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Favi PM Risk assignment.pdf - ST. MARY‟S UNIVERSTY SCHOOL...

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1ST. MARY‟S UNIVERSTY SCHOOL OF GRADUTE STUDIESDEPARTMENT OFPROJECTMANAGEMENTProject Risk ManagementIndividual AssignmentPM2012AName: Favi Kebede AmedeID NO.: SGS/0656/2012ASubmitted to: Muluadam Alemu (Ph.D)March 30, 2020
2Table of contentsContentsPage No.1.Introduction ………………………………………………………………………… 32.Risk management identification tools & techniques ………………………………. 42.1Brainstorming ………………………………………………………………….. 42.2SWOT analysis ………………………………………………………………… 52.3Nominal Group technique ………………………………………………………72.4Checklist ……………………………………………………………………….. 92.5Cause & effect / Fishbone diagram ……………………………………………. 113.Quantitative & qualitative approaches for project risk management………………133.1Quantitative Risk Analysis ……………………………………………………..133.2Qualitative Risk Analysis ……………………………………………………… 144.Reference …………………………………………………………………………..16
3IntroductionRisk is inherent in project management and so is the need to control it. That methodology is calledrisk management, which is as important as planning to making sure a project comes in on time,within budget and of quality. The better a project manager identifies and responds to risk, the betterthe outcome. Risk identification plays a key role in the success of managing risk. Failure in theidentification of risks can cause inadequacy in the whole process of risk management which led tonon-achievement of organizational objectives. Tools and techniques facilitate the process ofidentification, and need to be adopted on the basis of firms‟ characteristics. The difficulty torecognize applicable tools and techniques within organizations is investigated as one of the keybarriers that obstruct practice of risk management.Project risk management is the process of identifying, analyzing and then responding to any risk thatarises over the life cycle of a project to help the project remain on track and meet its goal. Riskmanagement isn‟t reactive only; it should be part of the planning process to figure out risk that mighthappen in the project and how to control that risk if it in fact occurs. A risk is anything that couldpotentially impact one‟s project‟s timeline, performance or budget. Risks are potentialities, and in aproject management context, if they become realities,they then become classified as “issues” thatmust be addressed. So risk management, then, is the process of identifying, categorizing, prioritizingand planning for risks before they become issues.The risk exposure is greatest at the beginning of projects. The uncertainty is high because there isless information in the beginning of projects. Wise project managers start identifying risks early intheir projects. Additionally, capture your top risks in your project charter.
4Risk Management identification Tools & TechniquesThe following are some of the best risk management tools and techniques that professional projectmanagers use to manage their projects against the inevitable risks, issues and changes.

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Term
Winter
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Tags
Project Management, Risk management identification tools

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