Essay on The Risk Management Process - 1896 Words

Risk Management Process Identify Risk Risk identification, focuses on identifying which risks will affect a project, by looking at the project plan, the work breakdown structure, the project charter and other project related documents (PMBOK, 2008). Broad risk categories are human resources, technology changes, quality and performance issues, customers, vendors, management, funding, political, legal, market forces and environmental issues (PMBOK, 2008). Risk identification involves forward and creative thinking by project stakeholders (Hilson, 2003). Risk identification, should be done on a continuous basis and project team members and stakeholders should look for new issues that may affect the success of the project (Brewer Dittman,†¦show more content†¦Hilson (2003) indicated that opportunities are ignored in this process, however since he wrote this book in 2003 and based on the latest Project Management Body of Knowledge Book (2008) with regards to risk identification we see opportunity and treats are ident ified. Risks are both known and unknown and project managers need to minimize treats and maximize opportunities (PMBOK, 2008). Brewer Dittman (2009), indicated that the Delphi technique uses experts to identify and resolve issues and when used many of these issues are resolved because members do not meet face-to-face. The process becomes anonymous reducing interference of egos and personal problems. As stated by Fleming (2005), the Delphi Technique is an option to aid the project team to brainstorm ideas anonymously, and participants are unknown to each other. Electronic communication, are used to communicate with the group with a facilitator, and questions are presented electronically to each participant who then generates ideas and sends them electronically to the facilitator. The responses accumulated into one list by the facilitator who redistributes it for team comments until a final agreement reached (PMBOK, 2008). Organizations and project managers can look at past project h istory with documented historical data, to identify risk pitfalls by learning from the mistakes of other projects (PMBOK,Show MoreRelatedRisk Management Process Is Risk1436 Words   |  6 PagesRisk management is developed in order to reduce the likelihood of possible events that have negative effects for patients, staffs and the organization; to reduce the risk of death and injury or disease for patients, staffs, and others as result of services provided; to improve patient outcomes; to manage resources effectively; and to support legislative compliance and to ensure organizational viability and development. In order to achieve these goals, risk management teams should follow the fourRead MoreRisks Of A Risk Management Process1208 Words   |  5 PagesEvery day businesses face the challenge of being exposed to potential risks. 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TheyRead MoreEssay on Risk Management Process1603 Words   |  7 Pages Purpose The purpose of this Risk Management Process document is: †¢ To provide a framework to track and monitor project risks throughout the project lifecycle †¢ Establish roles and responsibilities of all participants in the process Scope This process will be used by the entire project team. As such, this document defines the Risk Management process and flow for a project. Description A risk is any factor that may potentially interfere with a successful completion of a project by having