Risk Management Case

Published: 2021-06-29 06:56:39
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Category: Business

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Risk ManagementStudent’s NameInstitutionIntroductionFor a project to realize its goals, the proactive management of risks is important throughout the lifecycle of the project. Risk can either be good or bad. However, risk is always associated with the bad especially when it occurs. However, the occurrence of risk is also a learning process and individuals should learn from it. A risk can be identified as a harm that may occur in future due to certain activities that occur in the present. The loss as a result of a risk is usually measured in monetary terms, loss of future business, property or even life. Table of Contents1.0.        Executive Summary        2.0.        The risk management Practice        2.1.        Risk Identification        2.2.        Analyze        2.3.        Prioritize        2.4.        Plan        2.5.        Mitigate        3.0.        The stakeholders of Risk Management        4.0.        Conclusion        5.0. References        AbstractThe paper will discuss the practice of risk management that involves identification of risk, analysis, rating of risks in accordance to likelihood of loss, planning, risk mitigation, and communication. In addition, the paper will discuss some of the risks that are likely to reoccur in the engineering and Technology projects. The stakeholders in risk management will also be discussed in detail to determine their role in the risk management process. The paper will finally give some of the best measures to avoid and manage risk in the Engineering and technology sector. Executive SummaryRisk management involves a series of steps whose objective involves identification of risks, addressing of the risks, and elimination of the technology risk items that are likely to become an threat to technology and engineering. The technology industry is often faced with huge risks that in most cases have led to loss of significant sums of money (Javaid, n.d.).  These risks occur either because they were identified when it was too late or because the wrong problem was addressed. Risk management requires that those charged with responsibility of managing risks in an engineering project or technology project be proactive rather than reactive. Reactive teams in this case are those that undertake to mitigate risks after they have occurred without any proper planning. On the other hand, proactive teams begin risk management even before the work is initiated. They avoid risk as much as possible and have an effective way of responding to risk when they occur.

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