RKC University: Analysis of Project Risk Management Strategies Report

This report provides a comprehensive analysis of project risk management strategies. It begins by defining the concept of risk and its importance in project execution, emphasizing the need for risk identification, evaluation, and control. The report then delves into risk measurement techniques, including the likelihood and impact analysis, and the use of monetary values. It outlines a project risk management strategy encompassing risk identification through stakeholder interviews, brainstorming, and analysis of previous projects. The report also covers risk response strategies, detailing approaches for both threats (avoid, transfer, mitigate, accept) and opportunities (exploit, enhance, share, accept). Furthermore, the report provides an application in a construction project, illustrating how these concepts and strategies can be implemented in real-world scenarios, including risk identification, measurement, and response.