RISK MANAGEMENT

Presented By:Rupsa sinha Dinesh Zile

DEFINITION OF RISK
Risk is defined as a probability or threat of a damages,

injury, liability, loss, or other negative occurrence that is caused by external or internal vulnerabilities.

Meaning of Risk Management

Risk management is the identification, assessment,

and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

PROCESS OF RISK MANAGEMENT

The process of risk management involves the following:1. Risk identification 2. Risk quantification 3. Risk response development 4. Risk response control

ADVANTAGES OF RISK MANAGEMENT

An objective assessment of the project management

process Proper accounting for project risks and uncertainties Increased confidence in investment and management decisions

MEANING OF RISK ANALYSIS

Risk analysis is a technique to identify and assess

factors that may threaten the success of a project or achieving a goal.

QUALITATIVE RISK ANALYSIS

Qualitative risk analysis helps to acquire safety against

recognized risks and to increase the alertness of the management, team members, and all personnel who are vulnerable to them.

QUANTITATIVE RISK ANALYSIS

The process of numerically analyzing the effect on

overall project objectives of identified risks. Quantitative risk analysis is more focused on the implementation of safety measures that have been established in order to protect against every defined risk.

RISK MONITORING AND CONTROL

Risk Monitoring And Control is the process for

tracking identified risks, monitoring residual risks, identifying new risks, executing risk response plans, and evaluating their effectiveness throughout the project life cycle

Thank you