riskmanagement 130215051514-phpapp01
TRANSCRIPT
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RISK MANAGEMENT
M . Rajasekhar naik162022009
CTM
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What is Risk Management?
• Risk is an uncertain event that may have a positive or negative impact on the project.
• Risk Management is the process of identifying and migrating risk.
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Why is it important?
• Risk affects all aspects of your project – your budget, your schedule, your scope, the agreed level of quality, and so on
• Increase probability of positive event.• Reduce the occurrence of negative event.
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What does it include?
• Risk Management Planning• Risk Identification• Qualitative Risk Analysis• Quantitative Risk Analysis• Risk Response Planning• Risk Monitoring and Control
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How is it done in project?
• Make Risk Management Part of Your Project• Identify Risks Early in Your Project• Communicate About Risks• Consider Both Threats and Opportunities• Clarify Ownership Issues
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How is it done in project?
• Prioritise Risks• Analyse Risks• Plan and Implement Risk Responses• Register Project Risks• Track Risks and Associated Tasks
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Risk in Project Management
Plan Risk Management
Quantitative Risk Analysis
Identify Risk
Plan Risk Response
Qualitative Risk Analysis
Monitor and Control Risk
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Plan Risk Management• Analysis and decision making
to implement risk management.
• Appropriate to size and complexity of the project.
• Stakeholders will be involved in planning risk management.
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Risk Management Plan
• Schedule Risk• Cost Risk• Quality Risk• Scope Risk• Resource Risk• Customer Satisfaction Risk
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Identify Risk
• Which risk has more probability of affecting the project?
• SWOT Analysis• Information gathering• Check-list Analysis• Assumption Analysis
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Qualitative Risk Analysis
• Assess impact and likelihood of the identified risk.
• Probability and Impact Matrix.• Risk categorization.• Risk urgency assessment.
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Quantitative Risk Analysis
• Data gathering– Direct– Diagrammatic– Delphi
• Probability distribution• Modeling Techniques– Decision tree Analysis– Sensitivity Analysis– Expert Judgment
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Plan Risk Response• Eliminate threats before they happen.• Decrease impact of threat.• Contingency plan ( Do something if risk
happens)• Fallback plan ( Do something if contingency
plans are not effective)
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Plan Risk Response
• Negative risk or threat– Avoid– Transfer–Mitigate– Accept
• Positive risk or opportunity– Exploit– Share– Enhance
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Monitor and Control Risk
• Risk Reassessment (Scheduled regularly to identify new risk)
• Risk Audit (Examine the effectiveness of planned risk response)
• Trend analysis (Monitor overall project performance)
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What are the benefits?
• Effective use of resources• Promoting continuous improvement• Fewer shocks and failures• Strategic business planning• Raised awareness of significant risks.
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The benefits of risk management:-
• Quick grasp of new opportunities• Enhancing communication• Reassuring stakeholders• Focus on internal audit programme• Recognition of responsibility and
accountability.
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Thank You