Explain a five-stage process for project risk management, Business Economics

Explain a five-stage process for project risk management.

The major stages in project risk management are as follows:

•Plan the approach: This approach is described that is suitable for the particular project and that will give sufficient control over project risk. The approach is documented within the Risk Management Plan (when there is a separate document) or like part of the Project/Quality Plan.

•Identify risks: The probable risks are known using people’s experience, debriefs through other projects and checklists. These risks are documented into the risk register risk log.

•Assess risks: Every risk is assessed in terms of its likelihood and scale of impact as well as urgency. These assessments are added to risk register.

•Plan risk responses: Actions are known to reduce the possibility of the risk occurring and/or to soften its impact when it does. An owner is allocated to take charge of the achievements. The planned responses are recorded into the risk register.

•Complete risk reduction: Confidently, the risk actions will have dealt along with the problems but the risk register should also be reviewed regularly to check which the actions have been successful and to classify any latest or changed risks. Modern risks are subjected to similar management process as defined above.

Posted Date: 9/3/2013 7:20:00 AM | Location : United States

Related Discussions:- Explain a five-stage process for project risk management, Assignment Help, Ask Question on Explain a five-stage process for project risk management, Get Answer, Expert's Help, Explain a five-stage process for project risk management Discussions

Write discussion on Explain a five-stage process for project risk management
Your posts are moderated
Related Questions
Task 1 Your line manager has asked you what you think the accounting department's role is in relation to the organisation. In your group, discuss the main purpose of accounti

An agent has a utility function over goods 1 and 2 of the form U = x c 1 x d 2 where c is your 1- digit number and d is your minimum number. The agent's income is equal to you

Question 1: (a) Clearly distinguish between the theories of Absolute and Comparative advantage of trade. (b) According to you, can the ‘Factor Endowment Theory' be a reaso

For the special case when firms are price takers, what is the relation between total revenue, average revenue, marginal revenue and price?

What is Balanced Growth theory? Balanced Growth theory: This theory argues that market is not capable to deliver growth. State approaches to development are needed since

What are state approaches to developing? The government supposes responsibility for economic planning to attain the best possible utilize of scarce resources. An economic plan

what do you call an entrepreneur using someone elses ideas to start a business

Explain critics of the International Monetary Fund argue. Critics of the International Monetary Fund (IMF) argue: • The IMF is suffering through mission creep and requiremen

There are two agents, A and B. Both have preferences represented by a von Neumann-Morgenstern utility function u(c s j ) = ln (c s j ), where c s j is consumption of agent j in