Appendix C: Risk Management Plan

Many types of risk are created – risk to the project, to the organization, to the employees involved and to the individuals supporting the change.

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

risks and determine the likelihood and consequence of that risk occurring during the project. The

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Therefore, the risk process places a high emphasis on risk workshops, initial risks, and how risks are identified throughout the course of the project. The next two sections describe different methods of identifying risks.

The following 5 risks have been identified as being material to the project. Listed is a detailed analysis of those risks.

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

3. Develop at least three (3) project risk recommendations based on the analysis from criteria number 1 and 2 of this assignment.

Risks are an inherent part of every project. Some are general risks that are associated with every project and some are project specific. Risks tend to increase with the size of the project. Some risks are foreseeable and can be incorporated into the project planning process. However, regardless of the planning that goes into a project, some risks simply cannot be foreseen or avoided. Project risks are assigned different weights according to the consequences involved. Project risk management involves three distinct steps. They are identification of risks, analysis of the consequences, proposed responses and the final action plan. This research will explore use of the ATOM methodology to explore the risks involved in a large IT project.

Here is below a first table of content summarizing 11 positive risks on which project team should capitalize:

Proper survey and the complete scenario is taken into consideration about risks in the organization which enables the proper risk assessment. Potential of each threat or risk is evaluated and graded in order to reduce the impact of the risks or reduced the probability of its occurrence.

Advancing from level 2 to level 3 requires using a risk register. 'The Risk Register is a tool to assist Project Managers in identifying likely sources of risk and the impact they may have on achieving objective. ' (Government office from the North West,2008). The first step is a brainstorm session to identify risk that may affect the project. It is important that the risks are clearly defined so that the risk is understood clearly and can be tackled. Secondly, consequence and probability of risks need to be rated (e.g. 1-5) and define each rating by their impact or likelihood. Finally, multiply the ratings of consequence and impact, rank the risks from highest severity to lowest severity. (Government office from the North West,2008). Every risks should be assigned to a risk owner which is responsible for managing the risk, a risk response to minimise both the likelihood and impact of the risk and a target completion date for the mitigation. Regular risk reviews need to be done because risks might emerge or become no longer relevant constantly. However, the impact

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

It also identifies the important risks associated with the project that must be managed if the project is approved [1].