Individual Risk Management - 948 Words

Individual Risk Management Craig Foster CPMGT/303 March 17, 2014 Dr. Daryoush Tehranchi Individual Risk Management The objective of risk management is to develop response actions to minimize the impact of possible negative events during every phase of a project. The process also works to increase the impact of the positive events and mitigate the problems associated with making changes (Project Management Institute,  © 2013). The risks in many projects are multifaceted in nature because the positive impact created at one stage of a project, could have dire consequences at another. For example, occasionally in construction projects, floor slabs will have design defects that will not properly drain and eliminate†¦show more content†¦The RMP delivers four main objectives significant to the project, by categorizing the risk into different levels for each phase and department. The risk categorization provides the probability and impact of the risk to gain a better understanding of the impact on the project in terms that are explicit to each, department, or sta keholder at every stage. The risk management matrix has four primary project objectives defining a plan to address cost, time, scope, and quality. The risk management during the initial planning stages is performed the same way with adjusted tolerances because of limited information. (Project Management Institute,  © 2013). Provided below is a Risk Breakdown Structure (RBS) as defined in the; A Guide to the Project Management Body of Knowledge (PMBOK ® Guide). The RBS is performed on the information in the course syllabus â€Å". Your organization has decided that to be successful in the global economy it must expand its supply base into China† (The Apollo Group Inc., 2010). Project Risks: Internal risks of compatibility with stakeholders and foreign lending institutions. The technical capabilitites and servicing capacity for optimum production levels. External Risks: Implmenting organizational objectives in bureaucratic ccontext of host country and meet essential prog ram operations. RiskShow MoreRelatedRisks Associated With An Individual Perspective Of A Risk Management Program998 Words   |  4 Pagesneeded to be given to the potential risks associated with ongoing day to day activities. Risks can arise due to the nature of the materials in used, the equipment, the people, and so forth. 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