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Project Risk Management

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Introduction:
A risk is something that may happen and if it does, will have a positive or negative impact on the project. A few points here. "That may happen" implies a probability of less then 100%. If it has a probability of 100% - in other words it will happen - it is an issue. An issue is managed differently to a risk and we will handle issue management in a later white paper. A risk must also have a probability something above 0%. It must be a chance to happen or it is not a risk.

The second thing to consider from the definition is "will have a positive or negative impact". Most people dive into the negative risks but what if something goes right?

Take the example I came across recently where we identified a project finishing ahead of schedule as a risk. It might seem to be a bonus but the completion date happened to occur at the busiest time of the year for the company. The last thing they needed was a project going live in their peak period. The mitigation was that if we were ahead of schedule, we would slow the project down by reducing resources.

Risk Management Plan
There are four stages to risk management planning. They are:
Risk Identification
Risks Quantification
Risk Response
Risk Monitoring and Control

OBJECTIVES OF THE STUDY
1. To understand the concept of project risk management in detail
2. To find out the benefits of risk management in project management
3. To review the existing literature on given topic
4. To recommend the strategies to implement it

Number of Pages of Project Report: 47
Package Includes: Project Report
Project Format: Document (.doc)

Table of Contents of Project Report:
CHAPTER 1: INTRODUCTION
CHAPTER 2: THEORETICAL BACKGROUND
CHAPTER 3: REVIEW OF LITERATURE
CHAPTER 4: COMPANY PROFILE
CHAPTER 5: RESEARCH METHODOLOGY
RESEARCH DESIGN
NEED FOR THE STUDY
OBJECTIVES OF THE STUDY
METHOD OF DATA COLLECTION
SAMPLING DESIGN AND SAMPLE SIZE
TOOLS USED FOR THE STUDY
LIMITATION OF THE STUDY
CHAPTER 6: DATA PRESENTATION AND ANALYSIS
CONCLUSIONS
BIBLIOGRAPHY


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