4 project management risk management
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This document outlines the key steps in risk management: identify risks, analyze and prioritize risks based on potential damage and likelihood of occurrence, develop response plans to mitigate risks, establish reserves to account for known and unknown risks, and continuously monitor and adjust risk strategies as a project progresses. It also notes that effective risk identification requires a critical attitude and consideration of all possible problems based on the assumption that anything that can go wrong, will go wrong.
4 project management risk management
- 1. Copyright © RLabs 2013
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- 6. Defining Risk Management Copyright © RLabs 2013
- 8. Analyze & Prioritize Identify Risk Establish Reserves Develop Response Plans Continuous Risk Management Copyright © RLabs 2013
- 9. Identify Risks Systematically find all the factors that threaten project objectives Copyright © RLabs 2013
- 10. Analyze & Prioritize Assess each risk in terms of its possible damage and likelihood of occurrence. Most projects have an enormous number of potential risks. Copyright © RLabs 2013
- 11. Develop a Response Create strategies for reducing the possible damage or the probability that the risk will occur Copyright © RLabs 2013
- 12. Establish Reserves Set aside additional funding for the project that will be used in case of specific risks- the known risks- occur, as well as funding for the unknown risks Copyright © RLabs 2013
- 13. Continuous Risk Management Implement the strategies and monitor the effects of these changes on the project. Risk strategies may require fine-tuning as they are put into effect. Copyright © RLabs 2013
- 14. Murphy's risk management law The art of identifying risks begins with a critical attitude. Because we're trying to find problems before they emerge, it's appropriate that "anything that can go wrong will go wrong". Copyright © RLabs 2013