What is risk management
A risk is anything that could potentially impact your project’s timeline, performance or budget. Risks are potentialities, and in a project management context, if they become realities, they then become classified as “issues” that must be addressed. So risk management, then, is the process of identifying, categorizing, prioritizing and planning for risks before they become issues.
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Project risk management is the process of identifying, analyzing and then responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal. Risk management isn’t reactive only; it should be part of the planning process to figure out risk that might happen in the project and how to control that risk if it in fact occurs.
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Tool for risk management
Risks Assessment Management Systems also known as the RAMS template where we are able to come up with
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Risk identification
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Risk evaluation
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Risk control
For risk identification, there are 4 ways for us to identify the possible risks that may occur.
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After identifying the possible risks, we can move on to the evaluation of the risks
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We evaluate risk based on 2 factors, the likelihood of occuring and then the severity of the risk.
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Next we can move on the final component of the RAMS template which is how to mitigate the risk [control].
There are four ways to mitigate risk [4Ts]
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Transfer
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Terminate
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Tolerate
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Treat
Now we can come up with the RAMS template.
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For project CASA, four main risk have been identified. Most risk occur due to COVID'19 which causes a bit of inconvinience to us and also external parties. One good example of how our RAMS template was able to save our project was the delayed feedbacks from our partners. We were afraid of delayed feedbacks from our partners who may be busy so we mitigated the risk by asking feedback on our toolkit from our 2 different partners, the Ngee Ann Gradutation Commitee and Green Nudge.
We were lucky to ask feedback from both because aside from having on time feedbacks for all our components of the toolkit, we were also able to gain insightful feedbacks from the user [graduation commitee] and expert [green nudge] point of view.
All in all the RAMS template is a tool which I highly recommend to everyone as the mitigations adds as a safety net for things that may go wrong for the project.
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You have come to the end of my learning portfolio for Project CASA. I hope that you have picked up some new project management tool and lets move on to my reflection on this this whole project management service learning here