The Risk Management Pl A High Level Overview Of The Project Essay

Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented (Larson & Gray F, 2003). So, risk management will allow the project manager of “The Renovation of the Terminal B at LaGuardia Airport” identify as many risk event as possible, minimize their impact, manage response to those risks that do materialize, and therefore provide

The project manager working with the project team and project sponsors will ensure that risks are actively

The insured has over twenty (20) years experience in this field and have been operational on the premises for approximately seventeen (17) years with no known losses or claims. The building measures approximately 12,000 square feet. Business hours are 8:00 AM-8:00 PM Monday- Saturday and from 10:00AM-4:00PM on Sunday. The risk is an automobile dealership. They are an authorized VW- new car dealership. They will sell new and certified used vehicles. They do operate a service and parts department. The risk does not have a body shop. The risk does not engage in any towing operations. However risk does have an official roadside assistance service provide by the dealer ship.

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

The high risk in red is venue selection. The moderate risks in yellow are under budget, promotion, venue location, legal issues, natural force delay, and bank doesn’t approve loan. The low risks in green are grand opening troubles, ahead of schedule, and design change.

The procedure adopted for risk management in this project will ensure that project team and sponsors are able to effectively identify, analyse, manage, and minimise the impact of risk throughout the lifetime of the project.

During the integration phase of any competently designed project management program, the effective evaluation of potential risks is a critical component for managers and other project leaders tasked with supervisory role. The sheer number of unforeseen circumstances which can arise during the course of a business project is daunting indeed, but proper project planning requires the anticipation and neutralization of various risks to assure that a goals are met without external disruption. According to the authors of Integrated Project Management, a recognized authority on the subject of risk management, "every project plan approaches work structure and tasks in terms of overcoming uncertainty and barriers to project completion," and this universal approach to risk management is based on the tenet that "risk is inherent in a project simply because projects are usually new and different from past work and because there is a level of uncertainty and risk involved in every aspect of the project" (Barkley, 2006). The fact remains that innovative and enterprising ideas typically result in experimental projects involving untested techniques, and the innate uncertainty of these business projects creates a litany of risk factors. Managers and project leaders who are capable of predicting risks and adjusting to them, rather than simply reacting when risks are manifested, are those who routinely encounter the most consistent success in the world of business (Raz, Shenhar & Dvir,

This process will be used by the entire project team. As such, this document defines the

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

As we know there are some uncertain events that can impact to the project objective that called Risk. Therefore, I consider the following set of process that Risk Management must do these. Overall, Risk management should involve identifying, assessing, and responding to project risks in order to minimize the likelihood of the potential impact of the events on the accomplishment the project out comes. Managing risk includes taking action to prevent or minimize the impacts.

During the planning process, the project team needs to identify probable issues that may arise in the future of the project while, developing a response plan and dedicate needed resources to mitigate issues before the project fails. The team needs to review documents inputs such as the project charter, project plans, assets, and environmental factors. The project team then uses analytic techniques or tools, expert judgment and meetings to develop a risk management plan. “Risk is always present and spans all parts of the project both external as internal, and therefore it does affect other constraints.” (Wysocki, pps 13-14, 2014). It is also important to note to

Once you have an expected risk analysis, as a project manager you would need to enforce a mitigation plan to avoid, or mitigate these risks. As a project manager you have the choice to share, accept, or control the

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

Risk mitigation planning is the process of developing options and actions to enhance opportunities and reduce threats to project objectives. Risk mitigation implementation is the process of executing risk mitigation actions. Risk mitigation progress monitoring includes tracking identified risks, identifying new risks, and evaluating risk process effectiveness throughout the project. General guidelines for applying risk mitigation handling options are mentioned below. These options are based on the assessed combination of the probability of occurrence and severity of the consequence for an identified risk. These guidelines are appropriate for many, but not all, projects and programs.

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