Risk Management in Projects KNEC pdf notes

Risk Management in Projects

TOPIC 1: INTRODUCTION TO RISK MANAGEMENT

  • Risk management
  • Overview of Project Risk Management
  • Importance of risk management
  • Objectives of Risk Management
  • Principles of risk management
  • Sources of risks
  • Outcome of risks
  • Effects/impacts of risks

TOPIC 2: TYPES OF RISKS FOR PROJECTS

  • Strategic risk Management
  • Financial risks
  • Operational Risk
  • Reputational risks
  • Regulatory risks

TOPIC 3: RISK IDENTIFICATION

  • Risk identification
  • Risk measurement methods
  • Risk quantification
  • Impact /probability matrix
  • Risk response
  • Risk monitoring and control measures

TOPIC 4: THE RISK MANAGEMENT PROCESS

  • Meaning of terms
  • Strategies to manage risks
  • Risk Management Processes
  • Strategies for risk management
  • Tactics to mitigate risks
  • Implementation and assignment of responsibilities
  • Testing effectiveness of risk management strategy
  • Risk control

TOPIC 5: RISK ANALYSIS

  • Risk analysis
  • Elements of Risk Analysis
  • Data collection
  • Sensitivity analysis
  • How Sensitivity Analysis works
  • Upside risk
  • Downside risk
  • Upside/downside risk
  • Failure Modes and Effects Analysis (FMEA)
  • When to Use FMEA
  • FMEA Procedure
  • Risk prioritization
  • Steps in prioritizing risks

TOPIC 6: DAMAGE TO PHYSICAL ASSETS

  • Definition
  • Natural disasters
  • Disaster response mechanism
  • Determining risk tolerance
  • Response matrix
  • Strategies for both threat and opportunities
  • Risk Response Strategies
  • Response strategies for threats
  • Response strategies for opportunities
  • Contract Risk Management

TOPIC 7: RISK MONITORING AND CONTROL

  • Risk Management Process
  • Parameters for risks
  • Risk reporting
  • Project information system

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