Manage risks

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<p>Manage Risks - dont ignore</p> <p>Manage Risks- dont ignoreA special lecture for IRAQs Kirkuk Global Leaders July .2013</p> <p>Managing risksis imperative for success especially in projects need to have a process/s five steps project manager/s can use </p> <p>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 &amp; ways to deal with risks, So risk should be consistent to meet project objectivesdocumented in a risk management plan</p> <p>Risk management processes are cyclic which starts from identification of a risk and it may result in identification of another new risk.Usually, each individual have different opinions &amp; ways to deal with risks. Some go for avoidance. Others go with risk taking. So, while working for a project, the approach to risk should be consistent to meet project objectives &amp; this need to be documented in a risk management plan. Communication of risk and its approach to be done to risk team member/risk owners/stakeholders</p> <p>3</p> <p>The ProcessSTEP 1-Identify RisksIdentify risks that affect the project positively or negatively, and document their characteristicsDo this as thoroughly as you can</p> <p>Identify Risks MindMapIdentify Risks MindMapPosted on May 31, 2010 by Babou i1 Votes</p> <p>Here is the mind map for second process of Risk Management knowledge area Identify Risks. This also placed under Planning Process Group. (Note: Click on the image to get full view) Important Note: * Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But dont share this in common forum or web sites. As this one is part of my training guide and project management book</p> <p>6</p> <p>STEP 2-Assess &amp; Analyze Risks </p> <p>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</p> <p>Perform Qualitative Risk Analysis MindMapPerform Qualitative Risk Analysis MindMapPosted on June 1, 2010 by Babou i1 Votes</p> <p>Here is the mind map for third process of Risk Management knowledge area Qualitative Risk Analysis. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But dont share this in common forum or web sites. As this one is part of my training guide and project management book.</p> <p>8</p> <p>Perform Quantitative Risk Analysis MindMapPerform Quantitative Risk Analysis MindMapPosted on June 16, 2010 by Babou iRate This</p> <p>Here is the mind map for fourth process of Risk Management knowledge area Perform Quantitative Risk Analysis. I tried putting as much information as possible in each process map to bring out completeness to each of them. Hope this will be useful to you. This also placed under Planning Process Group.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But dont share this in common forum or web sites. As this one is part of my training guide and project management book</p> <p>9STEP 3-Plan ActionsExplore all the possible ways to reduce the impact of threats , and/orexploit opportunitiesPlan actions to eliminate the risks and/or enhance the opportunities</p> <p>Action plans should be appropriate, cost effective, and realistic</p> <p>Plan Risk ManagementMindMapSTEP 4-Monitor &amp; Implement the ActionTrack the risks throughout the project If risks occur then, implement the risk strategy based on action plan Risk strategies may includeMitigationAcceptanceAvoidance, andExploitation</p> <p>Track the risks throughout the project. If risks occur then implement the risk strategy based on action plan. Ex. If mitigation strategy is selected, execute the contingency plan based on risk triggers. In case contingency plan fails, execute fallback plan12</p> <p>Plan Risk Responses MindMapPlan Risk Responses MindMapPosted on July 18, 2010 by Babou iRate This</p> <p>Here is the mind map for fourth process of Risk Management knowledge area Plan Risk Responses. I wrote lot of risk management articles in this blog which are input to this post. I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you. (Note: Click on the image to get full view) For detailed information about each response strategies please go through my earlier post Risk Response Planning StrategiesOther Risk Management Articles in this blog http://leadershipchamps.wordpress.com/category/risk-management/Important Note: * Note# 1: There could be some typo or presentation errors. Please reply back for any corrections. * Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But dont share this in common forum or web sites. As this one is part of my training guide and project management book.</p> <p>13STEP 5- Measure the effectiveness &amp; Control the risk impactMeasure the effectiveness of the planned action and controlling the risk impact by understanding risk triggers &amp; timely implementation of planned actions</p> <p>Monitor &amp; Control Risks MindMapMonitor &amp; Control Risks MindMapPosted on September 12, 2010 by Babou i1 Votes</p> <p>Here is the mind map for sixth &amp; final process of Risk Management knowledge area Monitor &amp; Control Risks. Monitoring and controlling process are like sanity check processes there is no exact time frame for these processes and they should be active throughout the project.I tried putting as much information as possible in each branch in this process map to bring out completeness to it. Hope this will be useful to you.(Note: Click on the image to get full view)Important Note:* Note# 1: There could be some typo or presentation errors. Please reply back for any corrections.* Note# 2: You can use this for personal use (like studying for PMP Exam or PM activities). But dont share this in common forum or web sites. As this one is part of my training guide and project management book</p> <p>15</p>