Risk Management

Risk Management
Although management at Acme Headquarters is frenetic about this forecast however, they are aware that a project of the length and complexity will face authentic run a danger. We vex decided to use the Opportunity and Risk Management (ORM) approach. The ORM focuses on identifying and prioritizing attempts; prepareing action plans and implementing those plans to maximize the projects chance and minimize the projects risk (Garret, 2005).
The project team up should use the Work Breakdown Structure (WBS) to identify certain risk before the start of the project. Once certain risks look at been identified it is the responsibility of the project team to determine the chance of each risk, the effect of each risk and prioritise the risk from highest to lowest. The project team should develop strategies and options to reduce or counteract the risk from occurring (2005). There will be other risks that develop during the life of the project however, it is better to have foresight on uncertainties and options before the risk actually occurs.




Based on our enquiry and current knowledge we have identified some generic risks (Lowes, 2007):
Changes in:
oInterest rate and/or bullion fluctuations
oFuel and energy cost
oTechnology that many an(prenominal) effect competitiveness
Other factors
oDecreases in the number of current houses and/or home repairs and remolding
oReduction in mercantile building
oAttracting/training/retaining qualified employees
oFluctuation in prices and availability of services, supplies and products
oResponding to growth
oLegal and government conformism matters
oUnexpected weather conditions

In orderliness to prioritize project risk we will be using Nerville Turbit (2011) risk qualification matrix. Typically the higher the impact of the risk, the higher the luck the risk will occur (2011).

Turbit also describes four strategies to acquire potential risk (1) Avoid the risk, (2) Transfer the risk, (3) Mitigate the risk and (4) Accept the...If you want to get a full essay, order it on our website: Orderessay



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