"Risk management" means the identification, analysis and management of uncertainties in a project. International Organization for Standardization (ISO) concludes that risk management should create value, be part of decision making, be systematic, structured and specific to a project, be transparent, based on accurate information, taking into account the human factor and respond to changes.
Projecttimes.com summarized how to build an effective risk management program.
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Use risk management as a primary (day-to-day) part of the project.
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Identify any possible risks of the project (both negative and positive) as soon as possible.
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Combine individual risks to individual people who will bear responsibility for them.
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Evaluate the potential risks and setting priorities.
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Analyze priority risks in terms of their impact and likelihood.
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Manage risk - plan and implement solutions to individual risks. Prepare several alternative solutions for the largest risks.
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Build a register of risks which will allow you to monitor the progress of the project and remind the individual risks.
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