Question

Use a project that you know of and provide a risk management plan for the project. Conduct an analysis of the risk management process as evidenced by the plan.

Answer 1

Answer:-

Project risk management is the process of recognizing, analyzing and then reacting to any risk that arises over the existence pattern of a project to enable the project to remain on track and meet its goal. Risk management can mean various things on various kinds of projects.

On large-scale projects, risk management strategies may incorporate broad detailed planning for each risk to guarantee mitigation strategies are in place if issues arise. For smaller projects, risk management may mean a basic, organized rundown of high, medium and low need risks.

A risk management plan is a report that a project manager prepares to foresee risks, estimate impacts, and characterize reactions to risks. It also contains a risk assessment matrix.

Risk Management Plan Sample

Project Name : Construction of Small House.

Agency Name: ABC Enterprises

Specialty Unit : UK Divisons

Project Sponser : Mr. SMITH

Project Manager : Mr. Jack

Date:_____________

Ref:_______________

Objective/Purpose

To discover the risk in the project of building 2 storage facility with 4 rooms, kitchen and with a car garage. Projects have to be finished inside a time of 30 days. It should finish with the expense of 80% of the Total Cost Estimated.

Risk

An uncertain occasion or condition that, in the event that it happens, has a positive or negative impact on a project's goals. Risk is often a measure of the inability to achieve overall project goals inside characterized project necessities and constraints and has three segments:

1) the probability of event

2) the impact of the risk on the program

3) the time skyline during which the outcomes will happen if the risk isn't mitigated.

Risk can be occured during the time of projects are referenced beneath;

Unavailability of Raw Materials for development

Unavailability of labors

Climate Conditions that is against development

Cost variation for the materials

Legal Authorization from the city authority

Area space match with house structure and blue print

These risks are formulated on the basis of high to generally safe where legal Authorization is low while unavailability of materials is high. Risk related to the duration as well as spending plan have to be managed during the project.

By analyzing the various factors, the company came into resolution that these risks are very little important as high risk factors could be compensated by company's manpower and raw material partners.

The risk management process is isolated as follows:

Risk management planning: establishing degree, detailing management activities for the project. As referenced in the target of the sample, for development project there ought to be a finished details activity for the action of the project.

Recognize the risks: characterize the main risks and their characteristics, whether they are threats or openings. For each project there are a few risks will be there which may be basic or high. Identification of that is important.

Qualitative risk analysis: analyze the introduction to risk to organize those that will be the subject of analysis, an additional action or alternate course of action

Quantitative risk analysis: perform the numerical analysis of the impact of the risks recognized in the general destinations of the company

Risk reaction planning: Creating alternatives and actions to increase openings and diminish threats to project or business targets

Checking and controlling risks: controlling risks during the project life cycle. Finish of the plan ought to be the risk controlling recommendations as well as ideas. On the off chance that there is no answer for the risk, then the project cant be handled at any expense.

please like the answer.......