Exceptional Project Management – Risk Management

Risk management is an important part of successful project delivery. This article describes the concept of risk and risk management and describes how the use of risk management techniques increases the likelihood of a project successfully achieving its goals

What is the risk?

loss. The risks inherent in each project and can be considered as having any adverse effect on the project's progress or objectives.

What is risk management?

Risk management can be defined as "culture, processes and structures are designed to address potential adverse impacts."

From project management perspective, risk management is a continuous activity throughout the life of the project, aimed at identifying possible transport risks, Assessing the Impact of an Impact Mitigation Plans and Monitoring Progress

Identifying Risks

Risks are being found. Anyone who is involved in the project should be encouraged to think about any problems that may arise and add them to the "risk register" that lists all known project risks.

The risk was initially placed in an "open" state when it was added to the risk record and remained in that state until fully reviewed and an amelioration strategy was established.

If the risk is registered, the person who created the entry also estimates the likelihood of the occurrence of the problem and the size of the project impact if the risk arises. The scale used to represent probability and magnitude can be different between organizations and projects, but I suggest that we simply keep them understood and utilized by those involved in the project.

If you are a project manager or regular risk workshops with the project team and the most important stakeholders. These workshops are used to find ideas to explore additional risks and to help mitigate strategies.

Risk Assessment

Generally, the project manager is responsible for ensuring that all new risks are duly assessed after they have been added to the risk register. Larger projects can have a separate risk manager who has this responsibility.

The first step in assessing new risks is to enforce risk. This includes ensuring that the risk is not duplicated in the records and identifying and separating issues that are real effects rather than future impacts.

After the risk is new, the likelihood and magnitude estimation of the risk factor shall be revised to ensure that they are appropriate and consistent with other risks

Supervision and control

All risks of the record shall be distributed to an owner , who is responsible for defining the appropriate mitigation strategy and for monitoring the risk continuously. Make sure that the risk owner is a person who is able to understand and respond to the specific risks they are exposed to, and to ensure that they are aware of the risk of ownership and consent to it.

Identify one or more mitigation strategies for each risk. This is as simple as determining whether the effect of the risk is negligible and no further action is needed, but in most cases an active strategy is needed to reduce the likelihood of the risk or to overcome the potential impact. It is essential to set clear and realistic dates for each level of moderation.

Regularly periodically, preferably weekly, the risk register should be reviewed to determine whether the activities have been performed and the probability or impact of the risk.

Any risk that may have a potentially significant impact on or likely to occur, the appropriate group or individuals should be enhanced. Likewise, it is necessary to raise the potential risks when the necessary measures have expired. The escalation route depends on the project management structure and is likely to include a project or program office, project sponsor and steering committee.

Improving delivery reliability

Good risk management increases the likelihood or success of a project with a decrease in probability and the impact of negative events on the project. By proactively identifying and preparing potential problems throughout the life of the project, they will be prepared for the challenges as they arise and reduce the potential for potential threats to become real problems

Source by sbobet

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