Defining and Identifying Risk

Assignment Details

This assignment consists of 3 parts:

During this class you will be learning how to manage project risks and opportunities.  The risk management process, which is part of the project management process, consists of these primary steps:

• Understand the environment. Understand the organization's approach to risk management and establish overall priorities.
• Identify the risks. Recognize potential project risks and build an understanding of them.
• Analyze the risks and potential impact. Assess the risks, determine the probability of their occurrence, and identify the potential impact.
• Create the risk management plan. Develop an action plan that will eliminate some risks, minimize the impact of other risks, and respond to those risks that occur.
• Implement the plan as needed. As the project progresses, execute the action plans as appropriate.
• Update the plan. Throughout the project, revisit the plan and make changes as the project evolves.

1. Risk management is an important part of the project management process, how much time do you believe should be spent on the process within the scope of the project?
2. What process should the project manager take to identify the risks?
3. Discuss the risks that are common in project management.  Provide examples.