Managing Projects Essay

576 words - 3 pages

Deliverable 4: Risk Management

Table of contents

1. Introduction

2. Scheme Used for Risk Management.

3. Risk Management Strategies
3.1. Risk Register
3.2. Risk Treatment

4.Risk management incorporated as activities in project

5. Others

1. Introduction.
It should not surprise to anyone that the concept of risk and its identification, management and control risk will be one of the major forces the project stakeholders. We will need to collectively address and acknowledge by all the project stakeholders to the project all exist in an climate of change-and change brings with it one constant :risk.

The goal of risk management is to ensure that a suitable risk response mechanism is put in place to reduce the resulting consequences in the project.

2. Standard Used for Risk Management Process.
Standard "AS/NZS ISO 31000:2009 is used for this proposed project to mitigating ...view middle of the document...

Because projects manage change from the concept stage through to the finalisation stage, risk is not restricted to any particular stage in the project life cycle.

We have taken considerable actions to reduce the level of risk of this project. During the project cycle, we will have ongoing monitoring and management and actual treatment as and when necessary to eliminate the risk. Risk treatment will be included in “Standard operating procedures” and also assign responsibility appropriately. We have developed the mechanism to check that treatment actions are carried out throughout the project cycle.

4.Risk management incorporated as activities in project
Risk management is a life cycle perspective. Consider the changing make-up of the project team throughout the project. It is incorporated as activities in project. Given the increasing demands being placed on project personnel in most walks of life these days, it would be a wise project manager and/or stakeholder who assess this source of risk to the project throughout the life cycle. This action can be managed of the risk continually.

Project Manager and team have to communicate the risk to the stakeholder during every stage and never forget to experiment with the schedule by factoring in the risk consequences. Risk assessment and its management is a proactive step performed in advance of the reality hitting the project.

Ongoing risk management tasks using the range of tailored response or control basic strategies to enable Project manager to manage the risk. These will allow Project manager to accept, mitigate, eliminate/avoid, transfer or share the risk.

5. Others
The scope, magnitude and impact of risk are dynamic, may change throughout the life cycle of project. We have attempted to remove the subjectivity from both probability and consequence estimates. The management of risk have been assigned to authorised stakeholders to be managed effectively. We will review and possibly update the risk management strategies to the project throughout the life cycle.

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