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Assignment 1Question: What are the important steps of Project Risk Management?
The key steps to risk management are summarized below.Risk AssessmentRisk Reduction / Minimization / ContainmentRisk MonitoringRisk ReportingRisk EvaluationThe diagram below shows the key steps of risk management in the overall context of analysis and control.As outlined in the introduction, there are two key outcomes for risk management, action and awareness.Through risk control we manage action, through risk analysis we manage awareness.The diagram below shows the breakdown of risk management. On the left we have risk analysis whichcomprises of reviewing risks, evaluating risks and reducing risks. This is the “action” side of riskmanagement. On the right we have risk control which comprises of risk monitoring and reporting. This isthe awareness and prevention side of risk reporting.Name: Gautam GattuPermanent No. 15010161546RiskManagement
Assignment 1Risk AssessmentThe goal of risk assessment is to identify the risk factors that are a part of the activity being undertaken.Basically, it's about working out what could go wrong. For example, the task could be attending a clientmeeting. The possible risk factors would includeDistance from office to client's premisesNumber of people having to attend meetingWhat materials are required for meeting (e.g. Laptop, projector etc)Availability of cabsAvailability of public transportTime of meeting, e.g. Midday, peak hourThe more risk factors there are with a given task, the more that can go wrong.Risk EvaluationOnce risk factors have been identified, then need to check what impact it can have on the task. Followingthe previous example, what would be the impact of arriving at the meeting late?Would you lose the account?Would you get fired by your boss?Would it have an impact on your next review?Nothing, the client didn't mind.If the impact is low, the risk doesn't require much attention.Risk ReductionRisk reduction can also be considering risk containment or minimization. What term are doesn't matter aslong as it is consistent. There are two parts to risk reductionPlans or actions that can be taken to reduce the riskIntroduction of strategies that will minimize the impact of the riskIn getting to our client meeting on time it can take the following actionsLeave earlier (allow more travel time)Shift the meeting to non-peak travel timeCall the client to let them know we are running lateThe idea is to avoid the risk altogether but if that's not possible, have plans in place that can minimize theimpact.Risk MonitoringRisk monitoring has two dimensions to it. Firstly it's about keeping an eye on the risks which are already

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Term
Fall
Professor
N/A
Tags
Project Management, Gautam Gattu, Permanent No

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