This essay focuses on the outcome of a project.Risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective. Risk management involves identifying, assessing, and responding to project risks.
One attribute of a project is that it involves a degree of uncertainty. Such uncertainty can impact the outcome of a project. Risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective. Risk management involves identifying, assessing, and responding to project risks in order to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective.
will increase the chances of accomplishing the project objective. Waiting for unfavorable events to occur and then reacting to them can result in panic and costly responses. Managing risk includes taking action to prevent or minimize the likelihood of occurrence or the impact of such unfavorable events. A project manager cannot be risk averse. They must accept that risk is a part of project management and must address it head-on. Furthermore, the project manager needs to set the tone for encouraging open and timely discussion of risks among the project team. Identify Risks A risk is an uncertain event that, if it occurs, can jeopardize accomplishing the project objective.
which risks may adversely affect the project objective and what the impact of each risk might be if it occurs. Sometimes a sponsor identifies major risks in the project charter when the project is authorize. A common approach to identifying the sources of risks is brainstorming. The risks should be those that are somewhat likely to occur and/or can have a significant negative impact on accomplishing the project objective. Establishing risk categories may help to identify and evaluate risks. Some categories are technical, schedule, cost, human resources, external, or sponsor/customer. Historical information from past projects is another source that can be helpful in identifying possible risks.
on and identify new risks, as well as the estimated impacts of previously identify risks, as more information is known or becomes clear. Assess Risks Risk assessment includes determining the likelihood that the risk event will occur and the degree of impact the event will have on the project objective. Risks can then be prioritized based on their likelihood of occurrence and degree of impact. A risk response plan can be to avoid the risk, to mitigate the risk, or to accept the risk.
Project prices and budgets should include a contingency or management reserve to pay additional costs associated with implementing response plans. E-text book Figure 8.1 depicts a risk assessment matrix, a tool for assessing and managing risks. Assignment; Firstly, Please identify and assess your projects .Risks and input into a Risk Assessment Matrix Please list at least 3 risks. (see Figure 8.1 as an example).
Firstly, submit on time
Secondly, be keen