Assess the possible consequences of the

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Assess the possible consequences of the

Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives.

Proper risk management implies control of possible future events and is proactive rather than reactive. An activity in a network requires that a new technology be developed.

The schedule indicates six months for this activity, but the technical employees think that nine months is closer to the truth. If the project manager is proactive, the project team will develop a contingency plan right now. They will develop solutions to the problem of time before the project due date.

However, if the project manager is reactive, then the team will do nothing until the problem actually occurs. The project will approach its six month deadline, many tasks will still be uncompleted and the project manager will react rapidly to the crisis, causing the team to lose valuable time.

Proper risk management will reduce not only the likelihood of an event occurring, but also the magnitude of its impact. I was working on the installation of an Interactive Voice Response system into a large telecommunications company. The coding department refused to estimate a total duration estimation for their portion of the project work of less than 3 weeks.

My approach to task duration estimation is that the lowest level task on a project whose total duration is 3 months or more should be no more than 5 days. So… this 3 week duration estimation was outside my boundaries. Nevertheless, the project team accepted it. It appeared an unrealistic timeline for the amount of work to be done but they were convinced that this would work.

No risk assessment was conducted to determine what might go wrong. Unfortunately, this prevented their ability to successfully complete their tasks on time.

The system must also be able to quantify the risk and predict the impact of the risk on the project. The outcome is therefore a risk that is either acceptable or unacceptable. If risk management is set up as a continuous, disciplined process of problem identification and resolution, then the system will easily supplement other systems.

This includes; organization, planning and budgeting, and cost control. Surprises will be diminished because emphasis will now be on proactive rather than reactive management.

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Risk Management…A Continuous Process Once the Project Team identifies all of the possible risks that might jeopardize the success of the project, they must choose those which are the most likely to occur.

They would base their judgment upon past experience regarding the likelihood of occurrence, gut feel, lessons learned, historical data, etc. Early in the project there is more at risk then as the project moves towards its close.

Risk management should therefore be done early on in the life cycle of the project as well as on an on-going basis. The significance is that opportunity and risk generally remain relatively high during project planning beginning of the project life cycle but because of the relatively low level of investment to this point, the amount at stake remains low.

In contrast, during project execution, risk progressively falls to lower levels as remaining unknowns are translated into knowns.

At the same time, the amount at stake steadily rises as the necessary resources are progressively invested to complete the project. The critical point is that Risk Management is a continuous process and as such must not only be done at the very beginning of the project, but continuously throughout the life of the project.

Risk Response Avoidance…eliminating a specific threat, usually by eliminating the cause. Mitigation…reducing the expected monetary value of a risk event by reducing the probability of occurrence.

Acceptance…accepting the consequences of the risk.

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This is often accomplished by developing a contingency plan to execute should the risk event occur. In developing Contingency Plans, the Project Team engages in a problem solving process. Contingency plans will help to ensure that they can quickly deal with most problems as they arise.

Assess the possible consequences of the

Once developed, they can just pull out the contingency plan and put it into place. Why do Risk Management? The purpose of risk management is to: Provide a rational basis for better decision making in regards to all risks.

Assessing and managing risks is the best weapon you have against project catastrophes. Additionally, continuous risk management will:Assess the possible attheheels.comg IMS about Snicker’s possible bankruptcy may help IMS avoid wasted effort on Snicker or worse, exposing IMS to Snicker’s financial difficulties.

This may enable IMS to seek more profitable ventures and aid IMS’s recovery. In turn, this may help IMS pay its loan to Community Bank. Decision making is a key skill in the workplace, and is particularly important if you want to be an effective leader. Whether you're deciding which person to hire, which supplier to use, or which strategy to pursue, the ability to make a good decision with available information is vital.

2. To assess the consequences of unemployment on the society. 3. To examine efforts by the government both state and federal, individual organization in employment generation.

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Risk Management and Critical Infrastructure Protection: Assessing, Integrating, and Managing Threats, Vulnerabilities, and Consequences Summary The 9/11 Commission recommended that efforts to .

Risk Management the What, Why, and How. What Is Risk Management?

2. To assess the consequences of unemployment on the society. 3. To examine efforts by the government both state and federal, individual organization in employment generation. 4) Consequences of biodiversity loss The loss of biodiversity has many consequences that we understand, and many that we do not. It is apparent that mankind is willing to sustain a great deal of biodiversity loss if there are concomitant benefits to society; we hope they are net benefits. D1) Assess the possible effects of discrimination on the physical, intellectual, emotional and social health/wellbeing of individuals Discrimination occurs when someone is treated differently because of his socio-economic, physical, cultural and social background or his beliefs.

No risk assessment was conducted to determine what might go wrong. Unfortunately, this prevented their ability to successfully complete their tasks on time.

Now the project team is ready to begin the process of assessing possible remedies to manage the . Learn about global warming and the consequences to our environment from increased wildlife extinction rates to acidic oceans and polluted air.

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