Is3110 risk management

Communication and consultation is a dialogue between an organization and its stakeholders.

Is3110 risk management

Risk Reporting Risk Evaluation A key part to project management is a common language. The diagram below shows the key steps of risk management in the overall context of analysis and control.

Is3110 risk management

As outlined in the introduction, there are two key outcomes for risk management, action and awareness. Through risk control we manage action, through risk analysis we manage awareness. The diagram below shows the breakdown of risk management.

On the left we have risk analysis which comprises of reviewing risks, evaluating risks and reducing risks. On the right we have risk control which comprises of risk monitoring and reporting. This is the awareness and prevention side of risk reporting.

Case Note On a recent project, I was given a perfect opportunity to raise any risks that I thought would affect the project before we started production. The specification had been completed so we knew what we had to deliver as well as the timeline.

I dutifully followed the process outlined in the rest of this chapter.

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I put together a document that contained the 6 key risks that the project was facing. For each key risk I presented a risk memo that outlined the risk, the impact on the project, the potential cost of non containment, a solution and contingency plan.

It was a bit more than the client was expecting. I thought that the client would be happy to know the risks upfront and be able to take action. After the initial shock of seeing all the things that could go wrong, we had awareness. Half the battle won. The other half, action didn't quite happen.

Although the actions for each risk were detailed, very few of them were followed up the majority of the actions were the responsibility of the client. When the risks started to impact on the project, the client wasn't happy.

They had accepted the risk, but hoped it would not surface and did not take any action to prevent it occurring. Unfortunately when the risk did arise, it took more work to repair the damage done than if preventative measures had been put in place. As the project manager, although I had raised awareness, I hadn't continued to report on the risks so that the client was in a false state of security assuming that the risk was no longer there.

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Is3110 risk management

Erfahrung. Yellowfin BI.

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