Guidelines To Briargrove Risk Management Techniques

Great Essays
Briargrove Risk Management Techniques
Anthony Redhead

Grantham University Project Management Integration Framework (BA 647)

Introduction This paper will discuss questionnaires and surveys as tools of project risk assessment. In the paper, I provide a clear guideline to Briargrove concerning how to manage risk using these tools in any project. The paper has also attached to it an example of a questionnaire that could be utilized in the Briargrove project. The paper has provided a proper description of how to employ questionnaires and surveys in monitoring and assessing risks in projects.

Briargrove Risk Management Techniques A project comprises of a range of activities, for instance scope, timeline, budget, tasks among
…show more content…
First off, to identify events or risks that are the project is prone to. This could be as result of an operational risk, procedural risk or technical risk. Second is to transfer the risks to external stakeholders where necessary. For instance where one identifies supply chain issues as the potential risks, they should think towards transferring that risk to a firm procurement. The next step is to arrange the risks in a systematic manner in order to prioritize them. This involves ranking the risks according to the potential harm they may have on the project. Here one should consider the manner in which the risk is likely to affect or rather impact the budget, time period of project and scope of the project. The nest step after that is calculation of the risks basing on the impact, probability and degree of controllability. Putting a risk management plan follows after one has done all the above. This involves mitigation and management of more risks from occurring. This is conducted by reviewing the scope of the project and getting rid of any unnecessary activities. In case one finds risks that are highly controllable, then they should design plans aimed at reducing the risk of them happening and minimizing their effects in case they …show more content…
It is also important to note that the survey approach to risk assessment produces best results when the number of total questions is minimized, thus one is required to select only the questions that are most relevant to the risks. During the survey, one is required to read each question and effect changes where necessary to reflect the project 's environment. Questions that are found irrelevant are stroked out and any new questions may be added if found necessary. The most effective surveys are short and brief, straight to the point. Another key aspect to note in using surveys is that one is required to limit the number of responses for each question to a maximum of four worded responses. Once that step is complete, the next step is to hunt for input from each member of the core project team. Each member is required to offer a response to each and every question and then this data is collected and gathered. Risk survey data can be used to analyze the entire data to produce the overall assessment of the risk. This is applicable in comparing projects, setting expectations and establishing risk

Related Documents

  • Superior Essays

    Kroger's Risk Analysis

    • 1142 Words
    • 5 Pages

    Ultimately, the risk analysis process helps identify and manage potential…

    • 1142 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Quantitative Risk Analysis

    • 1299 Words
    • 5 Pages

    Quantitative risk analysis is the one which follows the Qualitative analysis, and gives a numerical priority rating to project risks (PMI, 2009). Based on the PMBOK (PMI, 2013) quantitative risk analysis “… is the process of numerically analyzing the effect of identified risks on overall project objectives (p. 333).” This is also a process for the PM and project team to get risk data to support making decisions, which can help to reduce project uncertainties (PMI, 2013, p. 333). Based on the prior researchers’ statement, the Quantitative Risk Analysis is more complicate and even the most difficult part within risk management since it requires statistical and mathematical methods to be operated (Purnus & Bodea, 2013, p. 145). Inputs of this…

    • 1299 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Risk Assessment Definition

    • 1802 Words
    • 8 Pages

    Introduction Risk is everywhere. Risk assessment is everywhere. Think about almost everything you do today, you are thinking a million miles a minute in your brain about the risk. Your thinking, “is this safe? How safe is this?…

    • 1802 Words
    • 8 Pages
    Improved Essays
  • Improved Essays

    General Liability Policy

    • 846 Words
    • 4 Pages

    The team needs to have a realistic risk analysis that weighs the probability the event will occur against the potential severity the risk could have. Risk Categories: Time, Value, Event, Threshold Respond to Risks - A) mitigate the risk by lowering the impact or probability B) transfer the risk to another party C) avoid the risk entirely and do not take on the project Monitor Risks - a continuous activity necessary to track the state of identified risks and making sure appropriate risk response plans are being…

    • 846 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    C Analyze risks Identifying the mechanism that deal with the recognized risks and measure their strength. Based on this assessment, considering the risks in terms of possibility and significance, and the present risk level. Risk analysis is the procedure of defining and analyzing the threats to personals, organization and government agencies posed by potential natural or human-caused adverse events. A risk analysis aids to integrate security program with the company 's goals and requirements.…

    • 1790 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    In unit 3, Kroger’s risk was identified to determine what, if any risk levels existed and the controls needed to mitigate potential damages. Risk Identification can be achieved using several tools or application checklists to identify and describe exposures, which are: Risk Analysis Questionnaire, Financial Statement Method, Flowchart Method, On-site Inspections, and Environmental Scanning (Fraser & Simkins, 2010). Additionally, Key Risk Indicators, which indicates whether the risk exists or is emerging and the consequences can vary from minor to catastrophic (Bethel, 2016). Ultimately, the risk analysis process helps identify and manage potential problems or focus on key business initiatives (Manktelow, 2007).…

