Project Risk Management
Project Risk Management is the process of making and implementing decisions that will minimize the adverse effects of accidental business losses on an organization. Making these decisions involves a sequence of five steps: identifying and analyzing exposures to loss, examining feasible alternative risk management techniques to handle exposures, selecting the most appropriate risk management techniques to handle exposures, implementing the chosen techniques, and monitoring the results. Implementing these decisions requires performing the four functions of the management process: planning, organizing, leading, and controlling resources.
Dynergic risk management specialists identify and evaluate project risks, manage risk registers, facilitate qualitative risk assessments, conduct quantitative risk analyses, and develop risk mitigation strategies and plans.
There is risk and opportunity in everything we do. As the environment in which we operate changes, risks and opportunities change. Effective risk management is a means of monitoring those changes. This document outlines the process involved in conducting a risk assessment and has been designed to better assist managers achieve their objectives, and to contribute to the continuous improvement of performance throughout the organization.
Risk Management Framework enhances an organization’s ability to effectively manage uncertainty. It is a comprehensive, systematic approach for helping all organizations, regardless of size or mission, to identify events, and measure, prioritize and respond to the risks challenging its most critical objectives and related projects, initiatives and day-to-day operating practices.
A risk assessment is a systematic examination of a task, job or process that you carry out at work for the purpose of identifying the significant hazards, the risk of someone being harmed and deciding what further control measures you must take to reduce the risk to an acceptable level.
There are two sides to risk: Threats and Opportunities.
Projects in design have the greatest potential for opportunities because the project is still open to changes. Risk reduction and avoidance are opportunities, as are value analyses, constructability reviews, and innovations in design, construction methods, and materials.
Dynergic international conduct workshop once a project enters construction, the project objectives (scope, time, and cost) are fixed contractually, so opportunities to save money and time are fewer. Any changes must be made using a Supplemental Agreement (SA) and only a negative SA such as one resulting from a Value Engineering Change Proposal by the contractor would still afford an opportunity to save money and time. Otherwise, SAs add cost and/or time to the project. So, Dynergic risk management workshop focus during construction is on reducing or eliminating risks.
Dynergic Enterprise risk management (ERM) consist of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk on an organization's capital and earnings.