This document discusses risk management for a project. It defines risk as an uncertain event that could have positive or negative impacts. It then outlines the 7 steps in the risk management process: 1) plan risk management, 2) identify risks, 3) perform qualitative risk analysis, 4) perform quantitative risk analysis, 5) plan risk responses, 6) implement risk responses, and 7) monitor risks. It also discusses specific risk factors like people, size, process, technology, tools, and organizational risks. Finally, it outlines basic ways to handle risks by avoiding, mitigating, transferring, or accepting them.

1. RISK MANAGEMENT
Group Members
RANA ZAID 17-PG-10
HASHIR ALI SIDDIQUI 17-PG-30
IMRAN SHAR 17-PG-11
TABISH KHAN 17-
PG-02
OWAIS JUNEJO 17-PG-29

2. RISKS
An event that has a probability of occurring and could have
either a positive or negative impact to a project should that
risk occur.
or
A risk is uncertain event or condition that might affect your
project if it occurs
Tabish khan

3. RISK MANAGEMENT
• Risk management is all about identifying , analyzing and responding to
risk factors
• This helps manage uncertainty throughout the life of the project
• The main objective is to increase the probability and/or impact of positive
events and decrease that of negative events.
Tabish khan

4. CONT.
Risk management is a series of steps whose objectives
are to identify, address, and eliminate risk items before
they become either threats to successful operation or a
major source of expensive rework. (Boehm, 1989)
Tabish khan

5. 7 STEPS IN THE RISK MANAGEMENT PROCESS
• Plan risk management
• Identify risks
• Perform qualitative risk analysis
• Perform quantitative risk analysis
• Plan risk responses
• Implement risk responses
• Monitor or control risks
Hashir Ali

6. 1.PLAN RISK MANAGEMENT
• This is the process of defining how to conduct risk management activities
for the project.
• It serves as roadmap for indentifying,analyzing and addressing risks on the
project
Hashir Ali

7. 2.IDENTIFY RISKS
• This is the process of determining which risks may affect the project and
documenting their characteristics
Hashir Ali

8. 3.PERFORM QUALITATIVE RISK ANALYSIS
• This is the process of prioritizing risks for further analysis or action by
assessing their probability of occurrence and impact
Hashir Ali

9. 4.PERFORM QUANTITATIVE RISKS
ANALYSIS
• This is the process of numerically analyzing the effect of identified risks on
overall project objectives
Hashir Ali

10. 5.PLAN RISK RESPONSES
• This is the last process of planning group and process of developing options
and actions to enhance opportunities(positive risks) and to reduce
threats(negative risks) to project objectives.
Hashir Ali

11. 6.IMPLEMENT RISK RESPONSES
• It is part of executing process group, and process of implementing agreed-
upon risk response plans
Hashir Ali

12. 7.MONITOR RISKS
• This is the process of monitoring the implementation of agreed-upon risk
response plans, tracking identified risks, identifying and analyzing new
risks as well as evaluating risk process effectiveness throughout the life of
the project.
Hashir Ali

13. SOME SPECIFIC FACTORS TO CONSIDER WHEN
EXAMINING PROJECT, PRODUCT, AND
BUSINESS RISKS.
• Peoples risk
• Size risk
• Process risk
• Technology risk
• Tools risk
• Organizational and managerial risk
Imran shar

14. PEOPLE RISKS
People risks are associated with the availability, skill level, and
retention of the people on the development team
Imran shar

15. SIZE RISKS
Size risks are associated with the magnitude of the product and
the product team. Larger products are generally more complex
with more interactions. Larger teams are harder to coordinate.
Imran shar

16. PROCESS RISKS
Process risks are related to whether the team uses a defined,
appropriate product development process and to whether the
team members actually follow the process
Imran shar

17. TECHNOLOGY RISKS
Technology risks are derived from the software or hardware
technologies that are being used as part of the system being
developed. Using new or emerging or complex technology
increases the overall risk.
Awais junejo

18. TOOLS RISKS
Tools risks, similar to technology risks, relate to the use,
availability, and reliability of support products used by the
development team, such as design software, and other
Computer-Aided Software Engineering (CASE) tools
Awais junejo

19. ORGANIZATIONAL AND MANAGERIAL
RISKS
Organizational and managerial risks are derived from the
environment where the product is being developed. Some
examples are the financial stability of the company and threats
of company reorganization and the potential of the resultant
loss of support by management due to a change in focus or a
change in people.
Awais junejo

20. BASIC WAYS TO HANDLE A RISK
• Avoid
• Mitigate
• Transfer
• Accept
Rana zaid

21. AVOID
The best thing you can do with a risk is avoid it. If you can
prevent it from happening, it definitely won’t hurt your project.
The easiest way to avoid this risk is to walk away from the cliff,
but that may not be an option on this project.
Rana zaid

22. MITIGATE
Mitigate: If you can’t avoid the risk, you can mitigate it. This
means taking some sort of action that will cause it to do as little
damage to your project as possible.
Rana zaid

23. TRANSFER
One effective way to deal with a risk is to pay someone else to
accept it for you. The most common way to do this is to buy
insurance.
Rana zaid

24. ACCEPT
When you can’t avoid, mitigate, or transfer a risk, then you have
to accept it. But even when you accept a risk, at least you’ve
looked at the alternatives and you know what will happen if it
occurs. If you can’t avoid the risk, and there’s nothing you can do
to reduce its impact, then accepting it is your only choice.
Rana zaid

25. Rana zaid

26. REFERENCE
• 1. Hall, E. M. (1998). Managing Risk: Methods for Systems
Development,
• Parker, D., & Mobey, A. (2004). Action Research to Explore
Perceptions of Risk in Project Management. International
Journal of Productivity and Performance Management 53(1),
18–32.

27. THANKS