Manage risks

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The document outlines a 5-step process for project risk management: 1) Identify risks through thorough documentation of their characteristics and impact on project objectives. 2) Assess and analyze risks through qualitative and quantitative analysis of probability and impact. 3) Plan risk response actions to reduce threats and exploit opportunities through appropriate, cost-effective plans. 4) Monitor and implement action plans through risk tracking and response strategies. 5) Measure effectiveness and control impact by understanding triggers and timely implementation. The process aims to manage risks consistently to meet project objectives as documented in the risk management plan.

Economy & Finance Business

A special lecture for IRAQ’s
Kirkuk Global Leaders
July .2013

Managing risks
 is imperative for success
 especially in projects
 need to have a process/s
 five steps project manager/s can use

Do it Professionally
 risk 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

STEP 1-Identify Risks
 Identify risks that affect the project
 positively or negatively, and
 document their characteristics
 Do this as thoroughly as you can

STEP 2-Assess & Analyze Risks
 Assess the risk impact
 Analyze the probability of risk occurrence, and
 prioritize 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

STEP 4-Monitor & Implement the
Action
 Track 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

STEP 5- Measure the effectiveness
& Control the risk impact
 Measure the effectiveness of the planned action and
 controlling the risk impact
 by understanding risk triggers
 & timely implementation of planned actions

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