Risk Management Process Paper

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.

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

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:

2. Risk management should be done at all stages. The initial assessment should be made in the proposal stage then the assessment should be revised and reevaluated throughout the projects life. New risks will become apparent at different stages and other ones will change with different circumstances.

The effort to decrease and evaluate risks to patients, staff, and organizational resources within a health care institution is defined as health care risk management. In order for facilities to minimize financial loss is to reduce accidents and injuries. All health care facilities and providers put risk management in to practice on a continuing basis. In 1985, the senior officers of the The Health and Human Services (DHHS) decided that there was a need to implement policies and procedures on risk management and risk assessment. There was a considerable amount of concern about how the advances in risk management and risk

Project Risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost and quality. All initial assumptions are, in themselves, risks until they are agreed upon by the project stakeholders. The project risks of Aptus Learning Landscape are present in critical success factors / measures of success ( stated in project charter), initial assumptions of project ( stated in project charter) and also in the risk register of ATL construction works. We thoroughly analyze the construction risk stated in the risk register enlisted at the end of this chapter and observe that none of the risks possess a high likelihood of increasing the budget substantially or affecting the time schedule in a negative way. They are all known, internal and negative risk, and can be easily managed by closely coordinating, monitoring and controlling activities of team members. As these risks have low impact, we are keeping them as watch list.

Among the different risk identification methods existing, we have privileged the brainstorming approach which the project manager used for involving and engaging project team members, the project stakeholders, as well as risk experts that have strong experiences in managing risks in similar projects.

Prepare the Scope and Objectives of the Risk Management Process section of the Risk Management Plan based on the facts presented in the case study

The inputs for this risk management process is quite simple, based on our textbook, it only needs the risk management plan and the risk register for applying the risk respond planning process (PMI, 2013, p. 342). Since identifying risk responsibilities is a crucial section within planning the risk responds; and the risk thresholds can help to identify specific risk responses of project risks, the Risk management plan is therefore the crucial element for the planning of risk response process. Moreover, the updated Risk register can provide required risks’ information for developing risk responses, so it becomes another main input for risk response planning process (PMI, 2013, p. 343).

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 realistic definition of risk is “any uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives” (Project Management Institute, 2008). Since risk is associated with uncertainty, it should be appropriately planned for in the early stages of the project. Risk is inherent with any project and should be assessed continually while simultaneously developing plans to address them. Different types of risk we expect to

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