Categorizing risks is a way to systematically identify the risks and provide a foundation for awareness, understanding and elimination of such risks. However, the biggest dilemma for most project managers is how to manage the risks on its arrival? Sadly, no evaluation is carried out to determine the expertise, experience, capabilities of their team that would be required to deal with or manage those risks, on its occurrence. Too often the responsibility for risk identification, assessment and management, are left to the project team, especially once the project has started. However, the onus of responsibility should be controlled by the project manager himself as being the leader.
Some of the projects don’t work as they are planned, some don’t achieve their targets or some don’t even finish ever, risk management helps in managing the risk properly and on time to for making the project run smoothly, finish on time and to achieve the desired results in Information system projects. It is very important to assess the risk, to identify it and then to prioritize it in a project. By using different methods according to the probability of risk and by assessing its impact on the project the risks can be managed. It is very important to make a risk management plan which can come handy from the starting stage of the project to finishing stage. Risk monitoring should be done in all stages of project to supervise the carrying out of the information system projects to examine new and old risks and for checking that which risks can cause negative impact on the information system
Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented (Erik W. Larson). So Risk management will be used to attempt to prevent destabilization of the project when unforeseen events occur. Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks (Hillson,
It increases the chances of success of any project up to a great extent .It save the projects from harmful effects of financial, social, cultural, environmental and other related risks ,and offer the opportunity to the stake holders, to generate extra revenues through their project. Due to poor economic conditions and tough competitions, organizations have to face various risks at a time. Although, the extent of these risks may vary but risks in general affect the productivity of any project. Risk management is the only way to remain safe from adverse effects of project risks, and to seize the opportunities of the good effects. Since the risk management have that importance , and roads construction projects are huge and expensive, then conducting risk management planning, identification ,analysis, response planning, and controlling risk ,on a road construction project is vital , for all parties of such project .Even the awareness of risk management is important to them.
Fall and injury prevention continues to be an extensive challenge across the care field. To prevent the incidence of falls as above and to decrease the risk of nursing liabilities is by applying risk management for falls. Risk management is the continuing process to identify, analyze, evaluate and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss (Marquette University Portal, 2016).First, good communication among clinical staffs and the patient is importance.
This can be identify as the controlling procedure of risks. “Risk management is a process comprising the following main steps: risk management planning, risk identification, risk assessment, risk analysis, risk response, risk monitoring and risk communication” (Baloi and Price 2003) By using risk managementtechniques in a productive way will be given potential benefits. Thosecan be shown in Figure 7 below. Figure 6 Benefits of Risk Management Source:(Burtonshaw-Gunn 2009) (Monir and Sayegh 2008)also define; “risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality”. FACTS IMPACT ON PROJECT RISKS Figure 7 Facts Impact on Project Risks Source:(Burtonshaw-Gunn 2009) In this pre planning stage risk should identify properly and need to prepare a proper risk assessment plan.
from the inception to the completion of the project. The project sponsors, project manager and the project team members together develops a risk register that helps them to identify, assess, quantify, prepare a response to, monitor, and control project risks. The extent to which project risk management is done depends to an extent on the total cost of the project. The project risk management helps the project team in several ways like it gives ability to the project team to focus time and effort on highest priority risks. It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks.
13). For risk analyses to carry out, firstly it is very important to detect the possible fears that can be faced during the process, and then estimate the probability that the threats will emerged. Risk analysis can be complex, as one needs to draw on detailed information such as project plans, financial data, security protocols, marketing forecasts, and other relevant information. However, it's an essential planning tool and one that could save time, money, and reputations. When to use risk analysis Risk analysis has many uses such as: When a project is in the planning phase, it helps to identify the problems as well as helps in managing and controlling them.
In this final step, it would be beneficial for board members and senior management to consolidate the impact and likelihood associated with each risk; showing the residual risk after the risk management strategy was implemented (Elky, 2006). The next section focuses on risk management methods and frameworks V. RISK MANAGEMENT METHODS AND FRAMEWORKs There are many risk management best practices and standards specifically for assessing risks in IT Security. The following are some of the most comprehensive approaches to risk management. NIST The National Institute of Standards and Technology Risk Management Framework was developed for managing risks in IT systems. This framework is extremely comprehensive and consists of the following steps: • Step 1 - System Characterization; • Step 2 - Threat Identification; • Step 3 - Vulnerability Identification; • Step 4 Control Analysis; • Step 5 Likelihood Determination; • Step 6 Impact Analysis; • Step 7 Risk Determination; • Step 8 Control Recommendations; and • Step 9 Results Documentation.