How do you monitor risks to the project and mitigate them?

Question Posted / great_gramo

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How do you monitor risks to the project and mitigate them?..

Answer / hardik desai

We have to first analyzed the risk of a project based on
statistical probability and categorized as the following
ratings.

Probability:
High The risk is more likely to occur. À50%
Medium The risk is about as likely to occur as not to
occur. ¼ 50%
Low The risk is more likely not to occur. ¿50%

Severity:
High This risk, unmitigated, would result in a complete
failure for the project.
Medium This risk would have a major impact on the project’s
schedule, cost, or performance.
Low This risk would have a minor impact on the project.

1) Analyze Risks
Based on the ratings given to each risk, they will be
analyzed to determine what action the project
will take. That action could include immediate programatic
changes to ensure that the risk does not
occur, development of mitigation plans that could be
implemented in the event of the occurence of the
risk, or some other action as appropriate.

2) Monitor Risks
Every effort will be made to ensure that the risks do not
occur, and if they do occur, that we notice the
occurence of the risk as soon as possible. Early notice can
help us limit any possible negative effects of
the risk on the project. If progression of the project
changes the assessment of the probability or severity
of a risk, the risk will be analyzed and the RMP will be
updated.

3) Mitigate Risk
In the event that a risk does occur, the issue will be
analyzed in light of the mitigation plans and
action will be taken as appropriate.

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