Refurbishment Of Broron Oil And Gas Limited Three Storey Building

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

Risk management is the process where individual and overall risks are understood and managed, thus optimizing success by minimizing the threats and to maximize opportunities [APM Body of Knowledge, p. 179]. All projects are inherently risky, because it performed by people and subject to the external influences or environment. Risk is something that it cannot be predicted. That is why into the company’s organization, risk management has an essential and vital part in any project whether that is in the planning procedure or to project implementation. Risks are always exists and can be translated as an opportunity to gain benefits. In addition a risk may incur serious monetary losses. The first step of risk management begins when identifies risk. These are identified through several techniques that risk management can select and use. One of the most effective techniques is brainstorming where members are attending meetings in order to gain ideas of either to identify a risk or how to overcome the arising risk. However a document review technique is also applied which is also very helpful, in this technique, documents are reviewed from prior projects which leads to a better understanding of the risks that may do occur. If a company seeks risk management capabilities, is to gaining competitive advantage, riskier businesses seek potential and higher profits.

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

Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying.

To monitor risk within a team, it is essential to understand and identify what risks can occur whilst working on a project. As a line manager, involving the team and getting their input on what concerns them about this project or task will help identify any potential risks (Obeng, 2007). Two examples below to illustrate how I identified and monitored risk.

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 an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited.

During an engineering project life cycle, the common risk management process (risk identification, risk impact assessment, risk prioritization analysis, risk tracking, and risk mitigation planning implementation) meet the required protocols for early and continuous risk identification. The first step, risk identification, brainstorms potential risks that may develop during the engineering system to include environmental or human hazards. The second step, risk impact assessment, clarifies and details the damage of the risk. The third step, risk prioritization analysis, creates a hierarchy of the risks and determines which risk needs to be addressed first then so on. The follow-on steps have two different paths, one path is risk tracking and the other is risk mitigation

For example, in the building alterations, the tasks and the cost could be outlined with a quantitative modeling method. As well as a qualitative method, that includes a matrix, which will assist in developing risk responses that will be effective in mitigating possible risk. When a part was needed for a project deciding if it would be more economical to purchase or make the part. When presented with numerical data with cost, life cycle, and maintenance cost for up keep on two or more products that achieve the same goal. A risk management plan could be used to help access and handle project related risks. As for the risk tree, it could be used to help the project team decide on what the best option is for a task by giving a visual representation of the if then relationships in terms of

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

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