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Risk Management - Few methods/approachs which will help you based on the circumstances are,
Mitigate
Transfer
Avoid
Accept
Exploit
We need first to perform the initial risk concerns by identifying all of the known risks and their harmful effect before going through the project selection phase.
The first thing to do is evaluate which would be the worst scenario in order to identify its critical path that allows us to carry out probabilistic work scenarios (P90, P50 and P10) and thus define a possible project planning based on the risk of occurrence.
The uncertainity shoulbe studied and defined for the project, which gives the result for precautions to be taken before a project with uncertain security conditions.
Following precuations must be taken before planning a project:
Identify major risks involved in the project.
Optimize Alloccation of resources such as manpower, materials, tools & tackles.
Create a project base line in line with the project scope of works.
Md. Shahjahan Sarker
Assuming all the pros and cons of uncertainity in a Project is a big challenge but a must for effective work flow . Various precuations are
1. Types of costs going to be involved (Direct,indirect,variable and fixed ) and their impact until execution and handover of Project
2. Possible risks and their effects in Project
3. Does the company with which you are going to deal has debts , blacklisted in market , funds issue , their past business and treatment with vendors
4. Your budget and sale target
Assessment of Riks has to be done, and rank them,thus finding the probability to occurance, then find out the mangintude of the risk index, thereafter manage or develop the strategy dealing with the risks.
The following Precaution shoud be made clear before commencing any project during uncertainity.
1. The cost Control Problem
2. Project budget
3. Forecasting for Activity Cost Control
4. Control of Project Cash Flows
5. Schedule Control
etc