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     Analyze Plan & Manage Risks

In order to manage your organization’s risks, Project Masters follows the following proven road map to successfully manage risks

Risk Management Approach

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Step 1 - Identify Risks

Project Masters believes that at the start of a project there is greater risk and also greater opportunity for each potential risk. Therefore Project Masters' team goal will be to identify project risk as soon as possible. The Project Masters' team will consist of senior consultants that have many years of experience in handling risk.

Some of the possible risks the Project Masters' team could encounter in your organization are:

• Business risk
• Pure risk
• Unknown Unknowns
• External Unpredictable
• External Predictable
• Internal non-technical
• Technical
• Legal
  

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Step 2 - Assess Risks

Once your organization’s risks are identified, Project Masters’ team will assess the risk. This will be done in the following way:

• Impact Analysis
• Response Planning
• Contingency Planning

Project Masters’ team will also use Qualitative Risk Analysis that will include the following analysis:

• Assess the impact and likelihood for identified risk
• Prioritizes risks according to their potential effect on project objectives
• Determines the importance of addressing specific risks and guiding risk response

Project Masters' team will also use Quantitative Risk Analysis that will include the following analysis:

• Determine the probability of achieving the specific organization or project objective
• Quantify the risk exposure for the project and determine the cost and schedule contingency reserves that will be needed
• Identify risks requiring the most attention by quantifying their relative contribution to Project Risk
• Identify realistic and achievable cost, schedule, or scope targets
• Analyze numerically the probability of each risk and its consequence on project objectives, as well as the extent of overall Project Risk
  

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Step 3, 4 and 5 - Develop Mitigation Approaches and Alternatives

Project Masters will identify the known possible risks and will develop a plan to handle each risk, should it occur in the organization or project. The amount of work the Team will put into the response will be dependent on the importance and how critical the possibility of the risk happening as well as the input they receive from your organization. At this point, the Project Masters' team will be documenting a response to every risk that is identified. By the end of this step, the Project Masters' team will have the Risk Plan completed.

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Step 6 - Monitor and Control Actions

During the monitoring and controlling step, Project Masters will be using the Risk Plan to manage the risk. Our Manager will require the Team to report risk updates on a weekly basis by using a Risk Status Report. The Risk Status Report will be shared with your organization on a weekly basis.

The Risk Status Report will give your organization a standard method to be used to report on risk. As risks happen, it is our Manager’s job to inform your organization as to the impact the risk will have on your organization. The Risk Plan will be updated as new information becomes available that would change the impact of a risk. An example would be if a new risk were identified that was not currently in the Risk Plan. If this is the case, the team will then goes through the above steps for the newly discovered risk and adds it to the Risk Plan.

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Step 7 - Risk Evaluation

In this final step, Project Masters evaluates how well the Project Team did, as a whole, on identifying and planning for the project risks. This will be completed in the Closeout Phase of every project. This information will be saved in a historical database that other Managers can use as a resource for similar projects.

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