Project Risk Management

Topic :- Reducing risk

Presented by:- Priya A.Chapale

Reducing risk in project management

Project is something new and different and that

will always pose some measure of risk.
Projects where risks are actively managed and
controlled are more likely to be a success.
Managing risks effectively has a number
of aims:

to prevent risks happening, where possible, that

pose a threat to delivering a successful project
outcome.
to mitigate risks that cannot be avoided by planning
the most appropriate response.
to act upon risks that might present positive
opportunities.
 Activities designed to reduce project risks are an integral part
of project management.
 To reduce risks is to seek out as much information as possible
that might identify a risk.
 This can be done through tried and tested methods such as
brain-storming (GD), story-boarding (Graphic representation )
or interviewing individuals from all parts of the affected
business.
 Working through a structured project plan template
(presentation) will also help you to map out potential risks.
 It will encourage you to approach and analyse the project each
step of the way.
4 steps to reduce risk in project
planning
1. Documenting
2. Prioritizing
3. Avoiding
4. Mitigating
 Documenting:-Document each risk in detail, including the
potential effect and possible response to mitigate the risk, then
assign a team member to each risk. Keep this risk log updated
throughout the project.
 Prioritizing:- Prioritization of risks should use a combination of
how likely the risk is to occur and the effect on the schedule or
budget. Certain risks may be very unlikely to occur but could have
an extremely serious effect on budget or schedule or even on your
ability to complete the project. Others may be very likely to occur
but require no more than dipping into a contingency fund to resolve
the issue.
 Avoiding:- The detailed, prioritized list of all the known risks
needs to be communicated to the team members. It is impossible to
avoid unknown risks so just concentrate efforts on the known risks.
 Mitigating:- Before any potential risks have occurred it will
benefit the process to consider what the best solution to the
problem would be, should it occur.You can also decide for each
individual risk whether to try and implement the solution.
Thank you.