Methods used for risk management in project

AMP 2

Table of Contents
INTRODUCTION...........................................................................................................................3
8.1 Methods used for risk management in project ......................................................................3
8.2 (i) Swot, pestle and brainstorming for NHS and Construction project .................................3
Prioritization of threat and opportunities of NHS and Construction project and ranking matrix6
Stakeholder mapping and impact grid ........................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................1

INTRODUCTION
Project management is the procedure of applying knowledge and skills to complete any
project. In this report two project have been discussed such as NHS and construction. This report
shows risk management, swot, pestle for both the projects. Qualitative and quantitative
techniques have been explained here.
8.1 Methods used for risk management in project
Risk management in project is the procedure of recognizing, analysing and
acknowledging risk which occurs in the life span of the project.
There are various methods of analysing such risks
Risk register
It is a tool of project management which helps to control the risk in any project. The main
work of risk register is to recognise, identifies and describes the risk after that defines the impact
of such risk in the project, provide planes to overcome those risks. Moreover, risk register
assists the project manager to highlight the risk and assign to someone who can resolve the
occurred risk. In short, risk register collects all the data related to risk, which the project manager
and team is expecting then after it provides a method to sort out them so that the risk doesn’t
pop-up in the project.
Probability and impact matrix
It is the another tool to identify the risk. These methods concentrate on those risk which
are important so the project manager don't need to waste time to follow small risk and find
solution to eliminate such risk from the project. This technique basically provides ranking to
each and every risk and as per the rank, project manager solves the risk. This matrix comes in
the form of box in which the probability of occurrence of the risk range from top to bottom and
box get coloured. Green colour shows less risk, while yellow shows medium risk and red shows
high risk.
8.2 (i) Swot, pestle and brainstorming for NHS and Construction project
Strength of NHS project

Figure 1swot analysis
Strength
 NHS is providing healthcare
services at low cost.
 Accident and emergency services of
NHS is unique as compared to the
other private hospitals of UK.
Weaknesses
 lack of technology
 Unable to fulfil the medical
needs of all the people due to
the increased population
Opportunities
 Can implement marketing strategies
to raise profit
Threat
 Employee turnover is getting
increased
Pestle of NHS project
Political