Project Risk And Risk Management - 1412 Words

1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: Determining which risks can be affect the project. 3- Qualitative Risk Analyses: Priorization risks for consequent further analyzes by assessing and combining their probability of occurrence and impact. 4- Quantitative Risk Analyses: Analyzing probabilistically the effect of risks on the project objectives. 5- Risk Response: Developing actions to enhance chances and to reduce the threats to project. 6- Risk Monitoring: Searching identified risks, monitoring residual risks, identifying new risks and evaluating throughout the project life cycle. 2- Definition of Project Risk There are many ways to use the word â€Å"risk† in many disciplines. In the PMBOK Guide has a definition as follows: â€Å"Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on a project’s objectives.† This definition has two important terms that so important in dimensions of project risk. There are uncertainty and effects on a project’s objectives. The uncertainty can beShow MoreRelatedRisk Management Of A Project1504 Words   |  7 PagesRisk management to mitigate identified risks According to Pelletier Albright, 2010 (pp. 523-560), risk management in a project should create value by ensuring that the cost of mitigating the risk is less than the perceived risk. Also the mitigation process should already be a fundamental part of the organization. There is already a commitment to patient safety education as indicated in the Nurse Anesthesia trainee curriculum, however, the specific focus on near miss education and error managementRead MoreRisk and Project Management703 Words   |  3 Pagesdesigned project management program, the effective evaluation of potential risks is a critical component for managers and other project leaders tasked with supervisory role. The sheer number of unforeseen circumstances which can arise during the course of a business project is daunting indeed, but proper project planning requires the anticipation and neutralization of various risks to assure that a goals are met without external disruption. According to the authors of Integr ated Project Management, a recognizedRead MoreProject Risk Management1805 Words   |  8 PagesProject Final 1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered? 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Introduction 3 2. PART1: PUMP approach 4 3. PART2: Third phase in PUMP approach 9 4. PART3: Evaluation phase in PUMP approach 13 5. References 16 Introduction The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete theRead MoreProject Management : Risk Management2441 Words   |  10 Pages1 Executive Summary Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project s risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential toRead MoreProject Risk Management Plan1382 Words   |  6 Pagesï » ¿ Project Risk Management Plan PM/584 July 14, 2014 Project Risk Management Plan The purpose of the risk management plan is to identify any event or condition that may occur which could have a positive or negative affect on the project. Risks management is the process of identifying, assessing, responding to, monitoring, and reporting risks. The Risks Management Plan will define how risks associated with the Baderman Island Casino Hotel project will be identified, analyzedRead MoreProject Risk Management - Holyrood Project5687 Words   |  23 PagesProject Risk Management | M3N313401-12-B | Group report    Jenna McCall : S1O21235 Adelle Kelly : S1023858 Angela Mitchell : S1034517 Luciano Farias : S1306729 Iaponaira de Abreu : S1306726 |