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? 

Explanation / Answer

The first step for risk management is identification of risks. The project we planned needs to be studiesd and any past theories or experiences on the project must be referred. Each and every step of the project needs to be studied and discussed so that any chance of risk can be identified.All the risks that are identified must be noted down so that we do not miss anything.

After the identification of risks, avoiding or eliminating them is very important for the success of the project. We need to conduct meetings and take advise from experts or experienced employees and note down all the possible outcomes of each risks and the various options available to eliminate or avoid them.

A table needs to be prepared with all risks and their outcomes and the possible strategies to avoid them and the best method needs to be decided for each risk. This makes us prepared for any sort of risk that might occur during the course of the project and hence the team will be successful in handling the risks.

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