Question

(please in your own words) describe how to determine individual project risks and explain to what extent project manager and project team can influence the project risks?

Answer 1

Answer
Project manager must determine the individual project by first finding out that what they mean by Project risk.Then they must understand the different risk associated with the projects and then they must use a variety of risk identification tools and techniques. Tools and techniques are not limited to single but it must be adopted according to the situation. The risk must be then returned in a consistent format and then the project manager must engage the right stakeholders associated with them. After that they should look beyond the obvious risk and look around the corner as for the associated risk, which may be associated with the project then the last step is to capture the project central repository in which the project is captured in a manner in which it can create value for the project stakeholders.
Project team can influence the project risk in a number of ways which are discussed below-
1. Create a risk register and list the risks associated with the project.
2. Identify the opportunities associated with the risk and focus on reducing the risk and improving the opportunity.
3. Determine the likelihood and impact of the risk and then take the decision.
4. Regularly Review the risk is in order to find out the uncertainty associated with it.
5. Always speak with the experts while handling risk if the situation becomes out of control.

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