The Full Risk Management Lifecycle

Decent Essays
1. Please describe the full risk management lifecycle and each step. Provide detail on the weaknesses of each step and what could be done to improve each step. Please do this in at least 150 words
The full risk management lifecycle includes the following steps: identify risks, analyze risks, prioritize & map risks, resolve risks and monitor risks.
• Identify risks. In this step, people may identify risks based on their own experience and knowledge about the project, which might be limited and subject. We can hire experts to provide professional thoughts to improve it.
• The objective of analyzing risks is to identify the risk event, drive, trigger, and impact. In this step, some triggers may be hard to identify or be biased. We can apply cause-effect diagram or other useful tools to decompose risk to the lowest level.
• Prioritize & map risks. In this step, the most difficult part is to figure out the possibility of the risk and impact. We can use statistic tools or ask for experts’ opinion to increase the correctness and effectiveness.
• Resolve risks. There are several methods used t resolve risks, such as transfer, mitigate, and add redundancy. I think this is the most important part of risk management. However, due to the limitation and subjectivity of people’ knowledge, the solutions might be not practical and useful. To improve it, we can involve all the stakeholders together to brainstorm the solutions.
• Monitor risks. In a real project, new risks may occur and
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