Risk Mitigation Planning, Implementation, and Progress Monitoring: Risk Mitigation

Risk Mitigation Planning, Implementation, and Progress Monitoring: Risk Mitigation

Yadwinder Kaur (Chandigarh University, India) and Satvir Singh (Chandigarh Engineering College, India)
DOI: 10.4018/978-1-5225-6029-6.ch001

Abstract

This chapter describes how any event or condition that might affect your work is termed as a risk. All risks are not harmful. Identifying easier options to complete a task are not harmful events at all. Events can be classified in two parts: threats and opportunities. A Threat event is one which can cause problems for the expectations of the developer. An opportunity is also a risk, but one which can be turned to an advantage. If these opportunities which arise can be handled carefully and implemented properly they can lead to extraordinary results in reducing cost, time and can provide a boost to effectiveness of the project. When work on a needed project started, it requires an error proof planning. Undoubtedly every project is carried out with great planning; even then carefully planned project can bring trouble. In all, the appropriate steps taken to examine possible project risks can lead to new avenues to improve company productivity.
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Background

Planning of risk management has been shown in Figure 1. Basic steps are shown in the Figure 1 depicts risk identification, its consequences assessment, risk analysis, Mitigation planning, implementation, and progress monitoring. It is an iterative process, to meet with the desired goal the risk tracking tool is used to keep record of the results of risk analysis which feeds input to risk mitigation implementation and risk consequences assessment.

Figure 1.

Basic steps taken during Risk Management

In the risk mitigation planning plans are designed to handle, eradicate, or to reduce the impact up to an acceptable level. Once a plan is executed, it is required to be monitored continuously to assess its effects with the intention to revise the steps for management if it is required.

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