Project Risk Management - Fluidity in Risk Planning Case Study

1098 Words Apr 8th, 2013 5 Pages
Risk Paper 2
Project Risk Management- Professor Hurst
Fluidity in Risk Planning – A Case Study
One of the most important steps within a project is risk management because it plans for and responds to risks that impact the overall project deliverables including budget and timeframe. Risk management is used to mitigate risk in ways that align with each individual risk and its potential impact. During the risk management process risks are identified and defined and a plan to control, monitor and eliminate them is created. Risks from all areas are brought up during these brainstorming sessions of the risk management planning phase and are planned for accordingly. The work breakdown structure of the project is used as a guide when
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Phase one was a simpler stage of the case study because it consisted of brainstorming and risk identification without taking into consideration the positive or negative impacts a third party would have. This does not mean that it didn’t plan for those as phase two was to follow once tender submissions were received. Phase two, however, had a more compelling assessment of risk because it had a map already outline and it just needed to follow it to arrive at the best possible location or situation. The first phase identified risk assessment formulas to quantify the risks; it created a baseline of risks and audit proof steps to follow. With those results in mind, the second phase was more concrete because it followed the steps set forth by the first phase, analyzed the impact of the actions of the tenderer on the baseline risks, assessed those, ranked them and then assigned numerical values using the formula set forth in the first phase. These two cases are so much alike yet they are so different as well. They are alike because they use the same process to identify and rank risks but their baselines are different. The first case, phase one, started with a blank slate using the WBS to identify risks while the second case, phase two, used the baseline set forth by the first phase and used the WBS to explore new ways and their impacts on the overall project. Both phases of this case study are crucial in risk management projects and are enforceable whether a

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