Essay On Project Risk Management

3.4 summarise the types of risks that may be involved in assessment in own area of responsibility.

Weigh up the risk: a risk is the likelihood that a hazard will cause harm

Assess the likelihood of occurrence and the impact of the assigned hazard to where you live. Tell us your assigned hazard, the vulnerability of your area to that hazard, then the likelihood that the hazard will occur. Rate the risk assessment on a scale of 1 to 10, with 1 being low risk and low vulnerability and 10 being high risk and high

* Estimate the risk level and probability and then determine the severity using the risk assessment matrix

Develop a list of risk breakdown structure (RBS) categories for this purpose. Justify each category within your RBS.

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

Determining the level of risk should be broken down into 4 categories: low, medium, high or very high. A consequences scale should also be created. Different levels of risk bring on different level of consequences.

Make a relation between the hazard their likelihood and how badly could someone be hurt by this hazard, and develop a risk scores and suggested action time frames.

Proper survey and the complete scenario is taken into consideration about risks in the organization which enables the proper risk assessment. Potential of each threat or risk is evaluated and graded in order to reduce the impact of the risks or reduced the probability of its occurrence.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

The way the report has classified the risk is whether the risk is a generic risk that will affect the whole industry of whether the risk is specific to the company.

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

 analysing the risks to determine the level of risk, which is defined as the

The operations on a FPSO encounters many hazards or risk to personnel and the environment. Production facilities on the FPSO increases the risk associated with many marine incident.