risk management principles in project management

Risk management in project management and principles

1. Risk management principle Continually evaluate exposure to risk, both opportunities and threats, to maximize positive impacts and minimize negative impacts to the project and its outcomes" ( PMBOK® Guide, 7th Edition, The Standard for Project Management,  p. 53).

2. Risk management definition:

3. How to identify risk?

4. SWOT Analysis:CHAT-GPT in Public Health

5. Risk register After identification the risk are documented into risk register This include list of identified risk List of potential risk sources

6. Risk Track and Control:

7. Qualitative risk analysis:

8. 11 345 Probability of project risk

9. 12 345 Impact of project risk

10. Low: values from 1 to 6 will be treated by existing SOPs. Medium: values from 8 to 12 will require direct intervention by the project manager. High: values from 16 to 25 will require immediate escalation and intervention by senior management (project steering group and/or sponsor

11. Quantitaive Risk analysis

12. Expected monetary value Expected monetary value= Probability * impact For example the probability of motorbike accident on Sunday is 35% and likelihood of head injury cost is $25000,Then the expected monetary value=$8750

13. Descion Tree analysis

14. Control Risk Project assumptions are still valid Performance data are still accurate and current Planned results compare favourably with actual results New risks have been identified, current risks reassessed and risks closed out Adherence to the risk management plan has been confirmed Contingency reserves for both schedule and cost performance are available Alternative strategies have been canvassed and analysed Corrective action has been implemented The project management plan and associated documents have been revised The lessons learned databases have been updated