    • 464 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    then the risks are documented, this ensures that the project team are aware of the risks and are able to anticipate and respond to them in an adequate manner (Project Management Institute, 2013). For this risk management plan we will identify 15 positive and negative risks. Positive risks are risks that are seen as opportunities as opposed to a threat to the project as we see with negative risks (Project Management Institute, 2013). we will use brain storming as well as checklist analysis to determine the possible risks that are associated with this…

    • 1584 Words
    • 7 Pages
    Improved Essays
  • Decent Essays

    Pillar Church of Jacksonville is a fast-growing church that is in need of a website with online registration capabilities that would address their need for an online presence to better serve their members, community, and any other interested parties. Such a website would enable them to achieve their strategic goal of spreading the Good News to their community and beyond. For this reason, Pillar Church have decided to pursue a project to create a website with online registration capabilities to provide members and nonmembers alike with general information regarding the church as well as provide online registration capabilities for the various events and classes that are available throughout the year. Also, with the increased growth and community…

    • 605 Words
    • 3 Pages
    Decent Essays
  • Superior Essays

    The Coast Guard and Northrup Grumman stated that risk analysis was not part of the contract and therefore the responsibility to identify risk fell through the cracks. Also, failing to identify risk decreases the likelihood of meeting milestones and these failures add up and cause a breakdown in the project scheduling. The comprehensive schedule risk analysis is an essential tool for decision makers (page 76). This will allow the project manager to see across the breadth of the project and determine if scheduled activities will meet the completion date. A schedule risk analysis will calculate schedule reserves, which can be set aside for those activities identified as high risk.…

    • 1150 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    The decision making process is considered to be one of the fundamental aspects of project execution taken as a whole. One of the major characteristics of effective decision making within any project team is that "the process focuses on goals to be served by that decision" (Sheen, 2014, 00:18). Moreover, the decision making should be based on relevant information and data to be rational and accurate. To be realistic, the process also has to take into consideration different perspectives and points of view presented in the course of discussion on a decision.…

    • 618 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Risk management can work in both a positive and a negative focus based upon the risk. Some risk can be exploited thus enhancing the value of the project while another risk must be avoided if possible. (Mulcahy et al., 2013, p. 408) 3. When looking at risk; we must answer four major questions. The probability of the risk occurring, outcomes if the risk occurs, what impact will the risk have on the overall project and the frequency of which the risk may occur or has happened in past projects.…

    • 4985 Words
    • 20 Pages
    Improved Essays
  • Great Essays

    Briargrove has taken the advantage by performing risk assessment through the four-stage cycle and making better informed decisions based on supporting data. What the Briargrove Project has shown me is that in order to receive the full benefits that risk management can provide, organizations must be prepared to deal with the risks and potential downfalls. Three factors that I’ve improved during this course and project are what resources are needed, understanding of different project deliverables, and the implementation of risk management and assessment. Because of this course and the Briargrove Project, I have a better understanding of what resources I should use on projects and programs. I have a better understanding of what it takes to get a project completed successfully.…

    • 1617 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    Identifying and managing risks is a critical responsibility of project managers. Risk is defined as the probability of a specified threat and the subsequent impact that the event produces (Vaidyanathan, 2013). Risks can also bring about either positive or negative outcomes for a project or organization. A project manager must identify potential risks and evaluate each one to determine the severity and likelihood of each event. Only by completing the risk management process, a project manager can determine what approach would work best to avoid, mitigate, and/or transfer the risk.…

    • 730 Words
    • 3 Pages
    Improved Essays
  • Great Essays

    Scoubido Case Study

    • 1882 Words
    • 8 Pages

    Risk assessment Assessing the marked-based, technological, manufacturing, and design sources of risk to the development. Highly tied to the market and the firm’s capabilities Project organization The use of cross-functional, multidisciplinary teams carrying responsibility for the project from beginning to the end. Project resources Sufficient financial and material resources and human skills must be available. The Post must possess the management and technological activities.…

    • 1882 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    The main advantages of quantitative methods are that the use of quantitative measures provides a more precise way to perform analysis of costs and benefits of selecting the adequate measures to reduce risk. Also, these methods offer a better and accurate picture of risk. In terms of disadvantages, quantitative methods depend on the scope of a precise measurement scale. Moreover, results may be confusing, the analysis is more expensive and requires advanced tools and more experience. Regarding the qualitative methods, the advantages have to do with the correct order of risks according to priority, areas of greater risk can be addressed easily in less time and the analysis is cheap.…

    • 1218 Words
    • 5 Pages
    Improved Essays