Gowri Shanker BalasaPractice Lead - Microsoft| MOURI TechHyderabad, Andhra Pradesh, India
What are the different kinds of Risks may occur in a Project and How to Mitigate them? Saving Changes...
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Muhammad Imran SharifContracts Manager| Guarantee EngineersKhushab, Punjab, Pakistan
There are numerous amount risks in the Project... Saving Changes...
Peter MorrisPM Consultant, Author| INDUS TechnologySan Antonio Texas, United States
Your first task will be to determine and evaluate Risk Sources and Categories. Risk sources are the fundamental drivers that cause risk within a project or organization. There are many sources of risks, both internal and external to a project. Risk sources identify common areas where risks may originate. Risk sources can be identified by examining each element of the Work Breakdown Structure (WBS) and process in terms of causes or areas of risk. As the project progresses, additional sources of risk may be identified.
Risk categories reflect the “bins” for collecting and organizing risks, and are logical groupings of potential causes of risk. Identifying risk categories helps to consolidate the activities in risk mitigation plans, provides information about which areas of the project have the highest degree of uncertainty, and gives further insight in the identification and analysis of risks. Example categories: project life cycle phase, type of process, type of product or product line, and project management risks (e.g., contracts, budget/cost, schedule, resources, supportability).
Mitigation, the act of performing tasks to reduce the probability or severity of risk, is only one risk response. The four methods of risk response are mitigation, avoidance, transference (eg,, buy insurance) and acceptance. Saving Changes...
Eliani RamosVice President| PMI-SCJoinville, Sc, Brazil
What type of project? Saving Changes...
fosco frongiaSenior project manager| ENTE PATRIMONIALE CHIESA GESU' CRISTO SUGFino Mornasco, Como, Italy
Peter answered correctly ad completely. I can add that the risk response you select depends on several factors (e.g. budget, image, etc.) which can be resumed in your tolerance against the risk. remember that when you adopt an avoidance response this can correspond to modify partially the project scope and, in extreme cases to close the project Saving Changes...
