Risk Analysis Of A Project
Risk Analysis
Every dollar and every hour is important to the success of each project. Making sound business decisions that take into consideration different real-world uncertainties can offer a safety margin and better profits.
Project risk analysis entails the identification as well as quantification of the probability and effect of various events that can adversely impact the project. Project managers that are tasked with assessing the risk that a project may overrun its time and cost schedule or estimate, or may not be able to satisfy performance specifications or objectives, often enhance the likelihood of successful projects.
Risk analysis of a project offers an opportunity to enhance communications and resolve problems within a project to get a more effective and collaborative team effort. The knowledge and expertise regarding a specific project resides in an organization’s personnel. The extra ingredient required is experience to:
Structure the project’s risk problem
Discipline and use well-known methodologies to analyze risks
Develop data and information required to solve the problem
Use a suitable software to efficiently and effectively analyze and handle the project risks
Tools and techniques are available to make project risk analysis simpler. Risk analysis must be implemented in organizations in the form of a permanent system; a discipline that should be equally important to the success of a project as cost estimating or critical path scheduling. Risk analysis techniques allow a project manager to:
Assess the probability of overrunning or meeting project goals
Determine the source of risk in complex projects
Evaluate the costs and benefits of various risk management strategies
Monitor and track changes in different risks associated with the project
Risk Analysis
For more information about Project Risk Analysis call 757-637-0440
About:
Pro-Concepts, LLC is a Department of Veterans Affairs Certified SDVOSB that specializes in advancing concepts in Enterprise Risk Management, Program Management, Systems Engineering and Independent Assessments. Pro-Concepts professionals work hand in hand with our clients to provide the right services and products at the right time to achieve their business objectives and goals. Our proven management and technical expertise provides the foundation for our worldwide recognized risk management applications “Risk Radar Enterprise.”
