Assignment : Risk Management Plan

Indeed, Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. (PMBOK Guide - Fifth Edition, 2013).

Risk refers to any potential problems that would threaten the likelihood of success for or any project. These potential problems might prevent a project from achieving some or all of its objectives by increasing time and cost. Risk factors can even

Risk management is the process of prioritizing various risks to determine a the best course of action to take given set resources, importance, or abilities. Risk is determined by a simple mathematical function.

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

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

After the risk assessment tool was used to evaluate the risk to the organization, an appraisal of all potential risks were identified, for the initial part of the project through brainstorming. The following are risks that have been identified initially for this project:

Risk management is important because it helps identifies the known threats within a project. This management method can exposed the strength, weaknesses, opportunities and threats (SWOT) analysis of underway projects. Risk management plan provides documents of procedures throughout the whole project. The project team should review the documents as well as corporate risk management policies, risk categories and lesson learned reports. It is very important to learn from the mistakes made from previous projects.

According to Freeney & Murphy ( 2013) risk management is a process of risk identification, response development, risk evaluation, continuous observing and appraisal in order to reduce the risk of injury to patients, staff and visitors. Risk has been defined as “the chance of something happening that will have an impact on the achievement of organisational stated objectives,” HSE (2008) or “the effect of uncertainty on the objectives” ISO 31000 : 2009.

Defined by Coopers textbook, risk is the exposure to the consequences of uncertainty and has two elements: the likelihood of something happening that has an impact on the project objectives, and the positive or negative consequences of something impacting the project objectives (Cooper, Grey, Raymond, & Walker, 2005)

1. Problem Analysis: Keep a note of all the events and activities of a risk management plan. Check out the problems arising from their implementation and assess if they have a serious impact on the whole process. Make a note of those that have serious implications.

Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives 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)

A project risk is an event that has a positive and negative impact on project objectives. A Project risk management plan is critical in identifying, monitoring and reporting risks. This Risk Management Plan defines how risks associated with this ten story-building project will be identify, analyze, and manage. It presents the outlines for risk activities how to perform, record and control or manage throughout the project lifecycle.

The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like