Assume you have just been assigned to a project risk team co

Assume you have just been assigned to a project risk team composed of five members. Your task, as project manager, is to develop a process for handling risks to the project. Because this is the first time your organization has formally set up a risk team for a project, it is hoped that your team will develop a process that can be used on all future projects. Your first team meeting is next Monday morning. Each team member has been asked to prepare for the meeting by developing, in as much detail as possible, an outline that describes how you believe the team should proceed in handling project risks. Each team member will hand out his or her proposed outline at the beginning of the meeting. Your outline should include, but not be limited to, the following information:

What methods should be used for identifying risks?

Who should be involved in identifying risks?

What should be considered when identifying risks?

Solution

First of all each member of the project team need to be oriented towards the different possible risk factors and they required to be think how to address those risk factors to fulfill the objectives of project management.

Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective

Risk management focuses on identifying and assessing the risks to the project and managing those risks to minimize the impact on the project. There are no risk-free projects because there are an infinite number of events that can have a negative effect on the project.

Risk management is not about eliminating risk but about identifying, assessing, and managing risk.

What methods should be used for identifying risks?

Risk Identification means identifying different factors those having negative impact (Risk factors) on the project.

What methods should be used for identifying risks?

There are many tools and techniques for Risk identification.

Who should be involved in identifying risks?

What should be considered when identifying risks?