Unit 9 Assignment 1
24 May 2914
The most effective risk management practices used by project management in the public and private sectors. The methods described here are appropriate for public- and private-sector project owners’ representatives, including senior managers, program managers, project directors, and project managers. The primary objective of this report is to provide DOE project directors with a basic understanding of both the risk management role of an ...view middle of the document...
This document is not intended as a rigid process to be followed for all projects but as a guide for all project stakeholders to ensure that project risks are adequately addressed.
Identification and analysis of project risks are required for effective risk management. One cannot manage risks if one does not characterize them to know what they are, how likely they are, and what their impact might be. But project risk management is not limited to the identification and aggregation of risks, and it cannot be repeated too often that the point of risk assessment is to be better able to mitigate and manage the project risks. Additional effort is needed to develop and apply risk management.
Strategies: Project risk management tools and methods, discussed in this report, can facilitate this effort. The major steps in a risk management process discussed in this report are the following: Project risk identification, Qualitative risk assessment, Quantitative risk analysis, Risk mitigation, setting contingency, and Portfolio risk management.