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Risk Management

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Assume you have just been assigned to a project risk team of five members. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out their proposed outline at the beginning of the meeting. Your outline should include but not be limited to the following information:

* Team objectives
* Process for handling risk events
* Team activities
* Team outputs

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Risk Management: Develop an outline that describes how the team should proceed in handling project risks

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* Team objectives

The objective of the team is to mitigate the risks arising during the project or minimize the impact of risks via effective implementation of appropriate risk mitigation strategies. The risk management team ensures that the project is completed as per original scope, schedule and budget the risks arising during the project cause minimal impact on the project outcome.

* Process for handling risk events

If a risk event occurs, the first thing that project team should do is to quickly assess the impact of risk and immediately implement the appropriate risk mitigation strategy planned during the risk management planning stage. This should be done in consultation with project manager and other ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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