A Comprehensive Risk Management Strategy

The last step in a risk management plan is to evaluate the risks. This is a learning step and works to provide experiences gained form working with risks. This evaluation should consider all aspects of the plan and identify best practices. The evaluation should answer the questions pertaining to how the project team did, what could be done better, what lessons were learned, and how can best practices be incorporated into the risk management process. This risk evaluation helps to influence how the organization will plan, prepare and commit to future risk management plans.

In other words, we will first and foremost develop a risk management plan, identify the different risks associated to the project, then conduct a qualitative risk analysis.

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

Therefore, the risk process places a high emphasis on risk workshops, initial risks, and how risks are identified throughout the course of the project. The next two sections describe different methods of identifying risks.

Risk management is a process for identifying, assessing and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. There are a number of risk management standards including those developed by the Project Management Institute the International Organization for Standardization the National Institute of Science and Technology and actuarial societies. Organizations uses different strategies in proper management of future events such as risk assumption, risk avoidance,

Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,

You must identify potential risks to a specific project planed develop a risk plan to monitor and control risks effectively, identifying preventative and contingent actions to prevent the risk from occurring or reduce its impact, to increase the chances of achieving project success.

3.2.1. Identify risk: In this step the sources of risks facing the business are determined. The step is performed by teams through brainstorming, reviewing past projects in order to generate a comprehensive list of risks based on events that may create, enhance or prevt the achievement of objective

The risk management process is iterative; therefore processes are handled in sequence (Phillips, 20090. Initially, the first phase of the Risk Management process is risk assessment, including risk identification and risk analysis. The next phase is risk response which decides what should be done about assessed risk (Seyedhoseini, SM; Hate, MA, 2009). The diagram below in Figure 1, illustrates the project’s risk management processes and procedures for this project.

Next, the risk management process would identify the potential risk sources; evaluate the individual risks and effect on cost,

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

According to Gray and Larson (2006) a risk management process commences with identification of risk as shown in Figure 6 below. Shaw, Saayman, M. & Saayman, A. (2012) stress that in order to manage a risk, it must first be identified, before any type of risk management programme can be put into action. After risk identification risk assessment follows, which is followed by a risk response development stage which entails developing a strategy to deal with the situation. The final process is strategy implementation, which is executed in line with change management good practices. This part of the process should be considered as the most important function of the risk management programme and thus should be treated in a structured, systematic and well-managed fashion.

As with the definition of risk, there are equally many accepted definitions of risk management in use. Some describe risk management as the decision-making process, excluding the identification and assessment of risk, whereas others describe risk management as the complete process, including risk identification, assessment and decisions around risk issues.

The Risk Management Plan has been created in the Planning Phase of the project and is monitored and updated till completion. Monthly Reports should cover what effects any risks have caused to the project and what can be done on a daily bases to keep the impact of effects at its lowest at all times.