The Risk Management Cycle Essay - 560 Words

All projects are subject to varying levels of uncertainty and are subject to risk. Projects are established to achieve a goal and project risk management must address risks to the project management process in light of their effect on achievement of the end goal. The risk management review process must take into account the impact of identified and new risks. Risk management extends beyond setting out systems and procedures; all risk mitigations must be actionable. Effectiveness of implementation of risk management and actionable mitigation tasks must be monitored by the steering committee and sponsor/s. Identified project risks and mitigation tasks are controlled in the Project Risk Log (PRL). Change to the PRL should adhere to the†¦show more content†¦(Dobson et al.). The PRL ignores risk items that were deemed negligible in the initial review phase; the risk review process is designed to identify non-negligible risks as the project progresses. For this project we define risk by 3 factors; Likelihood, Consequence and Impact resulting in a Score for each risk item. Likelihood is the probability that a risk will occur; Consequence rates the outcomes a risk may have and Impact is the effect or impression a risk will have on the project or conference. Each factor is weighted from 1 (low) to 5 (high). The factors are added for each risk item to provide the Score for overall weighting (Turner). The determination of the risk factor is a qualitative risk assessment (Sims). See appendix Risk Assesment Calculations for more detail. As the project is neither large, complex or externally visible quantitative risk analysis will not be a considered as part of the project planning. However quantitative risk analysis should be considered if significant changes occur and a quantitative assessment is required (Hullet). This need should be determined by the Steering Committee and project team during the risk review cycle. 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