Cmgt 582 Week 4

First the risk assessment is taken on and this is about judging how likely the hazard could affect others and how high the risk of the hazard happening. Also the organisations are to report whether this sort of hazard has occurred earlier in the workshop.

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.

A risk can be threat or an opportunity. Action plan is worked out for each of the “top risks” (high priority risks), by finding ways to reduce or eliminate threats, and find ways to make opportunities more likely or increase their impact. Work involves in identifying response. Responses can be Avoid, Accept, Transfer, Contain and Reserve. Mitigation or Contingency Plan should be worked out. This plan needs to have greater details for high impact risks. Risks also need to be assigned to the owners, where required. Risks that are low on priority are left out of response planning activity. These are “residual risks”. New risks that result from the implementation of the contingency plans for the primary risks are also

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.

A typical Risk Management plan (RMP) has five steps – Plan, Identify, Assess, Respond, and Monitor. As we discuss the five steps in details, it would be evident that they hold good in every set up in a business – be it IT or non-IT environment.

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,

date, and that a new risk management plan must be developed. Because of the importance of risk

Risk management needs to be an ongoing process, occurring throughout the project, because of the ever-changing aspect of risk. ATOM process includes both major and minor reviews to maintain the vigilance required when dealing with project risk. Major reviews are designed to occur at key points in the project to review the status of the risks and to evaluate the actions taken. Reviews evaluate the effectiveness of the risk plan and make changes to that plan to keep up with the changes in the risks. The major review is scheduled for major milestone points in the project, identified as part of the risk. management plan. The risk register should have all the current information about the risks when the review begins. In addition, the project manager will provide information with regards to the project status and the review point. The risks will be reviewed with regards to their status, changes in probability or impact, and the actions described for the risks. Any new risks will be assessed and actions will be identified. Because risk needs to be monitored throughout the project and not just at major points, our process would contain provisions for minor reviews too. Minor reviews are designed to fill the gap between the initial risk assessment and the major review and to be ongoing throughout the project. It carries out the reviews of the major review on a less-detailed scale. After a review of both, an updated risk register is produced. Updates to the project plan to better manage potential risks may also be an outcome of the review. We will have risk review meetings also. Performance measurement system for our project would track the following metrics:

Integrate RM into all phases of missions and operations. Effective RM requires that the process be integrated into all phases of mission or operational planning, preparation, execution, and recovery on a continuing basis. It is much more cost effective to plan up front during building construction and renovation to imbed safety, fire and environmental protection systems than to retro-fit after the fact.

This task will be completed using the Risk Management Process this process has the following headings which will be elaborated on during the final project. Background Planning, Asset Analysis, Threat Analysis, vulnerability Analysis, Risk Identification, Risk Analysis, Risk Treatment, Monitoring Risk.

Answer: The key steps in the risk management process are: a) identify the risks; b) evaluate the potential frequency and severity of the losses; c) select the risk management methods to be used; d) implement the risk

This risk management process should be delivered to all employees via training. This process should train personnel to identify any hazards that may be present in the work area and should equip employees to appropriately manage the risk. Hazard reporting is conducted through dedicated safety software and remedial action

Discuss the risk management process presented in the course text (Page 8 of session 1). Apply it to a specific risk present in your own workplace and pay particular attention to any secondary risks that may be introduced.

Managing risk is an important task for any project manager. After s/he has determined what risks exist for the project and assessed their importance, s/he needs to choose a strategy for dealing with each risk if and when it comes into play. According to Swanson, the risk assessment is critical because it enables the person responsible for contingency planning to focus risk management efforts and resources in a prioritized manner only on the identified risks. The risk management process includes the risk assessment and determination of suitable technical, management, and operational security controls based on the level of threat the risk imposes (Swanson, 2001). Minimize the chances that the risk will occur, develop

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.