Question

During this class you will be learning how to manage project risks and opportunities. The risk management process, which is part of the project management process, consists of these primary steps:

• Understand the environment. Understand the organization's approach to risk management and establish overall priorities.
• Identify the risks. Recognize potential project risks and build an understanding of them.
• Analyze the risks and potential impact. Assess the risks, determine the probability of their occurrence, and identify the potential impact.
• Create the risk management plan. Develop an action plan that will eliminate some risks, minimize the impact of other risks, and respond to those risks that occur.
• Implement the plan as needed. As the project progresses, execute the action plans as appropriate.
• Update the plan. Throughout the project, revisit the plan and make changes as the project evolves.

1. Risk management is an important part of the project management process, how much time do you believe should be spent on the process within the scope of the project?
2. What process should the project manager take to identify the risks?
3. Discuss the risks that are common in project management. Provide examples.

Answer 1

answer-

Risks are those uncertainties which can lead to a project failure is not properly identified and mitigated. Risks are inevitable in every type of project small or big so I think Project manager should give significant amount of time to manage the risk otherwise ignoring the project will lead to delays in activities which can very time consuming than giving time to risk management in beginning.Risk management helps project manager to identify, analyze, assess,treat and monitor the risk in a project.

the process that the project manager should take to identify the risks is to conduct root cause analysis in start of project in which allow manager to find potential causes of risk like “we ran out of money” or “the project over-ran” For risk identification, I suggest methods like The Ishikawa method ,The Five Whys method and The 5W2H method.

the risks that are common in a project management is shortage of budget or fund for example- A project estimated the budget of $50000 for a small project but in future project team face lack of fund like $10000 more needed to complete the project.

another risks are communication issues among teams, lack of resources like human power required to complete the project is less as exepected.