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Risk Management Process - Research Paper Example

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Risk Management Process (Name) (University) (Course) (Tutor) (Date) Introduction This paper analyzes the concept of risk management process, as well as the role of risk management in overall project management. Risk management process cycle in a company is also examined…
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Risk Management Process
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"Risk Management Process"

Download file to see previous pages Hazards are identified and through proper management control power and resources are conserved (Kendrick, 2009). Projects being undertaken possess different risks and therefore project manager must understand every detail of the project and outcomes expected to ensure that the project does not fail. Understanding of requirements of the project will ensure that proper strategies are formulated and resources used efficiently to avoid uncertain risks (Loosemore & Raftery, 2006). Risk management process involves detail stages which are used to enable understanding and creating correctional measures that can be used to avoid risks. Therefore before undertaking any activity there is a need to know every project risk before selecting and implementing a project (Hillson, & Simon, 2007). Role of Risk Management in Overall Project Management Risk management is done by all stakeholders involved in the project. Safety and health of employees is to be maintained for the success of the project. This is through providing information and training to workers and preventing occupational risks. It is important in identifying risks and putting in place appropriate measures to ensure that the project delivers as per the goal (Hillson, & Simon, 2007). Means of implementing measures are also made so that a project is run with a detailed understanding of what it demands at every face. Ensuring that perceived risks do not occur is a role of management hence ensures that they control the process through evaluation of completed stages and comparing them with set objectives and chances of risking the project. The assessment is needed to understand cause of the problem and if it can be corrected with appropriate measures (Belbin, 1981). Risk Management Process Cycle within a Company Several steps are undertaken before venturing into selection and implementation of projects. First, hazards are identified by determining perceived source of problem. This could be from inside or outside the organizations. It can be done through use of available objectives, scenario-based where events that can cause risks are examined. Second stage is assessing the hazards (Kendrick, 2009). This is through both qualitative and quantitative methods. The purpose of this stage is to determine the probability of the risk happening, estimate severity. Risk level is determined for each hazard identified. Focus is on how the risk can be eliminated. Third stage is deciding on preventive action. These are measures that will be used to eliminate or control the risks (Loosemore & Raftery, 2006). Tacking action is the fourth stage where preventive measures are put into place by prioritizing of what is essential. It also involves assigning individuals tasks when and how to do them to avoid the risks. The final stage is monitoring and reviewing the assessment time to time is necessary so as to understand what was left out and if every specification is being followed (Belbin, 1981). Risk Management Activities throughout the Project Life Cycle Several activities are undertaken during risk management process. Managers plan how various risks will be managed including how every task is assigned, roles of employees and the cost budget. Giving an account of planned and faced risks is also an activity done to determine extent of effort spent and effectiveness of the measures used. Plans for mitigation are prepared describing what will be done, when, how and by whom in the project hence minimizing ...Download file to see next pagesRead More
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