Project Risk Management

Project Risk Management - 4 things you can do about risk...

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Project Risk Management  Stages of Risk assessment (identify, quantify, respond, control) Project Risk Management  - The possibility that something may go wrong, or at  least not turn out as planned. It is unrealistic to assume that everything will work  as expected.  Risks are different for each project, and risks change as a project  progresses Stages of Risk assessment  Identification and analysis  Planning Identification  Quantification  Response  Monitoring and Control  Avoidance  Monitoring  Mitigation  Risk Management, Recovery, and Controls  Tools assisting with identifications (checklists, categories) G Methods  for assuring communication –Weekly meeting (formal) –Email, Hallway interactions (informal) –Newsletter, Bulletin Boards –Briefing, workshops 2 factors in determining degree/magnitude (low,medium,high,critical)  of risk:   Probability and Impact
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Possible responses to risk: avoidance, transfer, mitigation, acceptance
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Unformatted text preview: 4 things you can do about risk: • Avoid the risk o Do something to remove it. Use another supplier for example. ▪ Transfer the risk o Make someone else responsible. Perhaps a Vendor can be made responsible for a particularly risky part of the project. ▪ Mitigate the risk o Take actions to lessen the impact or chance of the risk occurring. If the risk relates to availability of resources, draw up an agreement and get sign-off for the resource to be available. ▪ Accept the risk o The risk might be so small the effort to do anything is not worth while Strategies for risk monitoring and control Establish systematic reviews and specifically include them in the project schedule Assess the effectiveness of actions taken Identify the status of actions to be taken...
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Project Risk Management - 4 things you can do about risk...

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