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What is the best way to reduce an anticipated risk on a Project?

1/ Reduce the impact of the risk2/ Reduce the probability of the risk3/ Reduce the impact and the probability of the risk

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تم إضافة السؤال من قبل Ibrahim Adawi , Administrative Assistant , هيئة تطوير وتعمير المناطق الجبلية بجازان Mountain Development Authority in Jazan
تاريخ النشر: 2017/06/10
ZULFIQAR ALI
من قبل ZULFIQAR ALI , Planning/ Project Control Manager , King Abdullah University Of Science And Technology

Risk management planning needs to be an ongoing effort that cannot stop after a qualitative risk assessment, or a Monte Carlo simulation, or the setting of contingency levels. Risk management includes front-end planning of how major risks will be mitigated and managed once identified. Therefore, risk mitigation strategies and specific action plans should be incorporated in the project execution plan, or risk analyses are just so much wallpaper. Risk mitigation plans should

1.    Characterize the root causes of risks that have been identified and quantified in earlier phases of the risk management process.

2.    Evaluate risk interactions and common causes.

3.    Identify alternative mitigation strategies, methods, and tools for each major risk.

4.    Assess and prioritize mitigation alternatives.

 

5.    Select and commit the resources required for specific risk mitigation alternatives.

My answer based on your answers is option 3.

souraya lachgar
من قبل souraya lachgar , Educator - conceptor , National Center of professional teaching

you follow the steps : study, plan, the platform!

Nazar Bazaraa
من قبل Nazar Bazaraa , Senior Structural Engineer , HS-Group

  1. This can be achived by takning the following steps:
  2. Identify the risks early on in the project
  3. Communicate about the risk and keep monitoring
  4. Consider opportunities as well as threats when assessing risks. 
  5. Prioritize the risks
  6. Fully understand the reason and impact of the risks. ...
  7. Develop responses to the risks.

Aydan Gurkan
من قبل Aydan Gurkan , Senior Project Management Consultant , Dynamics Research Corporation (Engility)

Preliminary Risk Assessment and developing a Mitigation Strategy is key factor.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

3/ Reduce the impact and the probability of the risk

My answer is for the third option: Reduce the impact and the probability of the risk

Carlos  Tamayo Jr
من قبل Carlos Tamayo Jr , Maintenance Engineer III , Saudi Aramco

Follow General Instruction as per company standards

Ashraf E. Mahmoud (PhD)
من قبل Ashraf E. Mahmoud (PhD) , University Lecturer, Freelancer Consultant and Trainer for Int'l Business & Banking TF. , FreeLancer

Thanks for invitation,

 In a very precise wording:

"Applying "Risk Management System".

Shahzad Muhammad Khan
من قبل Shahzad Muhammad Khan , Chief Operating Officer

Always look for risk mitigation scenarios, which will automatically reduce mainly the impact as well the probability of risk. As a thumb rule you should be able to mitigate the risk at 25% of the cost of risk. Thus financial analysis of risk and it's mitigation process must be considered.

Hamzat Wasiu
من قبل Hamzat Wasiu , Poduction Assitance , Bakail Pharmcay Minna

Identify the risks early on in your project.,Communicate about risks,Consider opportunities as well as threats when assessing risks,Fully understand the reason and impact of the risks.

 

Monimoy Bhattacharyya
من قبل Monimoy Bhattacharyya , Senior Manager , Futura Control Concepts Pvt. Ltd

Best way to reduce anticipated risk in a project is to relocate or postpone the project.

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