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CONTEMPORARY APPROACHES TO PROJECT RISK MANAGEMENT: ASSESSMENT & RECOMMENDATIONS

The following paragraphs describe a set of activities leading to development of a watershed and water quality management plan for the MRB. The tasks described below create a framework for the study. It is anticipated that these tasks will be accomplished in a collaborative fashion; study goals will be set by the Interagency Study Team, and individual partners will develop data, models, and other pertinent information to accomplish each task in cooperation with the other partners. This set of activities is one possible way to prepare a plan for watershed and water quality management and ecosystem restoration. | CONTEMPORARY APPROACHES TO PROJECT RISK MANAGEMENT ASSESSMENT RECOMMENDATIONS Prepared by Mohamed Noordin Yusuff IT Security Officer Dip.ECC SDip.IS M.IntSecMgmt Distinction 1 INTRODUCTION In order to manage risks we have to define what risk is. From the OXFORD dictionary risk is defined as possibility of meeting danger or suffering harm . With this definition it makes us feel that there is a need to avoid risks especially when managing projects. But unfortunately like what all risk managers know risk can never be avoided BUT it can be reduced - and that is what management wants to hear. And unfortunately again risks are often ignored. By abolishing constraints and reducing ambiguities risk can be minimised to an acceptable level. Project risks may be accidentally overlooked by those who just do not have time to look into it or those who want to avoid serious delays. Others may be terrified to look into it because if risks were to be uncovered the team may look incompetent in managing the project. To manage the risk that has been exposed there is a need to fix that risk - and to fix that risk it will cost more money - a resource that a project usually lacks. Risk management should be conducted throughout the whole project lifecycle - from the initiation phase till the decommissioning of the project. Risk Management could often contribute to project success through improvements due to the loopholes it uncovered. APPROACHES TO RISK MANAGEMENT Organization normally uses three different approaches to risk management 1 Project Management Institute Project Management Body of Knowledge Chpt. 11 UK Association for Project Management Project Risk Analysis and Management PRAM Guide AS NZS 4360 Standard Chapter 11 of the Project Management Body of Knowledge PMBOK from the Project Management Institute focuses on Project Risk Management. It includes the following major areas 2 1 Dr Stephen Grey Risk Management Processes n.d Retrieved September 3 2004 URL http .