Risk Evaluation Author recognized that the Risk evaluation will allow determining the potential

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

Within that framework, it is important to state that successful project managers mostly differentiate themselves in their ability of addressing, analyzing and managing risks effectively.

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

* Be integrated into all project management activities, and encourage working-level personnel to assimilate risk management principles as a part of their daily job functions

After discovering the risks it may determine the risk tolerance. This is the level of tolerance that is about the risks that may occur (Heldman, 2011). Within a project refers to the level of risk tolerance that can be tolerated by putting in perspective the benefits that occur when taking that risk (Heldman, 2011). Project Manager depart a game of the budget as a contingency reserve. This is used so that in the event of any problems the project is not affected. It is a reserve that is intended to be used in case of emergencies, which can not be addressed through another type of risk (Heldman, 2011) management strategy. Manager can use several strategies to respond to the risks. Strategies to respond to negative risks are: acceptance, rejection, transfer, mitigation (Heldman, 2011). Acceptance is face the risk and accept the consequences of the risk already...Risks can have a positive impact, and for these the project manager uses

Whilst on placement with the Aberdeenshire Council Children and Families Team I adhered to the lone working policy to ensure my safety when out of the office working with clients. To minimise risks, in line with this policy I have my mobile phone with me at all times and ensure I write my day to day diary on the office board with names, times and addresses of where I will be going, and notify staff of my where-a-bouts (Aberdeenshire Council 2014).

Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,

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

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

Others risks involved in such projects include the external risks. These risks are linked to the project externally. They are, for example; new labor regulations, weather, changes in ownership, and in some cases, foreign policies might affect if the project is being carried out in a foreign place. Catastrophic risks can also be categorized under the external risks. The risks include occurrences such as; terrorism, earthquakes, floods, civil arrests and unavoidable circumstances that are most likely to occur unexpectedly. These are physical risks are normally beyond control.

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

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