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Risk management in Etablissement Kazoza et Compagnie-Rwanda

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par NOHELI Sam
Kabale University-Rep of Uganda - Masters 2011
  

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2.2.3 Risk Response

Risk identification, assessment, and analysis exercises form the basis for sound risk response options. A series of risk response actions can help agencies and their industry partners avoid or mitigate the identified risks. Wideman, in the Project Management Institute standard Project and Program Risk Management: A Guide to Managing Risks and Opportunities, states that a risk may be the following; unrecognized, unmanaged, or ignored (by default), recognized, but no action taken (absorbed by a matter of policy), avoided (by taking appropriate steps), reduced (by an alternative approach), transferred (to others through contract or insurance), retained and absorbed (by prudent allowances) or handled by a combination of the above.

The above categorization of risk response options helps formalize risk management planning. The Caltrans Project Risk Management Handbook suggests a subset of strategies from the categorization defined by Wideman above. The Caltrans handbook states that the project development team must identify which strategy is best for each risk and then design specific actions to implement that strategy. The strategies and actions in the handbook include the following:

1. Avoidance. The team changes the project plan to eliminate the risk or to protect the project objectives from its impact. The team might achieve this by changing scope, adding time, or adding resources (thus relaxing the so-called triple constraint).

2. Transference. The team transfers the financial impact of risk by contracting out some aspect of the work. Transference reduces the risk only if the contractor is more capable of taking steps to reduce the risk and does so.

3. Mitigation. The team seeks to reduce the probability or consequences of a risk event to an acceptable threshold. It accomplishes this via many different means that are specific to the project and the risk. Mitigation steps, although costly and time consuming, may still be preferable to going forward with the unmitigated risk.

4. Acceptance. The project manager and team decide to accept certain risks. They do not change the project plan to deal with a risk or identify any response strategy other than agreeing to address the risk if it occurs.

Given a clear understanding of the risks, their magnitude, and the options for response, an understanding of project risk will emerge. This understanding will include where, when, and to what extent exposure will be anticipated. The understanding will allow for thoughtful risk planning (Traffic Management Act, 2005).

There are five types of strategies that are being used according to the level of risk that exists: risk avoidance, risk reduction, risk transfer, risk sharing and risk retention . Risk avoidance takes place when there are either poor arrangements or hazards that cannot be controlled, and hence, managers postpone the activity or offer an alternative one (Swarbrooke et al, 2003; Parkhouse, 2005; Beech and Cladwick, 2004). In risk reduction, all activities should be managed by capable and well-trained leaders, who have the experience and the competence to cope with possible risks (Swarbrooke et al, 2003; Beech and Cladwick, 2004; Outhart et al, 2003). Managers often employ the risk transfer method, in which the risk is transferred to insurance companies, to the clients or to third parties (Centner, 2005; Swarbrooke et al, 2003; Beech and Chadwick, 2004; Boyle, 2000). Finally, risk retention is a strategy during which mainly low risks are being accepted either unconsciously or because of incapability to transfer them to others.

A risk response plan should include the strategy and action items to address the strategy. The actions should include what needs to be done, who is doing it, and when it should be completed.

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