Assume you have just been assigned to a project risk team composed of five membe

Question

Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited to, the following information:

What methods should be used for identifying risks?

Who should be involved in identifying risks?

What should be considered when identifying risks?  

Explanation / Answer

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ANS:

Risks in a project occur in terms of schedule, scope and resource.

Scope risks can be identified by using risk assessment tools like risk framework, risk complexity index, and risk assessment grid. Scheduled risks can be identified and measured using program evaluation and review technique (PERT) and determining the pessimistic and optimistic scenarios.

Resource risks can be identified by defining tasks with unreliable resource estimates.

Other tools and methods are SWOT analysis, assumption analysis, system and process flowchart, root cause analysis etc.

Risk identification is usually done by the project manager who takes the help of other people associated with the project.

When identifying risks, one must consider the fact that the schedule is the best case scenario and not necessarily realistic. Secondly, all the assumptions must be cosnidered when identifying risks.

OR

ANS:

Risk management

The risk management committee regularly viewed the assessment

We know that risk managment means that a systematic process of understanding, evaluating, addressing a risk to maximises the chance of objectives being achieved and ensuring organisations, communities and individuals are sustaining. Also this is the process of identification, analysis and it is accepeted or rejected in investment decision making.

the mportant risk idenfying process is given below:

1. fist we identify the risk to the achievemnt of his business

2. second, we can identify all risk related to place, source,and look at the scope of the business

3. third, identify the risk around oppertunities and threads of the business

after the identification of the risk the company must look at the allround perfomance of the business. so we assess all the activities of the business. such as

1.sytematic

2.recorded

3.regularly viewed.

ANS:

The methods used for identifying project risks are : -

All the stakeholders of the project should be involved in identifying risks . The important stakeholders of a project are : -

The following should be considered when identifying risks:-

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