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Risk Management for A Project

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reshmajohney

Risk management involves identifying, assessing, and responding to risks throughout a project's lifecycle to meet objectives. It protects the project's scope, time, cost, and quality. Key activities include planning risk management, identifying and analyzing risks qualitatively and quantitatively, planning responses, and monitoring and controlling risks as the project executes. Challenges can include inadequate planning, poor scope definition, inaccurate cost and time estimates, which may require revising plans and estimates and clarifying scope with stakeholders.

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Risk Management
Art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Protects the scope of the project(time,cost and quality)
Activities within the knowledge area Initiating Planning Executing Monitoring Closing & Control Risk • Plan Risk Monitor and Manageme Control Managem Risks nt ent • Identify Risks • Perform Qualitativ e Risk Analysis • Perform Quantitati ve Risk Analysis • Plan Risk Response s
????? The project team should review project documents and understand the organization’s and the sponsor’s approaches to risk •Project Manager •Project Team •Risk Manager •Client/Business Line Owner •Stakeholders
most important to be carried out in this knowledge area Monitor and control risk as you execute your project. •- What are the specific types of risks •How are we going to mitigate •What are the mitigation strategies •Who all the people responsible •How much resource need
Challenges • Inadequate Planning – Working on revising the entire plan • Poor Definition of Scope – Holding meeting with the project customer and sponsor to clarify scope • Poor Cost estimates – Revising cost estimates • Poor time estimates – Revising schedule estimates
Risk Management for A Project

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Risk Management for A Project

  • 2. Art and science of identifying, assigning, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Protects the scope of the project(time,cost and quality)
  • 3. Activities within the knowledge area Initiating Planning Executing Monitoring Closing & Control Risk • Plan Risk Monitor and Manageme Control Managem Risks nt ent • Identify Risks • Perform Qualitativ e Risk Analysis • Perform Quantitati ve Risk Analysis • Plan Risk Response s
  • 4. ????? The project team should review project documents and understand the organization’s and the sponsor’s approaches to risk •Project Manager •Project Team •Risk Manager •Client/Business Line Owner •Stakeholders
  • 5. most important to be carried out in this knowledge area Monitor and control risk as you execute your project. •- What are the specific types of risks •How are we going to mitigate •What are the mitigation strategies •Who all the people responsible •How much resource need
  • 6. Challenges • Inadequate Planning – Working on revising the entire plan • Poor Definition of Scope – Holding meeting with the project customer and sponsor to clarify scope • Poor Cost estimates – Revising cost estimates • Poor time estimates – Revising schedule estimates