project risk management

Management
Tutor: None Selected Time limit: 1 Day

Project risk management is important because you can guarantee something will go wrong in any project. Identify three risks that might occur in a project. For each of these risks, what are some mitigating tactics that might mitigate the risks by avoiding them or by addressing them if they occur?

Jun 22nd, 2015

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Type of riskQuestions to askActions you can take
Financial riskWill the project deliver the savings predicted during scoping?Will the funds requested for the project be sufficient to deliver the project?Ensure any quotes come from reputable sources.Review a similar project if available and use any monitoring and verification of their projects to inform your own calculations.Conduct sensitivity analysis to account for variability in the assumptions you make about the costs and benefits of your project.(link to ESMG and RARE information)
Strategic riskWill the funds be used inappropriately, and hinder the organisation’s ability to deliver other corporate goals?Demonstrate how your project links to existing policies and strategies and make sure you follow any processes that are outlined in your organisation.
Operational-technical riskDoes the project involve potential interruptions to normal plant operations?Consult with the relevant managers and specialist expertise as required.
Operational-safety riskWill the project involve safety issues?Most organisations will have an established safety risk assessment protocol that will need to be followed.

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Jun 22nd, 2015

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Jun 22nd, 2015

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