Project and Risk Planning

Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets, project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Several risk management standards have been developed including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and ISO standards. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.

The strategies to manage risk typically include transferring the risk to another party, avoiding the risk, reducing the negative effect or probability of the risk, or even accepting some or all of the potential or actual consequences of a particular risk.

Project Planning is one of the essential functions of project management. Proving a realistic plan with team contribution and present a critical path of the project is essential in order to complete the project on time and within its budget.

Evaluation of alternative scenarios, at the early stages of a project, through what if analysis would provide control over processes and possible hindrances and related risks. Risk assessment and analysis will be continuous since there is always been a certain amount of risk associated with predictions. Approach of reduction of the risk by risk mitigation plans will be adopted and sustained through all phases by direct contribution of the project team.

IPMS can provide or assist preparation and regular monitoring of risk assessment and mitigation plans throughout the project, with regular updates as to comply with project's requirements.

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