Risk Management Report

Question: What is risk? Identify the risk process, analyze the risk and then evaluate the risk. Answer: As from the report risk management published by the Committee QR-005(2012), Risk can be unpredictable and unexpected event that change or uncertain the event of the project planning and it cannot control and overcome during the final phase. Risk has a negative and positive effect on the organization objective. From this report, it is seen that the Risk is associated with both internal and external factors and influenced the objective including the organizations strategies, operations, project and process. Thus from the study, it is observed that the main purpose risk assessment is to identify the risk process, analyze the risk and then evaluate the risk This article use the framework designed in order to solve the risk problem. Overall, if risk is identified in implementation phase then it is easily solved by the project management. If risk is not identified during implementation phase then it is more difficult for the developer to identify the risk after that and those type of the r isk become crucial. This article contains the framework including commitment and mandate, framework design to manage the risk, implementation process, review and monitoring process and improvement process. Risk is impact on the time, cost, scope and the quality. This article is focused upon the three processes these are the risk management process, creating framework in order to manage the risk and the process of the risk management and with the help of them they try to solve the risk problem. From the Committee QR-005(2012), the risk assessment plays the vital role in order to review the information regarding both external and internal context. This article includes the risk identification methods including data based technique, simulation or modeling and analysis of the history data. In another aspect the risk management is increased success with the help of different attribute like decision making process, formality and structure, project focus and continuity. In this article, five steps are used in the process of risk management. Risk assessment is applied in every phase of the life cycle and it is implemented in different levels. The project life cycle phase contains the analyzing, implantation, designing, evolution and monitoring phage. From the Committee QR-005(2012), the opportunities risk is identified in definition phase. . Risk analysis is done through historical data including both qualitative and quantitative methods. It is affectively discussed the ways in which the various factors of risk are ranked and prioritized with the help of ETA (event tree analysis) and Delphi methods. F-N curves technique is used to represent the risk analysis and it is useful in order to evaluating the risk. This article is provided different techniques and methods including HAZOP, HACCP and with the help of this technique, they try to measure the risk or identify the risk. Thus, this article is provided to the benefit of the project developer in order to identity the different type of risk through different selection of technique. Business management can be identified risks in an initial stage of the life cycle. Risk management process and risk framework helps to plan to identify internal risk and external and they solve different risks with the help of risk breakdown structure. References Committee QR-005, (2012). Risk managementGuidelines on risk assessment techniques. 1st ed. [ebook] Sydney: Council of Standards Australia.