Risk Management Process

Risk monitoring and control is the next step and involves the owners of the risks to monitor various risk triggers. This works by scanning the project environment for both identified and unidentified threats and opportunities much like a radar screen (Marchewka, 2009). This approach directly relates to how to respond to the risk. Risk response allows the owner of the risk to commit resources and take actions once the risk is known or opportunity is available. This action usually follows the planned risk strategy.

All risks should be identified on a risk assessment so they can be monitored and review

Activity 3: Regularly provide and clearly explain to the work team, information about identified hazards and the outcomes of risk assessment and control

* 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

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:

Receiving effective information to allow the right information to assist with analyzing the risks involved. The effective information can be broken down in a work breakdown structure and tracked through a checklist. The tools and techniques that will assist in the accurate tracking and monitoring include an activity information checklist, interview methods that involve personnel with their direct work responsibilities. Additional techniques include studies conducted throughout the organization on processes and producers to include lessons learned from past projects. In analyzing risk there are two methods such as qualitative and quantitative risk analysis to assist in making the analysis process straightforward.

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

There are two main steps in risk management: Risk assessment & Risk control. The first primary step, risk assessment, involves risk identification, risk analysis, and risk prioritization. The second primary step, risk control, involves risk- management planning, risk resolution, and risk monitoring. An effective project risk management process consists of nine components they are: System Characterization, Threat Identification, quantify risk impact, Control Analysis, Likelihood Determination & prioritize risks, impact Analysis, Risk Determination, Control Recommendations, Results Documentation. Above sequence is the most effective as

Risk Register is master document created at the beginning of the project. It can useful to know the risks, tracking the responses, making the decisions and resolving them. It not only identifies the risk

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