Project Risk Management

Project risk management is aimed a avoiding bad surprises once we start executing the have plan. During the creation of the project plan, we identify risk, analyses them and plan our exercise to avoid the risk, transfer it or carry out a contingency plan if the risk occurs. After we have plan our risk management process for the project, we begin by identifying the risks that the project faces. Its big to remember that these risks can be adverse to the project in the mother wit of causing it to finish late or cost more. peril can excessively be positive or favorable in that is may allow us deliver whats expected for less cost and finish early. We do the risk identification process with the project manager, project sponsor, stakeholders and team members. hazard quantification is the process of evaluating the risks that have been identified and developing the data that provide be needed for making decisions The objective of quantification is to establish a way of lay the risk s in the order of importance. In most projects there give non be enough time or money to take proceeding against every risk that is identified.Risk receipt development involves defining enhancement move for opportunities and responses to threats. These generally fall into three categories Avoidance eliminating a specific threat, ordinarily by eliminating the cause Mitigation reducing the expected monetary place of a risk event by reducing the probability of occurrence, let down the risk event value, or both. Acceptance accepting the consequences. Risk response realize is the process by which risks are kept in the pass of management discussions and thus, reviewed on a cyclic basis.Items that the risk register will hold in order to monitor and drive this process will include Outstanding action Action owner Action proceeds date Action status Action response and Action close-out date. The Risk Control Group will monitor the progress of the implementation of the c oncord risk control measures. This will ensure that all risk control measures are incorporated efficiently and that any variations in the measure or any changes to the risk profile are identified and appropriate action is taken. The Risk Register will be a dynamic, growing history and will be updated, amended and revised on a rhythmical basis.