Consistent Use of the Risk Assessment in the Project Life Cycle

A. Pathanjali Sastri and K. Nageswara Rao


Abstract:

Identifying, assessing and managing the risk within their areas of control have to be done effectively by the project managers for ensuring that appropriate risk management activities are functioning effectively during the course of the project. A thorough risk analysis will help us to prioritise risks, develop contingency actions and implement an action plan to control or minimize the risks. The high priority should get most attention in terms of analysis, monitoring and risk reduction effort. The paper has collected various categories of risks from different projects and developed of a compliance risk inventory from which the ranking of risks has been developed. The probability and impact of those risks will vary from project to project or organisation to organisation or even customer to customer. Many projects fail if the project managers cannot anticipate the risks and develop a process or plan to manage and minimise the risks associated with the project. This research paper provides a description of risks, management activities that need to be treated and the most appropriate control.

Issue: 11-Special Issue

Year: 2017

Pages: 213-217

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