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Manage Risk
By Name
Course
Tutor
University
City, State
Date
Partial Title
2
Assessments Activities 1 and 2
In this project, two events will be assessed. The first event will look at Risk Management
plan while the second activity involves assessment of the risk control plan for SmarTech.
Risk management is a procedure by which risks are identified, assessed and methodologies of
Scope
come up with a risk management plan. The impartial analysis is a well vital in enhancing the
continuity of business. Understanding the possible threats and risks that a company is exposed to
is very crucial as it helps business owners minimize the detrimental effects of those risks.
Stakeholder Analysis
stakeholder management. Engaging the key partners in any plan provides a solid foundation for
business success.
Each company is made up of both private shareholders as well as the external ones. All of
them impact differently in a company. Comprehending their roles well assists in the
products and
services
importance
interest
Priority 1 1 1 3 4
solved
Partial Title
4
Industry analysis
Industry analysis focuses on the competition in the whole industry and the relationship
between the players in the said industry. It is important to carry out SmarTech industry analysis
as it will enable us to find the competitors and as well the issues in the risk control framework.
Dimension Details
increased customers and markets for SmarTech. This growth is a sign of future
expanded market.
Technologica The increase in the use of technology in carrying out most of the duties that
goal. In most states in the country, economy and employment have improved.
Legal Increased laws regarding on how technology can be used and transferred the
infrastructure
Policy - Energy prices are impacted by the cost of transporting goods and bills which
will affect the total cost of products and services (also in economic)
(also in social)
(also in economic)
Identification of risks
Partial Title
6
Risk refers to any unanticipated occurrence that would adversely affect the set plans. A
risk can be realized from different sources. Some risks can be unavoidable and anticipated before
a start of a project. Others are recognized in the middle of a project by those involved in the
process of implementing the venture. Some risks are internal and unique to the investment, while
others are because of external effects of the project. The SmarTech Project Manager is the one
mainly responsible for ensuring the success of any project the company undertakes. Other people
may be employed in specific departments. They ought to exclusively report to the manager and
carry out their duties as per his expectations. Throughout the period a project is being
undertaken, the possible risks are identified. Those making the venture are trained on the
importance of risk awareness, how to recognize the potential hazards, how to document them,
and the mitigation procedures. Risks identification demands that all project workers and partners
identify themselves with the constituents of a risk. These individuals should also be sensible to
specific events or variables that may affect the project either positively or negatively. Hazard
identification entails finding out the risks that may probably have an impact on a business
The identified risks out to be looked at keenly to find out their intensity and probable
effect on the project. By use of the qualification plan, we are going to see the priority risks to
All the hazards that SmarTech is vulnerable to may be placed under the liable management
centre to be able to monitor to make sure that they do not negatively influence business at
SmarTech past the anticipated degree. The following strategies are very crucial in risks
managements.
4. Transfer
EVALUATION
All the methods and efforts employed in managing risks must be in equal measure with
the extent of the hazards faced by the company as shown by the kind and structures of the firm
and can be related to the group's activities and should be dynamic because the future of the
hazards relate to the projects and are expected to emerge at various stages of implementation. For
this project, the significant risks are time constraints and overall execution process. Although the
researcher has conducted vast researchers before the development of the project plan, which has
allowed them to gain detailed understanding or the project, it is still expected that they could face
the issue of time constraint during undertaking the project due to unpredictability issues that
might be associated with the project. Secondly, the project is a novel idea in the company, which
has not been tried or implemented in the past concerning ALIAN gas. Thus, its overall success
presents a huge risk of failure will result in total waste of all resources that have been pushed into
Arizon, C., (2013). Project Management Methodology & Step-by-Step Guide to Managing
http://www.chandleraz.gov/Content/PM000PMMethodologyGDE.pdf
Chard, D., (2009).Performance Measurement Baseline Reviews and Project Risk. Retrieved from
http://www.apm.org.uk/sites/default/files/APM-IRM_090709_Chard.pdf