is the combination of likelihood and consequence. You make decisions about

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