Risks are internal or external events that may occur during project implementation and could threaten the achievement of project objectives and the project as a whole.
Basic risk management is important for every project, but the level of detail needed varies depending on the size of the project and the number of risks and possible impacts on the achievement of the objectives.
It is advisable to review and monitor risks throughout the project to keep on top of them, as they might transform or new ones might come up
– nothing is as constant as change!
Identifying risks and outlining contingency measures for when they happen should be a task for every partnership, regardless of whether this is required by the programme or not. This process involves three steps:
1. Identifying risks
To identify risks you can look at possible sources of risk or at the threats / problems that can become risks.
2. Assessing risks
Once potential risks have been identified, they need to be qualified according to their impact on the project and their probability of occurring.
3. Dealing with risks
Possible approaches are to deal risk are :
Ignore the risk. This is sensible for risks with a low impact,
Identify alternative ways to remove the risk. This is usually the approach to take for risks with high impact and high probability
Have a contingency plan to reduce the impact of problems that do happen. This does not remove the risk but is a temporary solution
Revising the work plan
Work plans are short-term planning tools that contain a lot of detail on the activities carried out in the project and can therefore only cover the immediate future of the project – but with reference to the overall project plan. As part of tracking and monitoring, work plans are revised periodically and adapted where necessary.
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Professional Practice Study notes for M. plan Sem-IV
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