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Risk Management Planning, MODULE 8: Risk Management Planning Andrea…
Risk Management Planning
Risk :game_die:
any uncertainty event or condition that might affect
Risk Planning :writing_hand::skin-tone-2:
identifying potential problems that can cause other problems to the project, analyzing how likely risks can occur, taking actions to prevent them and minimizing the ones that you can't
.
Risk Evaluation
based on the probability that a risk event will occur, and the potential loss associated with it
Risk Management Plan
a plan designed to eliminate or minimize the impact of risk events
Risk Assessment
Identifying potential risks, and seeing what kind of impact with the risk apply to the project
Risk Management Process
Coming from the Risk Management Plan:
This is both a creative and disciplined process
Risk Identification
:thinking_face:
Identifying the sources of risk such as:
Technical, Cost, Schedule, Client, Contractual, Weather, Financial, Political, Environmental, People
Risk Breakdown Structure
:file_folder:
organizes the risks that have been identified into,categories using a table with increasing levels of detail to the right
Risk Evaluation
:symbols:
When evaluating, one needs a criteria: and we use
impact
and
likelihood
Impact
How much this will deal a loss to the project
Likelihood
How certain are we that this will likely happen in the project?
Contingency Plan
:warning:: in a nutshell these are alternative methods for accomplishing project goals with risk attached
Some project managers allocate the contingency budget to the items in the budget that have high risk rather than developing one line item in the budget for contingencies
Risk Mitigation
:red_cross:
Risk sharing
: partnering with others to share responsibility for the risky activities
Risk reduction
: invest of funds to reduce the risk on a project
Risk avoidance
: developing an alternative strategy that has a higher probability of success but usually at a higher cost associated with accomplishing a task
Risk transfer
: risk reduction method that shifts the risk from the project to another party.
e.g.
insurance on items
Project Risk by Phases
Initiation
risk must be considered in the initiation phase and weighed
against the potential benefit of the project's success
in order to decide if the project should be chosen
Planning
In the planning phase, risks are identified with each major group of activities
Where the
Risk Breakdown Structure
occurs
Implementation
As the project progresses and more information becomes available to the project team, the total risk on
the project typically reduces, as activities are performed without loss.
During the implementation phase, the risk plan needs to be updated with new information and risks checked off that are related to activities that have been performed
Closeout Phase
where agreements for risk sharing and risk transfer need to be concluded and the risk breakdown structure examined to be sure all the risk events have been avoided or mitigated
MODULE 8
: Risk Management Planning
Andrea Carla F. Dioso