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Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive.
An activity in a network requires that a new technology be developed. The schedule indicates six months for this activity, but the technical employees think that nine months is closer to the truth. If the project manager is proactive, the project team will develop a contingency plan right now.
They will develop solutions to the problem of time before the project due date. However, if the project manager is reactive, then the team will do nothing until the problem actually occurs. The project will approach its six month deadline, many tasks will still be uncompleted and the project manager will react rapidly to the crisis, causing the team to lose valuable time.
Proper risk management will reduce not only the likelihood of an event occurring, but also the magnitude of its impact.
I was working on the installation of an Interactive Voice Response system into a large telecommunications company. The coding department refused to estimate a total duration estimation for their portion of the project work of less than 3 weeks. My approach to task duration estimation is that the lowest level task on a project whose total duration is 3 months or more should be no more than 5 days.
So… this 3 week duration estimation was outside my boundaries. Nevertheless, the project team accepted it. It appeared an unrealistic timeline for the amount of work to be done but they were convinced that this would work. No risk assessment was conducted to determine what might go wrong.
Unfortunately, this prevented their ability to successfully complete their tasks on time. The system must also be able to quantify the risk and predict the impact of the risk on the project.
The outcome is therefore a risk that is either acceptable or unacceptable. If risk management is set up as a continuous, disciplined process of problem identification and resolution, then the system will easily supplement other systems. This includes; organization, planning and budgeting, and cost control.
Surprises will be diminished because emphasis will now be on proactive rather than reactive management. Risk Management…A Continuous Process Once the Project Team identifies all of the possible risks that might jeopardize the success of the project, they must choose those which are the most likely to occur.
They would base their judgment upon past experience regarding the likelihood of occurrence, gut feel, lessons learned, historical data, etc.
Early in the project there is more at risk then as the project moves towards its close. Risk management should therefore be done early on in the life cycle of the project as well as on an on-going basis.
The significance is that opportunity and risk generally remain relatively high during project planning beginning of the project life cycle but because of the relatively low level of investment to this point, the amount at stake remains low. In contrast, during project execution, risk progressively falls to lower levels as remaining unknowns are translated into knowns.
At the same time, the amount at stake steadily rises as the necessary resources are progressively invested to complete the project. The critical point is that Risk Management is a continuous process and as such must not only be done at the very beginning of the project, but continuously throughout the life of the project.
Risk Response Avoidance…eliminating a specific threat, usually by eliminating the cause.
Mitigation…reducing the expected monetary value of a risk event by reducing the probability of occurrence. Acceptance…accepting the consequences of the risk. This is often accomplished by developing a contingency plan to execute should the risk event occur.
In developing Contingency Plans, the Project Team engages in a problem solving process. Contingency plans will help to ensure that they can quickly deal with most problems as they arise. Once developed, they can just pull out the contingency plan and put it into place.
Why do Risk Management? The purpose of risk management is to: Provide a rational basis for better decision making in regards to all risks. Assessing and managing risks is the best weapon you have against project catastrophes. Additionally, continuous risk management will:Apr 19, · Healthcare technology and wearable devices also have the potential to dramatically reduce costs and improve outcomes, if they can navigate the risk of litigation and regulatory gridlock.
What is Regulatory Risk? Regulatory risk is the potential for losses due to a change in laws and regulations. There are several major types of regulatory risk: 1. Compliance. Compliance to new laws and regulation can be a significant expense that may include the cost of changing products, processes and legal structures.
The burden of. IRRC # Regulation Number Title/Description; Electronic Submission of Air Quality General Plan Approval and General Operating Permit Applications.
Patrick Luff (Oxford) has posted Risk Regulation and Regulatory Litigation on SSRN. Here is the abstract: Since at least the s, when Congress enacted civil rights statutes that provided for. Individually:· o Use the table you created from your learning team collaboration to write a plan for a company like Alumina explaining how regulatory risks such as tort liability can be identified and managed through preventive, detective, and corrective measures.
A tort, in common law jurisdictions, is a civil wrong that causes a claimant to suffer loss or harm resulting in legal liability for the person who commits the tortious act.. Tort law, where the purpose of any action is to obtain a private civil remedy such as damages, may be compared to criminal law, which deals with criminal wrongs that are punishable by the state.