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5 Steps To Implement RISK Management On Your Projects

The document outlines 5 steps to implement risk management on projects: 1) identify risks, 2) evaluate and prioritize risks, 3) prepare a risk response plan, 4) implement risk response plans, and 5) monitor risks. It emphasizes the importance of properly identifying and managing risks from the start of a project.

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Mohamed Rafick
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Download as PDF, TXT or read online on Scribd
10 views

5 Steps To Implement RISK Management On Your Projects

The document outlines 5 steps to implement risk management on projects: 1) identify risks, 2) evaluate and prioritize risks, 3) prepare a risk response plan, 4) implement risk response plans, and 5) monitor risks. It emphasizes the importance of properly identifying and managing risks from the start of a project.

Uploaded by

Mohamed Rafick
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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5 Steps to

Implement RISK
Management on
your Projects

By AJAJ KAZI, PMP


Management Mastery Strategist
Project Risk Management
Project Risk Management is an ery
important aspect to manage projects
effectively. Projects are full of risks and
challenges. No risk mean no project. The
difference between a successful project
and not one is the way one manages risks
on their projects. Risks have both "positive
and negative" sides. This resource guide
will help one and all to learn and
understand the basic steps in managing
risks on their projects.
Step 1

Identi cation of Risk on the


Project
The risk identification must start from the initiation of the
project. Correct identification of risk is extremely important. If
one misses the identification at this first process and issues
arises it will be very difficult to manage and mitigate the risk as
there is no preparedness.
Risk Register
Risk register is an important document which lists all the risks
on a project. This is a dynamic document throughout the
project life cycle as risks are not static.
Step 2

Evaluate and Prioritize The Risks


After the identification of risk it is important to evaluate and
assess the risks for its probability of happening and its impact.
There are two ways to do this. One assessment is done
subjectively especially at the start of the project. This is done as
the more details are not available at the start. This is called
"Qualitative Analysis". The other method is more detailed and
with data. This is done when more details and data is available.
This is called " Quantitative Analysis".

Based on this a proper ranking of risks are done so that proper


attention is given to high risks.
Step 3

Prepare a Risk Response Plan


Risk Response plan is nothing but creation of strategist to
handle the risk if it occur. This strategy is done for both "positive"
and "negative" risks.

There are various strategies to be adopted and a proper


detailing needs to be done before a proper plan or strategy is
made.
Step 4

Implement Risk Response


This is the important steps of executing the risk response plan
when the event happens. The plan is executed to ensure the
impact is very very limited when it comes to negative events
and impact is on positive side when it comes to positive events.
Step 5

Monitor Risks
It is important to note that not everything executed as per plan.
There may be deviations. It is important to monitor those. Also
one the risks are implemented , there are possibilities that new
risk can arise or some residual risks can still remain. It is
important to monitor such risks and take immediate action.
Another aspect is to gather the learnings which we can get
from such implementation.
By AJAJ KAZI, PMP
Management Mastery Strategist

Rather Than
Avoiding Risk
,Take Intelligent
Risk, It will give
you a competitive
advantage.
For more details on Project Risk Management, Pls
enroll in a " EXTREMELY VALUABLE COURSE ON RISK
MANAGEMENT" on UDEMY.

ENROLL IN COURSE

Created with Growth Tools in Partnership with Leadpages

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