Project Risk Management Planning Research Paper

Pages: 2 (805 words)  ·  Bibliography Sources: 1  ·  File: .docx  ·  Topic: Business - Management

Project Risk Management Planning

The term risk management planning is defined as a process of documentation done by the project manager to forecast on the risks, to value the effectiveness and the efficiency, to create a plan to mitigate them (Vocus PRW Holdings, LLC. (2010). It consists of risk assessment matrix.

Risk can be defined as unplanned occurrence that if takes place it can have a negative or a positive implication on the objectives of the project.

Risk management plan has analysis of likely risks with either high or low impacts as well as mitigation strategies to help the project avoid being derailed incase of upcoming of similar problems.

Quantitative Risk Assessment (QRA) is used by organizations in analyzing and ranking scenes identified in process hazard analysis; providing quantitative data for use in decision making on risks available. In performing risk quantitative risk analysis the process is divided in phases;

Phase 1 -- in this phase there is collection of information and the processes involves identification and classification of Information Systems resources, Collecting information concerning Information Systems (I.S) which undergo further analysis.

Phase 2 -- This in the threat identification stage, where the potential threats are identified and systematically noted.

Phase 3 -- Risk evaluation where there is determination of risks. The method used is Courtney's method given as

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R = P x C, where:

P -- Probability of occurrence defined number of times in a year, of event causing loss to the organization.

C -- Loss for a given organization which is the result of Single occurrence of event causing loss.

R- the risk being worked out.

Phase 4 -- Design of control a mechanism which is preventive, detective or corrective.

Phase 5 -- Evaluation of economic profitability of Mechanisms which is done using ROI

TOPIC: Research Paper on Project Risk Management Planning Assignment

(Return on Investment), expressed with ROI = Operational profit in a given preoperative process options.

The differences between quantitative risk assessment and qualitative risk assessment

In Quantitative risk assessment, estimation of risk value is connected with application of numerical measurement the value of resources is defined in amounts, the frequency of threat occurrence in the number of cases, and susceptibility by the value of probability of its loss, those methods present results in the shape of indicators. The examples of quantitative methods: Annual Loss Expected, Courtney's and Fisher's methods, ISRAM model, etc.

Qualitative risk assessment does not operate on numerical data instead the results are in… [END OF PREVIEW] . . . READ MORE

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https://www.essaytown.com/subjects/paper/project-risk-management-planning/8348116.