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Risk Overview & Risk management
1. The document discusses risk management standards and processes for construction project management. It outlines ISO 31000:2009 as the key risk management standard and describes the risk management process it establishes. 2. The risk management process involves establishing the context, identifying risks, analyzing and evaluating risks, treating risks, monitoring risks, and communicating about risks. 3. The document also discusses different risk management strategies like risk avoidance, reduction, sharing, and retaining and provides examples of each.
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Introduction of MBA Construction Project Management by Datta Subhendu Subir in SEC. B, GROUP-1.
Discusses the key contents of Risk Management including understanding, standards, processes, and strategies.
Risk is the effect of uncertainty on objectives; highlights risks SMEs face and their potential impact.
Overview of types of business risks influencing project management.
Introduces ISO 31000:2009 as a framework for risk management principles and guidelines.
Concise summary of major ISO standards related to risk management including ISO 31000 and IEC 31010.
Details the steps involved in risk management including identification, analysis, assessment, mitigation, and monitoring.
Expands on the ISO 31000 framework, outlining the risk assessment process steps such as identification, analysis, and evaluation.
Outlines key aspects of an effective risk management process in organizations, focusing on adaptability and continuous improvement.
Discusses various strategies for managing risk such as avoidance, reduction, sharing, and retaining risks.
Presents the relationship between the likelihood of risks and their potential impact on project management.
Lists references and resources used for understanding and implementing risk management in projects.
Concludes the presentation on MBA Construction Project Management focusing on risk management.
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- 1. MBA Construction ProjectManagement By- Datta Subhendu Subir A13559016057 MBA CPM SEC. B GROUP-1
- 2. RISKMANAGEMENT MBA Construction ProjectManagement CONTENTS Understanding Risk Management Risk Management Standards Risk Management Processes Risk Management Strategies References
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- 4. RISKMANAGEMENT MBA Construction ProjectManagement RISK Risk is defined as the “effect of uncertainty on objectives” Risk is intrinsic to doing business 50 % of small and medium-sized enterprises (SMEs) close down before completing their fifth year- operating a business can be a risky endeavor. Risks may arise from financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters. Risk has consequences in terms of economic performance and professional reputation, but there are also environmental, safety and social considerations. Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. RISK DIRECT / INDIRECT INTERNAL / EXTERNAL
- 5. RISKMANAGEMENT MBA Construction ProjectManagement TYPES OF BUSINESS RISKS Source: https://ag.purdue.edu/commercialag/farmrisk/understanding-risk-types/
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- 7. RISKMANAGEMENT MBA Construction ProjectManagement ISO Risk Management Standards ISO 31000:2009 - Risk management- Principles and guidelines- set of principles, a framework and a process for managing risk. Help organizations of all sizes to effectively allocate and use resources for risk treatment. Recognized by international regulatory bodies, or by target industry groups Regularly supplemented and updated
- 8. RISKMANAGEMENT MBA Construction ProjectManagement SUMMARY Standards — ISO 1. ISO 31000:2009, Risk management — Principles and guidelines 2. IEC 31010:2009, Risk management — Risk assessment techniques 3. ISO Guide 73:2009, Risk management — Vocabulary Technical Report — ISO 1. ISO/TR 31004:2013, Risk management — Guidance for the implementation of ISO 31000
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- 10. RISKMANAGEMENT MBA Construction ProjectManagement Defines potential risks that may negatively influence a project. Calculating probability of risk, understand & its influence on Company’s objectives Make decisions whether the risk is acceptable and whether the company is based on its risk appetite Develop plan to alleviate identified risks Continuously monitor and track new and existing risks RISK MANAGEMENT PROCESSES Risk identification Risk analysis Risk assessment & Evaluation Risk mitigation Risk monitoring
- 11. RISKMANAGEMENT MBA Construction ProjectManagement ISO 31000-Risk Management Process ESTABLISH THE CONTEXT RISK IDENTIFICATION RISK ANALYSIS RISK EVALUATION RISK TREATMENT MONITOR&REVIEW COMMUNICATION&CONSULTATION RISKASSESSMENT
- 12. RISKMANAGEMENT MBA Construction ProjectManagement TARGET AREAS -OVERALL RISK MANAGEMENT PROCESS: Create Value For The Organization. Integral Part Of The Overall Organizational Process Adaptable To Change Continuously Monitored And Improved Upon. Transparent And All-inclusive It Must Explicitly Address Any Uncertainty It Must Take Into Account Human Factors, Including Potential It Should Be Systematic And Structured. Tailored To The Project Factor Into The Company's Overall Decision-making Process.
- 13. RISKMANAGEMENT MBA Construction ProjectManagement RISK MANAGEMENT SRATEGIES RISK AVOIDANCE Strategy is designed to deflect as many threats as possible in order to avoid the costly and disruptive consequences of a damaging event RISK REDUCTION Reduce the amount of effect certain risks can have on company processes by adjusting certain aspects of an overall project plan or company process, or by reducing its scope. RISK SHARING Consequences of a risk is shared or distributed among several of the project's participants or business departments Or third party, such as a vendor or business partner. RISK RETAINING Decision to retain the risk and deal with any potential fallout since a project's anticipated profit is greater than the costs of its potential risk.
- 14. RISKMANAGEMENT MBA Construction ProjectManagement RISK MANAGEMENT SRATEGIES LIKELYHOOD IMPACT
- 15. RISKMANAGEMENT MBA Construction ProjectManagement REFERENCES Whatis.com, (2016), URL- http://searchcompliance.techtarget.com/definition/risk-management, TechTarget (Accessed on 29th July 2017) ISO 31000:2009- Risk Management IEC 31010:2009, Risk management — Risk assessment techniques
- 16. MBA Construction ProjectManagement