Risk Management in Project Management

This report discusses the importance of risk management in project management and how it can impact project performance. It covers topics such as risk identification, assessment, and mitigation strategies. The report also provides references to books and journals on the subject.

Project management

Table of Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
PART B...........................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Hazard the executives is by all accounts chance examination, appraisal and asset allotment joined
by incorporates the level utilization of assets to decrease, organize and deal with the probability
of awful conditions or to produce expected beneficial outcomes in future. In this report, hazard
register or table enumerating all the hazard which can affect hazard legend/scale is likewise
arranged to show the hazard be progressively express. In next part significance of hazard register
is additionally examined with regards to following danger.
PART A
Risk Matrix
Negligible Minor Moderate Significant Severe
5 Very
Likely
Low
Medium Medium Medium
High High High
4 Likely Low Low
Medium Medium Medium
High High
3 Possible Low Low
Medium Medium Medium
High
Medium
High
2 Unlikely Low Low
Medium
Low
Medium Medium Medium
High
1 Very
Unlikley Low Low Low
Medium Medium Medium
PART B
Risk is known as an event that has probability of occurring and it can have a negative or positive
impact on project. It is very important for the project managers to evaluate that there are no risk
while doing the project so that targets and goals can be achieved in specified time. it can be
explained that if there is a cause which is required related to environmental permit for the present
project 10 there are some limitations for designing the project in more well mannered way. Risk
management is defined as an ongoing process which continues throughout the project
life.concepts of managing the various processes like risk management planning, identification,
analysis, monitoring and control. The risk identification starts with initiation of project and the

number of race which is increase as the project matures. When there is is risk identification then
there is assessing to various probability of occurring and degree of impact on the cost, scope
commerce schedule and quality of the project. There are various events that have impact upon
multiple categories within the project. This is concerned with the probability of occurrence and
the number of categories like high, medium and low which are having an impact on project
which is on the basis of assigning the risk priority. For the documentation of rest there are two
important factors that are concerned occurrence of any event. second thing is a contingency plan
which consists of series of activities that are associated with prioritising any occurrence of event.
mitigation actions are having some cost and this cost of mitigating the rays can exceed from the
cost which is assumed for the occurrence of risk. this is very essential for evaluating the
probability and impact of each and every race against the mitigation strategy cost. This must be
decided before implementing the contingency plan. This plan is implemented for analysing the
occurrence of pre-emptive actions which includes minimising impact and removal of risk from
the project. The risk within project has been analysed and evaluated effectively so that there are
no problems in attaining success within work. This is concluded by the project managers they are
able to manage the functioning of project in effective manner so that targets are achieved in less
time.
Risk management strategy - risk is defined as any event which can prevent the project from
progressing as planned. The risk within project can be identified during the project life cycle and
it can be identified by any person involved in the project. race awareness is required for
maintaining that every project team member is aware about the constitutes of risk within the
project. all the members must be aware about sensitive areas of project where is the most
commonly occurring factor. risk identification is the determination the area in which risk is
likely to be affecting the project management and functioning. dress communication contest of
bringing the risk factors and events to the attention of project manager or the whole project team.

CONCLUSION
Toward the finish of report, it has been presumed that difficulties, or threats, may rise up out
of an expansive wide scope of sources, for example, money related instability, lawful
commitments, disappointments in system plan, episodes and catastrophic events. Digitized
organizations are turning into an essential worry for IT security worries just as information
related perils and hazard checking to help alleviate these hazard. As an outcome, a hazard the
executives methodology dynamically depicts the techniques by firms to perceive and control
dangers to their computerized content, for example, open source hierarchical information,
individual distinguishing subtleties from a client just as restrictive data.

REFERENCES
Books and Journals
Carvalho, M. M. D. and Rabechini Junior, R., 2015. Impact of risk management on project
performance: the importance of soft skills. International Journal of Production
Research, 53(2), pp.321-340.
Giannakis, M. and Papadopoulos, T., 2016. Supply chain sustainability: A risk management
approach. International Journal of Production Economics, 171, pp.455-470.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.
Sweeting, P., 2017. Financial enterprise risk management. Cambridge University Press.