Week One - Risk Identification Worksheet and Paper

Week One – Risk Identification Worksheet and Paper

Write a 1,050- to 1,750-word paper in which you select one scenario from the Risk Identification Scenarios worksheet and do the following: 

· Define the risk management process. 

The six vital risk measures are “

· allocating risk to the party best situated to control the risk

· allocating risk through indemnity provisions

· utilizing insurance to support indemnity provisions

· requiring additional insured status and evidence of insurance, include waivers of subrogation, and review documents with the appropriate consultants” (Baker, 2013).

http://constructionexec.com/article/the-basics-of-risk-management-in-construction-contracts

· Explain the role of risk management in the project planning process. 

According to "Tech Target Network"(2020), “Every business and organization face the risk of unexpected, harmful events that can cost a company money or cause it to permanently close. Risk management allows organizations to attempt to prepare for the unexpected by minimizing risks and extra costs before they happen” (2).

https://searchcompliance.techtarget.com/definition/risk-management

· Describe at least two risks and their sources for the selected scenario. 

· Adverse weather conditions are associated risks

· Paying additional fees to expedite project delivery

· Unapproved suppliers that are not on the construction company’s approved suppler list.

· Funding may be an issue because there is a huge penalty

 

· Outline how risk management may mitigate the risks for each risk listed. 

the proper aid will be rendered on-site – high

through the use of safety equipment at all times and utilizing safety measures and procedures – medium

The four significant phases are

· Executive Framing

· Data Collection

· Modeling and Analysis

· Synthesis and Communication

https://aucerna.com/blog/the-4-key-steps-for-successful-portfolio-management/

· Budgetary Risk – high

Lack of funding – is a great impact to the project if work activities are either not started on time or will not be completed on time

· Operations Risk – medium

Technical ability – they simply do not have the abilities or skill sets to perform critical work activities correctly and efficiently

· Specification Risk – medium

Customer relationship – the project manager should be cognizant of the customer to understand if there are any historical issues between the organization and the customer, as this can create further challenges not in specifications, but in the potential of a risk of the customer intentionally sabotaging communications to have the organization engage in work activity that will ultimately have to be changed.

· Explain how you would document the risk.

· Documenting risks should be done by utilizing a risk register

· These four principles are to “use the risk meta-language, impact should be described in as much objective detail as is reasonable, risk should be assessed from different perspectives, and it is the project managing office (PMO) responsibility to improve the risk register.

https://www.stakeholdermap.com/risk/risk-register.html

https://lokesh12.wordpress.com/2012/12/14/4-best-practices-for-documenting-project-risks/