Manage Risks- don’t ignore

A special lecture for IRAQ’s Kirkuk Global Leaders

July .2013

Managing risksis imperative for success especially in projects need to have a process/s five steps project manager/s can use

Do it Professionallyrisk management processes are cyclic start from identification of a risk, and may result in identification of another

New risk each individual has different opinions &

ways to deal with risks, So risk should be consistent to meet project objectives documented in a risk management plan

The Process

STEP 1-Identify RisksIdentify risks that affect the project positively or negatively, and document their characteristicsDo this as thoroughly as you can

Identify Risks – Mind Map

STEP 2-Assess & Analyze Risks

Assess the risk impact Analyze the probability of risk occurrence,

andprioritize the risks

numerically analyze the effect of identified risks on project objectives

usually on cost, schedule and scope targets

Perform Qualitative Risk Analysis – Mind Map

Perform Quantitative Risk Analysis – Mind Map

STEP 3-Plan Actions• Explore all the possible ways to

reduce the impact of threats , and/or exploit opportunities

• Plan actions to eliminate the risks and/or enhance the opportunities

Action plans should be appropriate, cost effective, and realistic

Plan Risk Management – Mind Map

STEP 4-Monitor & Implement the ActionTrack the risks throughout the project If risks occur then,

implement the risk strategy based on action plan

Risk strategies may include’ Mitigation Acceptance Avoidance, and Exploitation

Plan Risk Responses – Mind Map

STEP 5- Measure the effectiveness & Control the risk impactMeasure the effectiveness of the planned

action and controlling the risk impact

by understanding risk triggers & timely implementation of planned actions

Monitor & Control Risks – Mind Map