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follow up on risks daily basis
The best technique for the Risk management, for time sensitive projects:
Adopt the following steps:
1. Identify and analyse the risky zones and various factors responsible and root causes which increases the risk factors. Check your organisations risk appetite.
2. Plan thoroughly with timelines what are the mitigating steps to reduce these identified risk.
3. Follow through the detail project plan everyday to ensure its progress as per the timelines defined.
4. Prepare a detail monitoring plan to ensure that the identified risk and its mitigants are working and the risk is well under control as desired.
1 - Carryout SWOT Analysis to identify all internal and external risk factors.
2 - Ensure the on time availability of required budget and human resources.
3 - Identify bottle necks and run what if scenarios for possible contingencies.
4 - Identify critical path and set plan B for its dependencies and prerequisites.
5 - Monitor PERT chart on weekly and daily basis to forecast time lapse.
6 - Identify time slack and how to utilize it to backup time sensitive tasks.
1- doing risk analysis in every project life cycle such as ( feasibility study , design , construction) so identify risk emerged at each phase gate very important to eliminate risk from beginning and develop a collaborative risk management.
2- using of gathered lesson learned will improve the quality of risk assessment
3- use the complete risk management process ( risk register , risk analysis , mitigation plan , risk monitor ).
4- while gathering information for risk register should use alternative routes such as ( data base , bench marking, survey all department, specialist, lessons learned).
5- while developing mitigation plan the risk resposne should be clearly assigned to specified persons and keep monitoring and report to improve the efficiency of plan.
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