1. Recognize the value of risk management
2. Individual / commitment/ responsibility
3. Open and honest communication
4. Organizational commitment
5. Scale risk effort to project
6. Integrate with project management
*Definition of project risk
Project risk is an uncertain event or condition that if it occurs has a positive or a negative affet on a project's objectives.
- uncertainly = probability
- effet = impact
- two types of risk : threats (negative) and opportunities (positive) -> it is important to address both risks
- Risk are uncertain future events or conditions which may or may not occur but which would matter if the occur.
* The definition of risk includes both distinct events which are uncertain but can be clearly described and more general conditions which are uncertain but can be clearly described and more general conditions which are less specific but also may give risk to uncertainty.
* When a risk event occurs it cases to become uncertain
- Threats which occur may be called issues/ problems
- Opportunities may be called benefits
* Individual Risks and overall project risk
- Individual risks : specific events or conditions that might affect project objectives
- Overall Project Risk : The effect of uncertaintly of the project as whole
* Stakeholders Risk attitudes
A wide range of factors influence risk attitudes :
- Scale of the project
- Strengh of public commitments made about the performance of the project
- Stakeholder sensivity to issues such as enviromental impacts, industrial relations and other factors
* Iterative process
The circumtances of the project can be chased as they are planned and executed.
The amount of information available about risks will usually increase as the time goes on, hence :
- some risks will occur while others will not
- new risk will be arise or be discovered
- the charateristics of those already identified may charge
* The identification and analysis of risks should be :
- revisitiled periodically
- the progress on risk response actions should be monitored
- the action plans adjusted accordingly
- if external circumstances change significantly, it may also be necessary to revisit the risk management planning process
- The frequences and depth of reviews and updates will depend on :
- the nature of the project
- the volatility of the environment in which the project is being implemented
- the timing of other project management reviews and updates
*Communication
Project risk management cannot take place in isolation success relies heavily on communication throughtout.
* Responsibility for PRM
Roles and responsibilities for PRM should be clearly defined and communicated and individuals should be held responsible and accountable for results.
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