The Importance Of Project Risk Management
Risk is any unwanted event or situation that can lead to the failure of your project (Rosenau & Githens, 2011). There are different types of risks including social, political, and cultural (Perminova, Gustafsson & Wikström, 2008). Risks are inevitable in any project and can be controlled by doing risk management (Loch, DeMeyer & Pich, 2011).
Risk management basically deals with exploring, identifying, analyzing and mitigating risks that are anticipated in project implementation (Rosenau & Githens, 2011). This is an action plan that consists of various steps that should be done to ensure the removal of risk (Perminova, Gustafsson & Wikström, 2008). It is an important part of project management that when done efficiently leads to successful projects.
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Critical analysis of these inputs would help to inform on the necessity of project managers to carry risk monitoring:
Risk Management Plan
The risk management plan details how to approach and manage project risk and is usually extracted from the project logical framework (Perminova, Gustafsson & Wikström, 2008). The description of how and when monitoring of risks should be done is in this plan. It also provides “guidance around budgeting and timing for risk-related activities, thresholds, reporting formats, and tracking” (Kendrick, 2015).
Risk Register
This contains the comprehensive risk listing for the project (Rosenau & Githens, 2011) within which the key inputs into risk monitoring and control are the bought into, agreed to, and classified as realistic (Loch, DeMeyer & Pich, 2011). Such a requirement is part of good project management practice where the key lead person is the project manager. Risk register requires that project manager plans for formal risk responses (Perminova, Gustafsson & Wikström, 2008), the symptoms and warning signs of risk (Kendrick, 2015), residual and secondary risks (Loch, DeMeyer & Pich, 2011), and time and cost contingency reserves (Rosenau & Githens,
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Risk audits should be scheduled activities, documented in the project management plan (Rosenau & Githens, 2011). It is important to remember that risk auditors often perform risk audits. Unless the project managers constantly monitor risks in their projects, they stand a danger of running projects oblivious of the impending failure due to risks. Risk audits would also put the project managers on
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