Project Risk Management: Health Sector Strategic Risk Analysis Report

This report delves into the intricacies of project risk management, specifically within the context of the UK health sector. It outlines the core principles of project risk management, including its aims, objectives, and the strategic planning process involved. The report covers essential aspects like risk identification, analysis, and mitigation, along with the application of tools such as Gantt charts and the Delphi technique. It also addresses the types of risks encountered in projects, such as scope creep and resource risks. Furthermore, the report explores the strategic risk management process, including CPA post-implementation and communication plans. The key findings of a strategic audit of the UK health sector are presented, highlighting the complexity of the healthcare system and the associated clinical and psychological risks. The report concludes with recommendations for effective risk management practices, emphasizing early risk identification, clear communication, and the use of risk management software. The references provide additional resources for further study.

PROJECT AND STRATEGIC
RISK MANAGEMENT

AGENDA:
1. Project Risk Management
2. Aims and Objectives
3. Purpose of the Project and Scope
4. Strategic Audit Key Findings of Health Sectors of UK
5. Gantt Chart
6. Risk Analysis and Identification
7. Types of Risks
8. Strategic Risk Management Process
9. Mitigation of Risk
10. CPA post implementation & Communication plan.

PROJECT RISK MANAGEMENT:
The process of management strategic planning of administration, identifying, analyzing,
planning of response observation and monitoring a project is known as Managing Project Risk.
It is done in order to decrease the probability of something bad happening to the project
event that might occur.
Risk Management Framework:
Identification of Risks
Analysis of Risk and the impact
Risk Prioritization
 Managing the risks
Monitoring and Reviewing for potential risks

AIMS AND OBJECTIVES :
 Threats removal and increase opportunities
 Identification, evaluation of probability of something bad happening, mitigate and risks
control that might occur in the Project
 Determine key risk indicators to meet project goals
 Major Threat detection of projects and efficient alignment of resources to reduce the impact
 Development of risk contingency plans
 Utilization of established tools and techniques to mitigate risks .

Purpose of the Project and Scope:
 The main purpose of risk management is to plan risk-optimizing/handling activities and
identification of these risks before it might occur.
 To get issues addressed that would harm the project and critical objectives.
 To identify risks at its earliest and aggressively.
 Scope of the Project is analyzed to mitigate risk at its earliest phase and to consider internal as
well as external sources of schedule, cost and technological risks.
 Scope of the project is also used to find out if the project is feasible or not. Feasibility study
like, Economic feasibility, Technological feasibility, Legal Feasibility.

Strategic Audit Key Findings of Health Sectors of
UK:
 The complexity of healthcare system in UK has hazardous effects if it is not controlled.
 Intrinsic character of medical care runs patients risk of unwilling consequence of the sickness
hence the adverse events and errors cannot be eliminated in healthcare sectors in UK.
 Clinical risks refers to the treatment, therapeutic intervention or diagnostic research.
 Medical errors often occur during therapy prescription, multiple hospital processes,
distribution and administration.
 Clinical risks can be managed by systematic perspective.
 In healthcare sectors risks are always related to psychological issues.

Gantt Chart for project risk
management: (RESULT RISK ANALYSIS)

RISK ANALYSIS AND IDENTIFICATION:
The process by which risk can be determined in which way it can affect the project and the bad
impacts and consequences. Identifying Risk is an repetitive process because risks that are new occur
and becomes more clear as the project grows in the cycle of starting till the end process.
Strategic risks can be a short term or a long term risk and can impact the expected outcome of the
project.
Tools and Techniques to Identify Project Risks:
Information can be gathered by using following procedures:
• Delphi Technique
• Brainstorming
• Analysis of root cause
SWOT determination of the project .

RISK ANALYSIS AND IDENTIFICATION:
The Delphi method is used to estimate the likelihood and outcome of future events. It is an iterative process.
Brainstorming provides a free and open approach that encourages everyone handling the project to participate to
capture ideas and initiatives for probable risks.
Root cause analysis pinpoints why an event occurs and identifying the root cause will provide information about
what causes triggers a loss and where is the project vulnerable.
SWOT stands for Strength, Weakness, Opportunity and Threats. This framework makes sure of all the positive and
negative impact of risks and hence risks can be analyzed and identified easily.

TYPES OF RISKS:
Project risks are uncertainties that can cause a project to fail from reaching its objective. The risks that are normally
found in the project are as follows:
1. Scope Creep: A change to the project objective that cannot controlled.
2. Scheduling Risks: Delays of resources that are not at all expected from vendors that are external,
3. Resource Risks: The risk mainly arises from outsourcing and personal related issues, natural calamities
estimated errors backfiring etcetera.
4. Technical Risks: Software delays and defects that happen in the hardware of the cloud service provider of
vendor lock ins.

STRATEGIC RISK
MANAGEMENT PROCESS:
The risk that can affect the stages of initial plan of a strategies at corporate level and can affect
the project success and strategies is known as Strategic Risk.
The Strategic Risk Management Process:
1. Gain a deep understanding of the initial goals of project
2. Requirement gathering on strategic risks
3. Check and create a final risk profile that is strategic
4. Developing a project risk management that is strategic
5. Communication about the profile of the strategic risk

MITIGATION OF RISKS:
 Risk mitigation can be defined as the strategies that are implemented to decrease threats
of a project.