Project Risk Management Case Study

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Kendrick (2015:5) defines risk as almost any uncertain occurrence associated with a project. Risks can be characterized as the product of the expected consequences of an event and the probability that the event might occur.
I see risk as an unavoidable and potentially hazardous event that is a part of all stages of a project.
Kerzner(2017: 601) provides a graphic representation of risk. Risk is a function of its components as follows:
Culture is something I would define as principles that are learnt. As well as behaviours that are repeated and exhibited by a group of people or society. When we talk of the risk culture of an organisation we talk of the principles and behaviours that an organization exhibits when addressing risk.
Similarly,
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Managing risks means analysing the project works to identify all the risks that may occur and being proactive in devising countermeasures in the event the risks do come to pass. By doing so you can minimize risk and increase the chance of success of a…show more content…
Through thorough and systematic analysis of the escalation processes of project risk to continuously improve the degree of maturity. Proactively managing uncertainty, quantification of risk and implementation of more risk management processes. Informational context – consistent risk information and availability of knowledge.
Risk awareness and maturity
(Issacs n.d.) suggest the following in integrating risk awareness and maturity within an organisation;
• When recruiting staff knowledge of risk management should be a selection criterion
• A safety team that reviews and addresses all near misses, incidences, accidents and injuries
• Performing risk audits throughout the organisation
• Workshops on risk management held by risk management experts
• Visible posters promote safety and risk management around the organisation and areas of operation
• Benchmarking - learning about the best practice from other organisations and industries
Risk maturity, risk culture and integration
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