Project Risk Management

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

Risk Assessment

This Consists of:Identifying UncertaintiesAnalysing RisksPrioritising Risks

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.

Project Risk Assessment

Summary for Risk Assessment

It is essential for reducing riskIt allows people to determine the most dangerous

risksIt provides an avenue to help consider how these

risks should be prepared for