Role of Risk Management
Admit and Identify
Measure and Prioritize
Implement a strategy
Implement a Risk Management Plan
Review and Revise Risk Management Plan
Know the degree of threat and uncertainties about future events.
Acknowledge these threats and identify them
Anything that affects the a project on both time and money is considered to be a risk
Classify the purpose of the project and list out the probable risk that environment has. Like, a building project has a risk as hight, equipment etc and when it comes to the road it will be of temperature, machine etc.
Evaluating the probability of risk occurrence
Estimating the positive and negatives of the effect and cost of the activities.
Check on past history and similar situation in order to develop probability estimates and cost estimates
from past experience incorporate risk management tools and assessment methods to evaluate the risk
with the help of the the tools priorities the risk to high, medium and low
Avoidance strategy
Modification strategy
Retention strategy
Sharing strategy
this strategy deal in a way that with help of a prioritization, they will be able to avoid or cease service of an activity that is considered risky
This strategy looks into a situation by modifying the way to tackle to risk. so that it could work out for the similar risk in a more better fashion.
This strategy helps to alleviate part or whole of the risk and get prepared for the consequences.
This strategy involves the sharing of the identified risk between the organisation or team. So that risk and solution of one organization might work well with the other organization.
Involves with the risk management group distributing and educating the plans to everyone affected by the hazard.
Providing risk management training
Geting feedback from the use of the policy in order to understand the degree of success of the policies
Proper flow of information is necessary in order to achieve the success of the implemented policies.
This involves the review of the project activities after the implementation of a plan.
Re-estimating the existing threats and the registered new ones so as to make the plan fitting new conditions of the job management system.
Timely review of the strategies have to be done so that new solutions can be made known to people
Review of the cost has to be done so that financial aid can be incorporated
Eliminates those policies which are proved to provide very less effect as it reduce the cost and time