What is risk?
Any factors that may adversely affect
the successful completion of a project in terms of
achievement delivery of output:
v
resource
v
time
v
cost
v
quality
Risk Management
v There are always risks associated with a
project
v The purpose of risk management is to ensure
levels of risk and uncertainty are properly managed so that the project is
successfully completed
v It enables those involved to identify
possible risks, the manner it can be contained and the likely cost of the
mitigation strategies.
Risk Management processes
 |
Strategies to manage risk
v Accepted
v Avoided
v Mitigated
v Transferred
Risk Register
Risk Register
Risk Description
|
P
|
I
|
Factor
(PxI)
|
Strategies
|
Contigency
Actions
|
Due to high competition,
net profit is
minimum.
|
3
|
3 9
|
Accepted
risk
|
Sell in high
volume.
|
|
2 3
|
6
|
Mitigated
|
Find cheaper
materials or
labour.
|
||
High levels of stocks
|
1
|
3 3
|
Avoided
risk
|
Purchase only
when there is
confirmed
customer order.
|
|
Software installation takes long time.
Software price is high.
|
3
3 3
|
3 9
9
|
Transferred
|
Give installation CD to users. Users install software themselves.
Sell without software.
|
Risk Description
|
P
|
I
|
Factor (PXI) |
Strategie
|
s Contingency
Actions
|
There is no market demand
for the product therefore
high investment
in facility
and longer ROI
|
1
|
3
|
3 Accepted risk
|
To find other projects the require
the same equipment.
|
|
CEEDTec could find another
vendor that could do the job
|
3
|
3 9
|
Avoided risk
|
Teaming Agreement drawn up between all parties.
For this WiWi
module, MIMOS (owner of product)
has selected
only PAN to manufacture it.
CEEDTEC has no option to select other vendors
|
|
Our existing equipment
cannot produce
the module
|
2
|
3
|
6 Mitigated
|
The SMT machine is serviced and running well. Whichever equipment which is not available
in the existing line is sourced for purchased, loaned or rental
|
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