Risk Management Assignment Help - Identification, Quantification and Management of Risks

In projects, risk management includes the identification, quantification and management of risks. Each and every project is known to be inclusive of some measurable risk. Projects involving the use of new technology face the prospect for failure of that technology in making expected delivery. Projects with high complexity also end up dealing with the issue in accurate estimation of costs and time and the simplest and smallest projects will be having a specific component of risk. It is not possible removing each and every risk and hence, these are to be identified and managed for the prevention of failed project. Risk plan can be considered as the only way of obtaining approval on the project while presenting well-controlled and defined risks. Risk management and planning is used for persuading individuals to control and understand the risks. This is specific even when the real risks being prepared for are unknown. An additional issue with the management of risk is the prediction of potential risks through past events. However, there can be no prediction of future financial industries by the consideration of historical trends .If management of risk could end up preventing projects from being negatively influenced or failing as a result of external scenarios, success should be achieved by all projects that actually is not the case. Slippage of schedule, flaws in quality and overrunning budget are key risks in a project. As a project focuses on establishing a product or solving an issue, it has to be done in the right way with appropriate analysis of demand and expectations. Projects are also inclusive of various details with the requirement of efforts under adequate coordination. In these kinds of situations, there has to be a proper organization of work for making effective progress. Where there is insufficient scope of organization, the team of project will end up losing control. In the converse sense, where there is additional control placed than the basic requirement, the project will end up weighing down due to unnecessary inefficiencies.

Even though risk registers are tools used commonly in programs, projects and companies, it has been found in a number of researches that they can result in dysfunctions. As a significant example, the risk registrar of Toyota listed the risks of reputation caused by the malfunctions of Prius. However, Toyota faced massive failure in taking any action. Risk registers often result in the fallacy of concrete misplacement, the controllable illusion, and ritualistic process of decision-making.  The fallacy of concrete misplacement depicts a territory being mapped mistakenly. However, if common sense is used, risk registers help in the stimulation of cross-functional cooperation and debate. Projects are extremely complex, and such complexities are not apparent in the initial stage of a project. Project teams should ensure the careful analysis of project activities and the discovery of involved complexities. No matter how many effective tools are used for the management of project risks, unrealistic commitments must be eliminated with the ultimate creation of pressurizing environment within which failure can be faced by the project.

Where in the life cycle of projects should risks be identified?

There are four phases involved in the life cycle of a project that are initiation phase, planning phase, implementation phase and closing phase. Out of these phases, there is specific identification of risks in the planning phase of project. The planning phase is the one in which there is further development of project solution with maximum detail and necessary steps are identified for the meeting the planned objectives of the project. In this particular phase, the team focuses on identifying each and every task to be completed. The requirements of tasks and resources are identified in the project along with strategic approaches for their production. A plan has to be created for the project to outline the key timeframes, dependencies, tasks and activities. As in the case of this project, the project manager of Apple will ensure coordination to prepare the budget of project by providing estimated costs for materials, equipment, and labor. Once there is identification of tasks, preparation of schedule, and estimation of costs, the process of planning will achieve its key fundamentals. This is the perfect time for identifying and managing possible risks that may threaten this project under successful completion. This is referred as the management of risk. In this procedure, potential problems of threat are recognized along with key actions to be considered for dealing with each and every threat. This is done either by reducing the probability for occurrence of the issue, or by reducing its impact on the project and related activities on its occurrence. This can also be considered as a great time for identifying each and every project stakeholder and establishing a plan of communication to describe the need of information and the usable delivery method for informing the stakeholders. Hence, this phase enables the documentation of quality plan, provision of quality based targets, control measures, and assurance, along with the plan of acceptance.

What processes should be used to ensure that risk registers and other elements of a risk response plan are updated to reflect an accurate risk profile throughout the entire project?

Just as other forms of project management, the template of risk register helps in the management of project risks. Some of the processes to be utilized for ensuring that risk registers along with other components are well- updated for reflecting an accurate and effective risk profile in the entire project are as follows.

  • Creation of initial risk register on the approval of project plan by referring to the section of risk in the project plan as an initial content.
  • Modifications of the initial risk register as other discoveries are made.
  • Record of active risks within a period in the Report of Project Status as per the threshold set to report risks in the plan of risk management.
  • Identification of new risk and updating the same as a continuous process of risk management with clear responsibilities and roles.
  • There must be assignment of all risks as uniquely identifiable number that will not change throughout the lifecycle of project. This can be used further ahead on the risk impact form, risk identification form and the project status report.
  • Specific definitions used in the overall plan must be explained in a proper manner.
  • If something is taking place in current scenario, it will be accounted as an issue, instead of a risk. Each and every risk becoming an issue should be dealing with a process of issue management, but should not be deleted from the overall record.

What role should stakeholders play in the development of risk registers?

There will be a general sharing of risk register between stakeholders of project, helping them to establish awareness about the issues, and provide significant sources to track the issues being responded to. This can be utilized for the purpose of flagging new risks of project and for making suggestion regarding the course of action required for resolution of any specific problems. It becomes crucial for discussing about the risks prioritized in the stages of project management with the stakeholder groups. This is crucial for ensuring that the key risks are agreed upon by the stakeholder. A proper workshop of risk management will be held initially for the presentation of risk register. This includes a discussion about the relatively ranked risks, until or unless it has been agreed upon by the stakeholders. Provided with the uncertain circumstances of certain aspects in the project, Apple will not focus on assessing all risks in an objective manner. These will be inclined across different stakeholder for prioritizing risks related to extreme events. Hence, the ones facilitating this discussion will be reminding the participants regarding the two risk dimensions that are magnitude of consequence and probability of hazard. The incremental effects of the risks in the project can be checked as specific changes take place. 

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