RISK AND UNCERTAINTY IN PROJECT MANAGEMENT

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RISK AND UNCERTAINTY IN PROJECT MANAGEMENT
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• That is, the probability that the expected result
  will not be achieved.
• From conception or identification to
  implementation, risks issues arise and do affect
  the project in a number of ways.
• risks may be due to environmental or managerial
  factors

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Types of Risk

• Completion Risks
• Permitting Risks
• Price Risks
• Resource Risks
• Operating Risks
• Casualty Risks
• Technology Risks

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Classification of risks

• Measurable Risks
• Immeasurable Risks
• Manageable Risks
• Insurable Risks
• Investment Risks

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Risk Management Plan

• Risk Identification
• Risks Quantification
• Risk Response
• Risk Monitoring and Control

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• Risk Identification
• Risk identification determines what might happen
  that could affect the objectives of the project,
  and how those things might happen.
• identification process must be comprehensive

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• The process should be structured using the key
  elements to examine risks systematically, in each
  area of the project to be addressed
• Techniques
• brainstorming

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Info for Risk Identification

• Historical Data,
• Theoretical Analysis,
• Empirical Data And Analysis,
• Informed Opinions Of The Project Team And Other
  Experts, And The Concerns Of Stakeholders
• To identify and name the risks

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Risk Quantification

• Risk need to be quantified in two dimensions

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• The Range
• The Standard Deviation

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• Sensitivity Analysis

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