Army Risk Management Plan

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.

The course text discusses AS/NZS 4360 approach, which consists of a 5-phase process to manage and control risk. According to the text the risk management process phases are establish context, identify, establish and treat risk while continuously communicating, monitoring and reviewing risk (Cooper, 2005). The premise of risk management is to uncover and understand as much as possible about risks as early in the project as possible. The more one knows about risks the easier it is to make decisions for correct responses. The alternative to risk management is crises management, which in many instances is more costly, and more time consuming. Clements & Gido define a project as “an endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resource “(Gido 4). I had many opportunities to develop a Military Retirement Ceremony, so I decided to approach it as a project risk management plan. At the time I did not know it but we were using the project risk management approach discussed in the text to address the risk associated with the event. The Military Retirement Ceremony project planning began the same as most projects do by determining the objectives. The objectives are described in terms of deliverable, schedule and budget. The sponsor and the customer must agree upon the scope of any project. In this project I worked along side the sponsors.

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.

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

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,

All efforts will be made by the Project Manager to plan for and handle any risks. Continual risk monitoring will be done by the project manager throughout the projects duration.

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,

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

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.

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.

The goal of a risk assessment is to figure out all of the risks and vulnerabilities there are, or could possibly be within a business. The goal of a risk management plan is to then figure out how to mitigate those risks and vulnerabilities to lessen the impact on the business if ever one should arise. Creating a plan helps not only to identify any risks, but also helps to choose the best solutions available to mitigate those risks. If a risk management plan is not created and implemented, there is greater chance of failure.

During the planning process, the project team needs to identify probable issues that may arise in the future of the project while, developing a response plan and dedicate needed resources to mitigate issues before the project fails. The team needs to review documents inputs such as the project charter, project plans, assets, and environmental factors. The project team then uses analytic techniques or tools, expert judgment and meetings to develop a risk management plan. “Risk is always present and spans all parts of the project both external as internal, and therefore it does affect other constraints.” (Wysocki, pps 13-14, 2014). It is also important to note to

Key among the project manager’s obligations is the acknowledgment that hazard specifically affects the probability of achievement and this danger must be both formally and casually measured all through the lifetime of the project in question. Risks inherent to the project emerge from vulnerability of the project. As such, a successful project manager is the person who concentrates on this as their essential concern. The greater parts of the issues that affect a project result in somehow from another risk.

Having identified the risks and grouped them according to severity, the first trade-off the manager has to make is the decision to forego managing the less severe risks and focus on those which pose the most severe threat to the project. More significant risk may include risks which require the entire redesign of the project, whereas less severe risk may include those which cause little or no material changes to the project. Since the less severe risks are likely to cause little or no material changes to the project and use less resources, it is reasonable to trade-off these risks in favour of managing the more severe risks. On the other hand, these risks will remain and continue to pose a threat to the project, therefore they should be recorded in the risk register and dealt with as secondary risks. Risk response strategies should then be implemented to deal with both the severe and less severe risks which have been previously identified and analysed (Elkington & Smallman, 2002).

Risk management plan is very important to exist for an organization to determine risk. Successful Risk Management methodologies permit you to distinguish your venture 's qualities, shortcomings, opportunities and dangers. By making arrangements for unforeseen occasions, you can be prepared to react on the off chance that they emergebecause no one knows what’s going to happen in future.