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Risk Management Process

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Inquire in your organization (or research one that you may be familiar with) about plans they have in place to manage risk. How do these plans measure up to the Risk Management Process presented in Chapter 7, of the text Gray & Larson. (2006). Project Management: The Managerial Process (3rd ed)?

Describe an implementation at your organization or an organization with which you are familiar. What were some of the lessons learned? How were gaps and risk factors assessed and managed? How were resources allocated and prioritized. What competing constraints had to be balanced? How were costs estimated?

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The response addresses the queries posted in 1051 words with references.

//Before writing about the 'Risk Management', it is necessary to gain knowledge about the risk associated with the business operations. One should know about the different stages used in risk management for the effective assessment of risk.//

Managing Risk

The business operations are defined by risk and uncertainty, the reason behind it is the increasing competition and globalization which makes it necessary to manage the risk effectively. Activity performed by humans that includes identifying risk, risk evaluation and developing a plan to manage the risk is referred to as risk management. Risk can be defined as uncertainty of outcomes. It is minimized by the resources: people, money and machine. Objective of risk management is to minimize the various risks bearing the dangers from competitive firms, society and technology. It has become an integral part of organization. There are various risks faced by an organization as Political, Legal, Marketing, Environmental, Technology, Natural, Production and Credit risk.

In this organization manufacturing electronics, the plans to manage risk is to follow the various steps required in identifying risk and its effects on the company. To manage risk, the plan commences with identifying the types of risk. It includes the tasks, financial resources and the duties to be performed and what type of risks can occur as organizational, financial or compliance risk. An employee is appointed to be responsible for a specific task in the process and a record is maintained which is submitted to the senior management. They identify the impact on the organization procedure and practices. Functional managers are assigned specific tasks of risk management relevant to their job; the ...

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