Project Risk Management
Shaun Gurmin
Risk Management Risk Management is a combination of two elements: Risk Assessment Risk Control The utilisation of these two elements reduces project risk and increases project success
Source: http://www.netcomuk.co.uk/~rtusler/project/principl.html
Risk Assessment This Consists of: Identifying Uncertainties Analysing Risks Prioritising Risks
Identifying Uncertainties This Involves: ď‚— Investigating the entire project plans and looking for areas of uncertainty ď‚— Simply by indentifying these uncertainties reduces risk because once they are acknowledged they can be prepared for
Analysing Risks This Involves: ď‚— Specifying how those areas of uncertainty can impact the performance of the project, either in duration, cost or meeting the users' requirements. ď‚— The risk register also known as risk log is involved in this process
Prioritising Risks This Involves: Establishing which of those risks should be eliminated completely, Because of potential extreme impact, which should have regular management attention And which are sufficiently minor to avoid detailed management attention.
Project Risk Assessment
Summary for Risk Assessment ď‚— It is essential for reducing risk ď‚— It allows people to determine the most dangerous risks ď‚— It provides an avenue to help consider how these risks
should be prepared for