Scribd
Upload
5 views15 pages

Effective Risk Management in Projects

This document outlines a 5-step process for managing risks in projects. The steps include: 1) identifying risks that could positively or negatively impact the project, 2) assessing the probability and impact of risks to prioritize them, 3) planning actions to reduce threats and exploit opportunities, 4) monitoring risks and implementing action plans, and 5) measuring the effectiveness of actions and controlling risk impact. Managing risks professionally and consistently is important for meeting project objectives.

Uploaded by

Darrick Schwartz
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
5 views15 pages

Effective Risk Management in Projects

This document outlines a 5-step process for managing risks in projects. The steps include: 1) identifying risks that could positively or negatively impact the project, 2) assessing the probability and impact of risks to prioritize them, 3) planning actions to reduce threats and exploit opportunities, 4) monitoring risks and implementing action plans, and 5) measuring the effectiveness of actions and controlling risk impact. Managing risks professionally and consistently is important for meeting project objectives.

Uploaded by

Darrick Schwartz
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

A special lecture for IRAQs Kirkuk Global Leaders July .

2013

Managing risks
is imperative for success
especially in projects need to have a process/s

five steps project manager/s can use

Do it Professionally
risk management processes are cyclic start from identification of a risk, and may result in identification of another

New risk each individual has different opinions & ways to deal with risks, So

risk should be consistent to meet project objectives documented in a risk management plan

The Process

STEP 1-Identify Risks


Identify risks that affect the project
positively or negatively, and document their characteristics

Do this as thoroughly as you can

Identify Risks Mind Map

STEP 2-Assess & Analyze Risks


Assess the risk impact
Analyze the probability of risk occurrence, and prioritize the risks

numerically analyze the effect of identified risks on project objectives usually on cost, schedule and scope targets

Perform Qualitative Risk Analysis Mind Map

Perform Quantitative Risk Analysis Mind Map

STEP 3-Plan Actions


Explore all the possible ways to

reduce the impact of threats , and/or exploit opportunities

Plan actions to eliminate

the risks and/or enhance the opportunities


Action plans should be appropriate, cost effective, and realistic

Plan Risk Management Mind Map

STEP 4-Monitor & Implement the Action


Track the risks throughout the project
If risks occur then, implement the risk strategy based on action plan Risk strategies may include

Mitigation Acceptance Avoidance, and Exploitation

Plan Risk Responses Mind Map

STEP 5- Measure the effectiveness & Control the risk impact


Measure the effectiveness of the planned action and
controlling the risk impact

by understanding risk triggers & timely implementation of planned actions

Monitor & Control Risks Mind Map

You might also like