Risks Management : Risk Management Essay

1271 Words Jan 3rd, 2016 null Page
Risk Management. Risk management involves analyzing any foreseeable factors that may lead to a project not proceeding as planned, and should be part of the project planning process (CSU-Global, 2013e). Risk management is generally analyzed in the planning phases, executed throughout the project, and continually addressed during monitoring and controlling phases, therefore, risk management is an essential component to reaching satisfactory project results. Weaknesses in a risk management system can affect project organization, implementation, strategy, and the leaderships perspective on project outcomes. When developing risk management plans, project mangers should use the widely accepted policies published by PMBOK which include: risk management planning, identification of risk, qualitative assessment of risk, quantitative risk analysis, developing a risk response, and controlling the risk. Long-standing risk management essentials include techniques such as the SWOT analysis, and especially in times where conceiving of risks seems trivial, there are also brainstorming, interviews, facilitated workshops, surveys, and other techniques available to the GIG PMO.
Although GIG project managers do not indicate that risk management is a current priority for process improvement, GIG must consider that at this time, their project risk profile is likely to be increased due to a lack of mature internal project methods and processes. Determining the amount of risk tolerance is key,…

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