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Risk management
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- 2. CONTENTS • Risk Management •Importance • What does it includes • How is it done in project • Pane risk management • Identify risk • Qualitative Risk analysis • Plan risk response • Risk register • Monitor and control risk • Benifits
- 3. WHAT IS RISKMANAGEMENT? • 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.
- 4. 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.
- 5. WHAT DOES IT INCLUDE? •Risk Management Planning • Risk Identification • Qualitative RiskAnalysis • Quantitative RiskAnalysis • Risk Response Planning • Risk Monitoring and Control
- 6. HOW IS ITDONE IN PROJECT? • Make Risk Management Part of YourProject • Identify Risks Early in Your Project • Communicate About Risks • Consider Both Threats and Opportunities • Clarify Ownership Issues
- 7. HOW IS ITDONE IN PROJECT? • Prioritise Risks • Analyse Risks • Plan and Implement Risk Responses • Register Project Risks • Track Risks and AssociatedTasks
- 8. RISK IN PROJECT MANAGEMENT PlanRisk Management Quantitative RiskAnalysis IdentifyRisk PlanRisk Response Qualitative RiskAnalysis Monitor and Control Risk
- 9. 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.
- 10. RISK MANAGEMENT PLAN •Schedule Risk • Cost Risk • Quality Risk • Scope Risk • Resource Risk • Customer Satisfaction Risk
- 11. IDENTIFY RISK • Whichrisk has more probability of affecting the project? • SWOTAnalysis • Information gathering • Check-listAnalysis • AssumptionAnalysis
- 12. QUALITATIVE RISK ANALYSIS • Assessimpact and likelihood of the identified risk. • Probability and Impact Matrix. • Risk categorization. • Risk urgency assessment.
- 13. QUANTITATIVE RISK ANALYSIS • Datagathering – Direct – Diagrammatic – Delphi • Probability distribution • Modeling Techniques – Decision treeAnalysis – SensitivityAnalysis – Expert Judgment
- 14. 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)
- 15. PLAN RISK RESPONSE •Negative risk or threat – Avoid – Transfer – Mitigate – Accept • Positive risk or opportunity – Exploit – Share – Enhance
- 16. WHAT IS ARISK REGISTER? • The Risk Register records details of all the risks identified at the beginning and during the life of the project.
- 17. • It usuallyincludes: • a unique identifier for each risk • a description of each risk and how it will affect the project • an assessment of the likelihood it will occur and the possible seriousness/impact if it does occur (low, medium, high)
- 18. MONITOR AND CONTROL RISK •Risk Reassessment (Scheduled regularly to identify new risk) • Risk Audit (Examine the effectivenessof planned risk response) • Trend analysis (Monitor overall project performance)
- 19. WHAT ARE THEBENEFITS? • Effective use of resources • Promoting continuous improvement • Fewer shocks and failures • Strategic business planning • Raised awareness of significant risks.
- 20. WHAT ARE THEBENEFITS? • Quick grasp of new opportunities • Enhancing communication • Reassuring stakeholders • Focus on internal audit programme • Recognition of responsibility and accountability.
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