Importance of Risk management analysis in Project management

Running head: RISK MANAGEMENT
RISK MANAGEMENT – Assessment 2
Name of the Student
Name of the University
Author Note

1
RISK MANAGEMENT
Risk assessment
Introduction
This report will aim to present and explain the importance of Risk management analysis in Project management. A
table of the risk management will be presented analysing the risks for the project of refurbishment of the QA
Higher education Roseberry avenue campus. The risk competencies will be divided among Financial, Operational,
Technological, Human resources and Structure/Process
Projects are never the same/. Every project needs the expertise, right professionals and so on. Due to hedgehog
syndrome. Which is the inability to learn from past projects at a certain level due to the complexity and
particularity of each new project.
Other than frameworks and established methods such as PID, stakeholder analysis and xxxxxx the risk
management framework needs to be applied to mitigate and minimise the risks and forecast their probability of
happening. And in the case they happen to use measures of contingency and reduce the losses within time, cost
and quality
The importance of keeping record and control of each step of the risk management is also to further analyse and
report the outcomes of the project as a whole and differentiate the results in a process commonly called as “Tears
and Cheers”. Despite the differentiation of the projects and the disparities it is always possible to learn parts of the
project such as....????
Assets distribution is used to organise the placement of assets for avoiding depreciation and allocate resources to
maximise use of assets and resources.
Financial Pro Impa Rati Mitigations Pro Impac Ratin Contingen status Owner

2
RISK MANAGEMENT
b. ct ng b. t g cy
Budget Delay 1 3 3 Periodical
meetings
with finance
team. Tight
Budget
control
1 2 2 Negotiate
longer
repayment
s with
suppliers
Actions
approve
d
Project Manager
Budget
Overspending
2 1 2 Held weekly
budget
management
and
spending
controls in
order to keep
budget
under control
1 3 3 By
controlling
spending
periodicall
y and pre
approve
every
major
spends to
reach best
value for
money on
each
purchases
and labour
repayment
s
Project Manager
Accountancy
Manager
Finance Manager
Unforeseen
spending
2 2 4 Insurance to
cover losses
and labour
accidents is
an important
part of the
budget as
well as the
2 2 4 It is
important
to keep a
reserved
fund to
mitigate
time of
claims
Finance manager
Accountancy
manager