Project Risk Assessment Paper

The two main risk assessment tools mentioned above (Risk Assessment Matrix & Risk assessment Data Sheet) can be applied at all project levels; the whole project level, the sub-project level, and at the tasks level that are performed on a day-to-day basis. In the risk assessment process; risk assessment will be performed by a special team consists of technical staff, project managers, field staff, operating members, and selected customers and suppliers and other stakeholders in accordance with the project elements and their impact on the project completion rate (project baseline hierarchy).

The project leader will select and assign a schedule through it he can lead his team members and document the results of the risk assessment session step

According to (Hadley:2013) the first and main challenge in understanding/conducting risk analysis from project managers point of view is to nail (understand clearly) the definition of risk analysis. International standards like ISO 9001for quality and deming prize are means to an end. Risk analysis and assessment as mentioned before refers to the evaluation of project security and control standards, and their adequacy and their impacts to pose certain threats on the project, project managers, and project members as well.

The golden rules for project risk analysis that efficient project managers must follow includes making risk management a critical part from their projects, identify risks as early as possible in their projects, communicate about risk with all organization members and team members, planning and implementing risk responses, track different types of risks and assign critical tasks, and finally considering SWOT analysis in terms of considering project strengths, weaknesses, opportunities, and threats. Trends in project risk analysis can be expressed in the following