Project Risk Management- Professor Hurst
Fluidity in Risk Planning – A Case Study
One of the most important steps within a project is risk management because it plans for and responds to risks that impact the overall project deliverables including budget and timeframe. Risk management is used to mitigate risk in ways that align with each individual risk and its potential impact. During the risk management process risks are identified and defined and a plan to control, monitor and eliminate them is created. Risks from all areas are brought up during these brainstorming sessions of the risk management planning phase and are planned for accordingly. The work breakdown structure of the project is used as a guide when compiling a risk matrix that will identify potential risks, their severity and impacts. The case study in chapter 13 reflects two different risk response strategies with regards to the tender review process of a project’s deliverables. The first phase of the case study aligns more closely with a thorough and effective risk planning process plan while the second phase builds on the baselines determined by the first phase to generate a more solid and final risk assessment that will continue to be fluid throughout the project.
Risk management is a crucial step of the project planning stage that continuously evolves throughout the project. During phase one of the case study this stage is considered a high importance and value step thus resulting in the proper planning of the risks based of off the WBS. The objectives of phase one are clearly identified and the intention to identify major risks of the project, which will be used as a baseline when comparing each individual tender to the project’s risk outcomes, is clear and all major steps to do so are taken. Step one of the creating the tender phase one case study calls for the “project structure to be reviewed with the project manager and key staff” and creating “an agreed risk WBS”....