te vailable for both types of risk QUESTION 2 ne of the major steps in implement
ID: 2815751 • Letter: T
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te vailable for both types of risk QUESTION 2 ne of the major steps in implementing a identification is the process of determining risks that investment from achi identification is an exercise in which key stakeholders from participate identification. Risk in implementing a successful risk management program is risk could potentially prevent the pro jectives. It includes documenting and communicating the concern. Risk all technical areas involved in a project must 2.1 Identify six participants that should be involved in the process of risk identfication in an enterprise. 2.2 At which phase in the 2.3 Is the identification of risks only in the planning phase? Explain in detail with the use of an example. (5) 2.4 How does creativity and innovative thinking influence the identification of risks? 2.5 What tool or technique can be used in identifying the risks in an enterprise? risk management process should risk identification be employed? (40)Explanation / Answer
2.1)
Ensuring that adequate and timely risk identification is performed is the responsibility of the owner, as the owner is the first participant in the project. The sooner risks are identified, the sooner plans can be made to mitigate or manage them. Assigning the risk identification process to a contractor or an individual member of the project staff is rarely successful and may be considered a way to achieve the appearance of risk identification without actually doing it.
It is important, however, that all project management personnel receive specific training in risk management methodology. This training should cover not only risk analysis techniques but also the managerial skills needed to interpret risk assessments. Because the owner may lack the specific expertise and experience to identify all the risks of a project without assistance, it is the responsibility of DOE’s project directors to ensure that all significant risks are identified by the integrated project team (IPT). The actual identification of risks may be carried out by the owner’s representatives, by contractors, and by internal and external consultants or advisors. The risk identification function should not be left to chance but should be explicitly covered in a number of project documents:
Statement of work (SOW),
Work breakdown structure (WBS),
Budget,
Schedule,
Acquisition plan, and
Execution plan.
2.2)
Phases of Risk Management Process:
To be effective, each of these phases must be fully integrated within the company organization
2.3)
Once the project is approved and it moves into the planning stage, risks are identified with each major group of activities
Risk identification
The next phase of Risk management process is risk Identification Process, it is important to identify the potential risks and then give their detailed description. Hence all possible sources of risk management training such as, the positions of the stakeholders, market changes, manufacturing errors or work accidents should be thoroughly analyzed. The process of identifying potential risks management techniques must include:
Objectives that the organization has set.
Scenarios that the organization may face in carrying out its business.
Procedures that the organization adopts for its management and operational purposes.
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