manage risks
Post on 17-Oct-2014
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Manage Risks- don’t ignore
A special lecture for IRAQ’s Kirkuk Global Leaders
July .2013
Managing risksis imperative for success especially in projects need to have a process/s five steps project manager/s can use
Do it Professionallyrisk management processes are cyclic start from identification of a risk, and may result in identification of another
New risk each individual has different opinions &
ways to deal with risks, So risk should be consistent to meet project objectives documented in a risk management plan
The Process
STEP 1-Identify RisksIdentify risks that affect the project positively or negatively, and document their characteristicsDo this as thoroughly as you can
Identify Risks – Mind Map
STEP 2-Assess & Analyze Risks
Assess the risk impact Analyze the probability of risk occurrence,
andprioritize the risks
numerically analyze the effect of identified risks on project objectives
usually on cost, schedule and scope targets
Perform Qualitative Risk Analysis – Mind Map
Perform Quantitative Risk Analysis – Mind Map
STEP 3-Plan Actions• Explore all the possible ways to
reduce the impact of threats , and/or exploit opportunities
• Plan actions to eliminate the risks and/or enhance the opportunities
Action plans should be appropriate, cost effective, and realistic
Plan Risk Management – Mind Map
STEP 4-Monitor & Implement the ActionTrack the risks throughout the project If risks occur then,
implement the risk strategy based on action plan
Risk strategies may include’ Mitigation Acceptance Avoidance, and Exploitation
Plan Risk Responses – Mind Map
STEP 5- Measure the effectiveness & Control the risk impactMeasure the effectiveness of the planned
action and controlling the risk impact
by understanding risk triggers & timely implementation of planned actions
Monitor & Control Risks – Mind Map