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Risk Analysis In Project Management

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3.0 Risk Analysis
Project Risk Management is defined as “the process of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project.” (Gayani 1988)
Risk Analysis is a process which enables the Company to analysis and manages the potential problems associated with the project. This is an essential project management tool to enable pre- review of the project identifies the possible threats which are likely to face during the implementation of the project.
3.1 Risk Management
According to Institute of Risk Management, Risk management involves understanding, analysing and addressing risks to make sure organisations achieve their objectives. So it must be proportionate to the complexity …show more content…

(Robert Buttrick)
Contingency planning is defined as a forward planning process in a state of uncertainty, in which scenarios and objectives are agreed, managerial and technical actions defined, and potential response systems put in place, in order to prevent or better respond to an emergency(UNHCR, 1996) is substitute course of action prepared beforehand in case of risk appear and most typical contingency plan can be described as separate sufficient among of fund to as emergency fund to use for an unforeseen event occurs. Continuous risk management is very important and it should be followed repeatedly throughout the project. Contingency plans can be expensive and similar to …show more content…

This force field analysis will weigh the driving and restraining forces that affect to complete the project successfully. The force file can be named as two opposite forces working for and against the change which is turning to oil major company via the acquisition of a number of the small gas firm.
Forces for the change Plan Forces against the Change
Investors are looking for high-profit margins
4 The Company is considering to reduce production of Oil and turn into Gas production by acquiring numbers of small gas firms 2 Staff frighten to new implementation
Market share and sales 5 4 Cost of the new implementation
Change in suppliers and distribution channels 2 3 Risk in new operation
Environment Issues 5 2 Competitor reaction
National and corporate regulators require less emission 4 3 Downtime and disruption during the new operation
New relationship with small gas firms 3 4 Capital investment
Support from the board of directors 5 4 New technology and system
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3.7 Resources

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