Guidelines To Briargrove Risk Management Techniques
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