Unit 7 P3

The second step is to determine if the risk are from human nature or from natural causes, if they are from human nature it is important to find out if there are any ways to eliminate or at least mitigate the risk and if the company can do it what would be the cost.

Good risk assessment requires an elaborate plan. A risk management plan is a project management type that helps ensure that an organization reaches desired goals in a given project (Gibson, 2010). Like every plan, caution should be taken to make sure that goals of the assessment are achievable given the best accommodation of time and cost. This calls for organization to have a risk scope. Risk scope simply identifies the boundaries of a given risk assessment. This is

Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project 's risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential to impact the outcome of a project.

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

We train our employees to speak up if they see a potential safety issue. Whether it is a spectator who has ventured too close, an overhead power line that poses a potential risk for a truck driver or a speeding driver who does not appear to realize that he is headed directly into the work area, our employees are trained to handle the issue appropriately.

The risks on the project will be tracked, monitored and reported during the project. The risk register will provide a guide to the team for risks to monitor. The risk register contains all the identified risks along the risk scores, RPN, and responses to the risk if they were to

There are a variety of different factors that influence the design process. The first one is the client’s needs and amount of money they have, the design has to suit the client’s needs so that the design meets what they like. Therefore the design will need to change to suit their needs. Their design needs to be suitable to the amount of money that they are willing to spend so that it is affordable, this then reduces the chance of abandoning the project. The client can influence the design by wanting the latest taste and technology however this all comes down to the cost. Secondly the more knowledge and experience that the people involved have the more chance the design process runs smoothly as everyone will understand what to do.

The purpose of this Risk Management Plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. The purpose of the Risk Management Plan is to establish an approach to monitoring, evaluating, and managing risks throughout the life of the project. A risk is an uncertain event or condition that, if it occurs, has a negative or positive effect on the project’s objectives. The risk management process will identify potential risk sources; assess individual risks and impacts on performance, cost, and schedule; evaluate alternative approaches to mitigate high and moderate risks; and develop action plans to handle individual risks. This document will state the various risks with their classification, mitigation and handling strategies, impact on cost and schedule, and action items.

3.3.6. Information, training and supervision are provided for all employees in the correct use of plant, equipment, chemicals and other substances used.

Reviewing the procedure and investigating the strategy and the way it is mapped out is very simple for anyone to follow, whether in the event of a risk or simply amid an audit the procedures takes into account simple proficient use. The main shortcoming I can discover is that the obligations chart is not sufficiently detailed enough, it does not advise where or how to find the significant individual responsible for the application of that hazard.

To Identify risk you need to use different techniques such brainstorming technique, assumption, SWOT analysis, cause and effect, historical records review, check lists, diagramming techniques and checklist analysis. In my work place brainstorming technique was used widely to identify the potential risks that may arise during the project life cycle. Other technique such historical records review also were used but generally brainstorming was the most favorable to me and to other team members. Brainstorming technique promoted creativity and cooperation within my project team. Having regular team brainstorming session encouraged my team members to put their creative ideas forward. This technique helped us with decision making to developing

Compiling a comprehensive list of internal operational challenges and risks is vital to developing a risk profile. Risk profile must be updated throughout the project, including the unanticipated risks caused by new investments. Proactive, consultative engagement is required for risk profile to be effective.

Overhead power lines run parallel with the northern border of the compound at a height of 5 meters. Current risk controls include the existing compound fence, Standard Operating Procedures which detail requirements for working near the northern fence line, signage, and regular inspections. However, the construction of the new perimeter fence will require access to the area surrounding the overhead powerlines and the use of a small crane making some of the current risk controls ineffective. As such, the hazard has been assigned a likelihood level of Possible. Such an occurrence could result in death or permanent total disability, giving the risk a consequence level of Major. Thus, the hazard has an inherent risk rating of High (12).

For risk management is to be effective, it has to be measured, reviewed and monitored (ISO AU/NZS 31000:2009, pp 14). This could also be very difficult without a good understanding of each particular risk.

Risks are available in several forms and it’s vital to grasp the various forms of risks that area unit out there thus you'll be able to properly assess those that area unit applicable to your business. making a listing of known threats will assist you organize your risk assessment. If you're assessing your business internal setting take into account money, marketing, operational, strategic and workforce risks. External business environments embody risks like the dynamical economy new market competitors and natural disasters. Some threats don't seem to be as simply noticeable thus playing the identification method as a team will facilitate to form certain nothing gets unmarked.