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Risk Management Level 2 - Coggle Diagram
Risk Management Level 2
Level 01 Hooks
Project Risk Registers
What is a project risk register?
Definition
- A risk register (PRINCE2) is a document used as a risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g., nature of the risk, reference and owner, mitigation measures. It can be displayed as a scatterplot or as a table
Risk Mitigation
How is a project risk mitigation defined?
Risk avoidance – An organization avoids investments or operations in areas with too significant a risk or cost.
Risk acceptance – Operating with an understanding that some risk will occur in one area so the organization can prioritize mitigating or profiting in other areas.
Risk transfer – The process of allocating a portion of risk to a third party. An insurance policy is one example.
Risk monitoring – Watching for changes in risks and their potential impact on an organization
Monte Carlo Simulation
What is Monte Carlo Simulation
Monte Carlo Simulation, also known as the Monte Carlo Method or a multiple probability simulation, is a mathematical technique, which is used to estimate the possible outcomes of an uncertain event.
PRIMAVERA P6 RISK ANALYSIS TOOL
RICS Management of risk guidance note
Risk Category
What are some examples of a category of risk?
• Commercial Risk
• H&S Risk
• Maintenance/Operations Risk
• Design Risk
• Construction Risk
• Programme Risk
• Quality Risk
• Regulatory Risk
Risk Appetite
Why does the risk appetite influences the risk mitigation strategy?
Determining risk appetite will help you determine the amount of risk the client is willing to “live” with, and how much risk they need to manage. Risk appetite is the level of risk that an organization is willing to accept while pursuing its objectives, and before any action is determined to be necessary in order to reduce the risk
Proactive approach
Difference between proactive and reactive approach?
Proactive
- Being proactive requires extensive preparation, a business must anticipate and address problems before they occur, taking full accountability to avoid consequences down the line. This would mean that all the risks would have been identified, categorised, rated and some form of risk mitigation implemented.
Reactive
- A reactive approach means responding to an event or change in circumstances through audits and evaluations to discover the route cause of the problem. This approach is completely dependent on an incident and can only begin once this occurs. This opens an business up to unexpected or unaccounted potential harm which could proved costly later down the line.
Woodwharf - Risk register
Risk Register
What is a risk register? What were the key risks within the project?
A risk register (PRINCE2) is a document used as a risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g., nature of the risk, reference and owner, mitigation measures. It can be displayed as a scatterplot or as a table.
• Phased handover of the building, how would this be managed via logistics, commissioning etc
• Plant movement – getting AHUs into the basement area before partitions were built
• Access issues within plant room around ductworks
How do you define the rating of a risk?
Risk likelihood against risk severity
How often was the risk register updated?
The risk register would be discussed in every progress meeting. This would be the time to update the existing statuses of the risks or also add any new risks to the register as well.
Poplar - Critical path
Critical path
Why was this issue with the energy centre plant on the critical path risk?
The heating system could not be commissioned without the plant being delivered, installed & tested. With no heating on in the apartments then they could not be handed over in time for the sectional completion dates.
8 Month delay
Why was the waiting time so long? How comes this had not been identified sooner?
As the plant access strategy was via the carpark ramp only, this dictated the timeframe of when the plant could be delivered. As this had been sequenced later into the build, meant that this was the earliest time in which the plant could get into the basement.