Risk management is an important part of project management. In PMP Certification in Lahore, you will learn that risk management is a process in which project risks are being identified earlier so that proper action should be taken in order to prevent problems into real ones.
- Risk Planning: It is a first step of project risk management. It is a step where project manager finalize how to manage risks during project. It is usually done by creating a project risk management plan. The plan will help in identification of risk management team, tasks and responsibilities, documentation of risk assessment. It will also help in explaining how the team will monitor and report about the risks.
- Risk Identification: Another step is the risk identification. This is the step where project team identifies the project risks and document in project risk register. Risks can be occurred in different areas such as manufacturing process, project plan, instruments, budget, schedule etc. The best way is to conduct a meeting with project team members for risk identification. PMP Certification in Lahore will help project manager that how to identify and manage risks.
- Risk Assessment: It is the third step where the assessment criteria is explained in the risk management plan. It is very essential to measure the risk consequence on budget, schedule and technically that which one will have the greater impact.
- Risk Handling: In PMP Certification in Lahore, you will come to know that there are four different ways to manage and handle risks which are:
a) mitigation: action plans are developed to reduce the probability of risk.
b) avoidance: avoidance of risk by changing something
c) transfer: risk transfer to another team
d) acceptance: accept the risk to be happened. The reason could be the cost of mitigation plan. - Risk Monitoring and Reporting: The last step is monitoring and reporting that helps to ensure the plans are effective in reducing the probability of project risks. Both low and high risks should be monitored in order to prevent from affecting the project. Project risks should be reported and explained in risk management report. The report must contain a list of identified risks, plans to reduce risks and explanation of risk in categories such as high, medium and low.
ITHeight has been offering PMP Certification in Pakistan from last few years since then, numerous students from ITHeight have become Certified Project Manager by clearing their PMP Certification Exam (PMI USA). Visit ITHeight and avail PMP Certification in Lahore to get knowledge about five processes of project risk management.
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