BY :

DARSHANA C. ADMANE & VRUSHALI THAKRE

Risk management implies control of possible future events
and is proactive rather than reactive. Effective risk
management strategies allow you to identify projects
strength, weakness, opportunities and threats. By planning
for unexpected events, one can be ready to respond if they
arise.
RISK MANAGEMENT

RISK ASSESEMENT

RISK RESPONSE DEVELOPMENT

RISK RESPONSE CONTROL

 Risk identification is the process of listing
potential project risk and their characteristics. The
results of risk identification are normally
documented in a risk register, which includes a list
of identified risks along with their sources,
potential risk responses and risk categories.
A risk assessment is the effort of identifying and
analyzing events that may negatively impact
individuals, assets and environment and making
judgement “ on the tolerability of the risk on the
basis of a risk analysis” while considering
influence factors.
 There are 5 steps to risk management
 Identify hazards
 Decide who may be harmed and how
 Assess the risk and take action
 Make the record of findings
 Review the risk assessment.
RISK RESPONSE

Risk response is the process of developing strategic

options and determining actions to enhance the
opportunities and reduce threats to project

RISK RESPONSE CONTROL

It involves determining ways to reduce or eliminate

any threats to the project and also the opportunities
to increase their impact
 Identification: Uncover, recognize and
describe risk that might affect project or its
outcome. During this step we start prepare
our project risk register

 Analysis: Try to calculate or estimate every

possible outcome and weight everything
accordingly. We develop an understanding of
the nature of the risk and its potential to
effect goal and objective
 Evaluation: After carefully calculating each outcome, its time
to evaluate those outcomes. Are the outcome important enough
to care about them at all?

 Action or Treat the Risk: Also known as risk response action.

In this stage u need to decide how to respond to each risk.
During this step plan is set to treat or modify the risk to achieve
acceptable risk level.

 Monitoring: In the last step you should monitor the risk to

ensure that everything is going as it should