What is Project risk management
Project risk are the unknown events or acts which effect project positively as well negatively. These risk can have effect on the Project scope , quality and eventually on duration and costing of the Project. Proper risk identification and their management is must in today’s undependable world so the project can come out successful in any unforeseen event.
Effect of proper Project risk management
Early identification of all the project risk not only make us aware for the unforeseen event which can happen at any point of time of the project but also prepare us for facing these risks when occur. Proper risk evaluation through qualitative and quantitative methods not only give you the prioritize list risk but also provide you the effect of these risks on time, cost and quality constraint of the project. Basis on these informations we can prioritize the risk and prepare proper mitigation plan for theses risks so eventually when these risks happen, they can be handled with planning and resources identified earlier. This will not only prepare the project from derailing from its initial plans nit also boost the morale of the people to handle the unforeseen situation in the Project.
What we offer
We offer detailed risk planning and analysis of the project. The work starts from inception of the project by identifying high end risk to the project and further at the planning level in every project aspect like scope, resource, time and cost. We provide risk scores to the individual risk identified based on its probability of occurrence and impact on project schedule and cost. Based on client requirement do the statistical analysis of these risks and quantifying the effect of these risks on duration and costing of the project. We also provide risk mitigation measures and planning of these measures so the same can be performed if the risk occur in the Project.
Procedure of risk management
Risk identification and preparing risk register
Prioritizing the risk based on qualitive risk analysis menthid
Determining the effect of these risks on the duration and cost of the project using quantitative risk analysis.
Planning of the risk mitigation strategy.
Change in the project schedule for risk mitigation activities and reschedule the project.
Forecasting of project outcome
Using Primavera Risk Analysis, the effect of project risk on the duration and cost can be identified and best possible forecast can be made for the project completion duration and cost.