Answer to Question #177687 in Management for Phumla

Question

As the appointed project manager you have summoned your team to a project meeting to discuss the associated risks. Advise your team on the project risk management process they should employ in order to manage the risks associated with the project.

Answer 1

1. Identify the risk. Here, drill down to the root cause to see if the risk is one that will have the kind of impact on the project that needs identifying.
2. Analyze the risk. Conduct a qualitative and quantitative risk analysis, and determine how the risk is going to impact the schedule and budget.
3. Prioritize the risk. The risk should be prioritized depending on the impact it is likely to have on the project/organization.
4. Assign an owner to the risk. Ensure someone is tasked with overseeing the risk.
5. Respond to the risk. If the risk is a negative one, create a plan to mitigate it; if it is a positive risk, exploit it.
6. Monitor the risk. Track the progress towards resolution.