Risk Analysis and Risk Management

Project is full of uncertainties and any uncertainty is a potential risk, if not handled properly, it will have impact on cost, time or resource. If handled properly the risk can be converted into an opportunity. Therefore it is important to systematically identify, assess and take mitigation measures against any uncertainty, which is nothing but a Risk analysis and risk management.

While we are never able to predict the future with certainty, we can apply the systematic risk management tools to predict the uncertainty and minimise the occurrence in the project.

• Risk Management Plan Includes:
  • List of possible risk resources and categorization
  • Impact and probability matrix
  • Risk reduction and action Plan
  • Contingency Plan
  • Continuous review and monitoring
• The Risk Categories

  Category	Topics
  Technical	Technology , interface , performance , quality , Processes , standards, etc.
  External	Market , Economy , Customer , Supplier , Govt Policies , etc
  Organizational	Resources, Budget , Logistic , Policies , procedures , etc
  Project Management	Planning , Scheduling , Controlling , communication, etc

• Risk Mitigation Strategies

  After identifying the risk the following strategies are used to mitigate.

  Based on the nature of risk the mitigation measure is selected.

  • Eliminate : Use of alternate method so that risk is never encountered
  • Cost : Accept the risk and add sufficient cost considering the occurrence.
  • Transfer : Passed on to vendor , contractor or any other agency to handle
  • Mitigate : Finding a low cost method to mitigation e.g insurance
• Quantitative analysis of Risk

  Once risk is identified they are analysed to identify the quantitative and qualitative impact of the risk on the project so that appropriate steps can be taken to mitigate the same the following guidelines are used to analyse the risk quantitatively.

  Risk is analysed in two parameters probability and Impact

  The risk exposure = Impact X Probability

  The risk is categories based on its exposure.

• Risk Monitoring and Control

  It is an iterative process, which happens after every specific period as desired for the project time line (generally it is monthly). Normally it happens during review meetings but the same can happen as a separate meeting as well.

• Our help in managing your Project Risks

  Risk management has become very important is such competitive environment and with project timelines shrinking. Risk analysis not only avoids the crises situation but also provides opportunity to improve on execution in terms of Cost and Schedule.

  We have an experienced in carrying out Risk analysis of various projects and have systematic procedure to identify and mitigate the risks.

  Our risk management program not only adds value to your project management but also to your company Bottom line