Manage Risks

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

risks and determine the likelihood and consequence of that risk occurring during the project. The

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.

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

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.

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

Every project is going to experience a certain level of risk and it’s the responsibility of the project manager or event organizer to assess the risk and determine what is acceptable and how to mitigate certain elements if risk, or to elect that the risk is too great and make alternative arrangements.

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

Senior management at DLiS decided that the existing risk management plan for the organization is out of

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:

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

Advancing from level 2 to level 3 requires using a risk register. 'The Risk Register is a tool to assist Project Managers in identifying likely sources of risk and the impact they may have on achieving objective. ' (Government office from the North West,2008). The first step is a brainstorm session to identify risk that may affect the project. It is important that the risks are clearly defined so that the risk is understood clearly and can be tackled. Secondly, consequence and probability of risks need to be rated (e.g. 1-5) and define each rating by their impact or likelihood. Finally, multiply the ratings of consequence and impact, rank the risks from highest severity to lowest severity. (Government office from the North West,2008). Every risks should be assigned to a risk owner which is responsible for managing the risk, a risk response to minimise both the likelihood and impact of the risk and a target completion date for the mitigation. Regular risk reviews need to be done because risks might emerge or become no longer relevant constantly. However, the impact

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

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.

Proactive risk management is crucial during this Phase because it represents the pinnacle of potential chaos in the project’s life cycle. Managing risks during this Phase begins with updating the status of risks while the infrastructure is being built, and ensuring that risk management plans are current. To identify new risks, the task lists from the Envisioning and Planning phases must be reviewed to discover areas of high risk in the build phase. If any item on these lists is unaccounted, it could present itself as a risk during this Phase. The following text must be reviewed to identify risks associated with the operating system and the DB layers.