Project of entrepreneurship

Project of entrepreneurship

• 1.
  PROJECT PLANNING PART-III
• 2.
  KEY DISCUSSIONS Risk ManagementPlan
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  RISK MANAGEMENT PLAN Whatis a Risk?  In project management, risk is any unexpected event that has the potential to affect the project goals – positive or negative.  Risks can influence the resources, deliverables, processes, and objectives of a project.  Risks can be classified as positive or negative risks according to their impacts.  The risk management process includes identification, evaluation, prioritization, and response.
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  RISK MANAGEMENT PLAN 1.Plan Risk Management Plan Risk Management is the process of defining how to conduct risk management activities for a project. The key benefit of this process is that it ensures that the degree, type, and visibility of risk management are proportionate to both risks and the importance of the project to the organization and other stakeholders. This process is performed once or at predefined points in the project.
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  RISK MANAGEMENT PLAN 1.Plan Risk Management  Risk categories. Provide a means for grouping individual project risks. A common way to structure risk categories is with a Risk Breakdown Structure (RBS), which is a hierarchical representation of potential sources of risk.  Technical Risk  Management Risk  Commercial Risk  External Risk
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  RISK MANAGEMENT PLAN 2.Identify Risks  Identify Risks is the process of identifying individual project risks as well as sources of overall project risk, and documenting their characteristics.  The key benefit of this process is the documentation of existing individual project risks and the sources of overall project risk.  It also brings together information so the project team can respond appropriately to identified risks.  This process is performed throughout the project.
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  RISK MANAGEMENT PLAN 2.Identify Risks- Risk Register  The risk register captures details of identified individual project risks.  The results of Perform Qualitative Risk Analysis, Plan Risk Responses, Implement Risk Responses, and Monitor Risks are recorded in the risk register as those processes are conducted throughout the project.  The risk register may contain limited or extensive risk information depending on project variables such as size and complexity.
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  RISK MANAGEMENT PLAN
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  RISK MANAGEMENT PLAN 3.Perform Qualitative Risk Analysis  Perform Qualitative Risk Analysis is the process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.  The key benefit of this process is that it focuses efforts on high-priority risks.  This process is performed throughout the project.
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  RISK MANAGEMENT PLAN Probabilityand Impact Matrix Impact and probability are the two main components of Risk analysis. Looking at impact versus probability is common in order to categorize and prioritize risks as some risks may have a severe impact on projects objectives but only happen on rare occasions, while other have a moderate impact but occur more frequently.
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  RISK MANAGEMENT PLAN 5.Plan Risk Responses  Plan Risk Responses is the process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks.  The key benefit of this process is that it identifies appropriate ways to address overall project risk and individual project risks.  This process also allocates resources and inserts activities into project documents and the project management plan as needed.  This process is performed throughout the project.
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  RISK MANAGEMENT PLAN RiskTreatment/Response A risk treatment is an action that is taken to manage a risk. In general, there are four types of risk treatment: Avoid : change your strategy or plans to avoid the risk. Transfer: Transfer the risk to a third part. For example, purchase fire insurance for an unfinished building. Mitigate: Take action to reduce the risk. For example, work procedures and equipment designed to reduce workplace safety risks. Accept: Decide to take the risk.
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  Key Topics Discussed RiskManagement Plan
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  Key Activities  RiskRegister  Probability and Impact Matrix
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  REFERENCES •A guide tothe Project Management Body of Knowledge (PMBOK) Sixth Edition by PMI
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  THE END