A risk management is to identify potential problems or incidents and plan out ways of reducing the likely hood of the risk and determining the level of risk and the consequence of the risk outcomes. Risk management plan should be created at the beginning of the project, the plan need to identify, plan and determine the likelihood and consequence of the risk. A tool such as a risk matrix or risk likelihood descriptors need to be present in the risk management plan to determine the risk threshold that is accepted during the project.
1.Identify the risks: Sit down with stakeholders and project staff, to discuss any possible risks that could arise during the execution of the project. E.g. Putting an extremely high performing engine in your car without strengthening the drivetrain, this will increase the risk of part failure due to the increased stress created by the new engine. This will increase the risk of an accident that results in injure or death. Or a manufacturing business moving to a smaller factory to save money on rent, comes with the risk of not being able to produce a product efficiently due to lake of floor space.
2.Identify the causes: what could cause these risk to occur. E.g. the gain in horse power from the engine, along with a lead foot could cause a failure in the weakest point of the drivetrain. Or a poorly laid out floor plan, done by an office staff member that doesn’t understand how things get done out on the floor.
3.Identify the controls: What steps are we going to take to reduce the likelihood of the risk accruing. Before building the engine do some research on the drive train to find out who much power it can take, or identify the weakest part and replace it with something stronger. When...
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...going to be controlled and provide warring signs to monitor when performing the task that is associated with the risk. All Stakeholders need to be involved not just one or two, this way every possible risk can be identified, and all possible controls put in place.
Project team should hold planned meetings with the stakeholders involved with the projects objectives. High level plans for creating the risk management plan are defined in these meeting. Risk cost elements and schedule tasks should be created for inclusion in the project budget and schedule. Risk management responsibilities should be defined so each person is aware of their roll in mitigating the project’s risks. General organisational templates for risk assessment and definitions such as levels of risk accepted and consequence and impact levels that will be tolerated, should be defined in these meeting.
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