Project Management and Risk

Project Management and Risk

INTRODUCTION
• Risk is an inherent element associated with every project and
in today’s uncertain and competitive time, none of the
manager can make plans without considering the key risks that
might a project can face.
• Therefore, every project manager creates risk mitigation plan
with the key aim to eliminate associated risky events or
occurrence.

Strategies of Risk management
• Risk identification
• Risk evaluation
• Risk mitigation plan
• Contingency plan

Risk Identification
• It is the disciplined process to identify likely risky events or
occurrence that may have negative impact on the project
• Risk Breakdown structure (RBS) can be designed to classify
and segregate different risk into sup-parts as follows:
• Technical
• Financial
• Political
• Environmental
• Contractual
• Cost overrun