Download - Project Risk Management by Shaun Gurmin
Risk ManagementRisk Management is a combination of two elements:Risk AssessmentRisk ControlThe utilisation of these two elements reduces project risk and increases project
success
Source: http://www.netcomuk.co.uk/~rtusler/project/principl.html
Identifying Uncertainties
This Involves:Investigating the entire project plans and looking
for areas of uncertaintySimply by indentifying these uncertainties
reduces risk because once they are acknowledged they can be prepared for
Analysing Risks
This Involves:Specifying how those areas of uncertainty can
impact the performance of the project, either in duration, cost or meeting the users' requirements.
The risk register also known as risk log is involved in this process
Prioritising Risks
This Involves:Establishing which of those risks should be
eliminated completely, Because of potential extreme impact, which
should have regular management attention And which are sufficiently minor to avoid detailed
management attention.