p.p1 an evaluation of environmental factors, organizational culture and

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

A risk is referred to situations where, should them occurred, could have a significant impact on a project’s ultimate goal. Thus, risk management is the vital process of identifying, assessing, responding to, monitoring, and reporting these hazardous events. In this section, risk management is defined to instruct the project team how risks associated with the TWF project will be kept under control without sabotaging the whole project.The project manager is usually working with the project team as well as the project sponsors ensuring all risks are actively detected, analyzed, and controlled throughout the life cycle of the project. Risks should be identified as early as possible within the project to minimize their impact via constantly reviewing and reflecting by the project team.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

The steps for accomplishing this are outlined in the following sections. The project manager, Sudesh Gabale, will undertake the majority of the tasks of the Risk Manager for this project.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

Risk identification section will involve related personnel including the project team, appropriate stakeholders. It will contain an evaluation of environmental factors, organizational culture and the project management plan. Careful attention will be given to the project deliverables, assumptions, constraints, work breakdown structure (WBS), cost/effort estimates, resource plan, and other key project documents.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

All risks identified will be assessed to identify the range of possible project outcomes. Qualification will be used to determine which risks are the top risks to pursue and respond to and which risks can be ignored.The probability and impact of occurrence for each identified risk will be assessed by the project manager, with input from the project team using the following approach:

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
li.li2 {margin: 0.0px 0.0px 8.0px 0.0px; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}
ul.ul1 {list-style-type: disc}

Probability

The percentage of occurrence of a certain event. Usually an event with 70% of occurrence can be defined as high probability.

Impact

This factor identifies the extent the event could affect the whole project. Usually a high risk means that it has the potential to greatly impact project cost, project schedule or performance

Performance

Risks that fall within either high probability or high impact will have risk response planning which may include both a risk mitigation and a risk contingency plan.Analysis of risk events that have been prioritized using the qualitative risk analysis process and their effect on project activities will be estimated, a numerical rating applied to each risk based on this analysis, and then documented in this section of the risk management plan.Each major risk will be assigned to a project team member for monitoring purposes to ensure that the risk will not hide inside details.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

For each major risk, one of the following methods can be chosen to resolve the problem:
· Avoid – remove the threat by eliminating the cause
· Mitigate – Identify methods to reduce its probability or minimize the impact of the risk
· Accept – Nothing need to be doneThe level of risk on a project will be traced, monitored and reported throughout the project lifecycle.

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000; min-height: 12.0px}
span.s1 {font-kerning: none}

The most noticeable events will be maintained by the project team and will be kept as part of the project status reporting process for this project.
Above all, management will be notified of significant changes to risk status as a component to the Executive Project Status Report.
 

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; text-align: justify; font: 11.0px ‘Trebuchet MS’; color: #000000; -webkit-text-stroke: #000000}
span.s1 {font-kerning: none}

x

Hi!
I'm Mack!

Would you like to get a custom essay? How about receiving a customized one?

Check it out