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Risk Management
Risk management is an ongoing process that continues through the life of a project.
It includes processes for risk management planning, identification, analysis,
monitoring and control. Many of these processes are updated throughout the project
lifecycle as new risks can be identified at any time. Its the objective of risk
management to decrease the probability and impact of events adverse to the
project. In this chapter will provide risk analysis of this project and the mitigation of
the risk.
14.1 Risk Project Analysis
Risk analysis needs some steps to make a good risk analysis and mitigation.
The steps to analysis the risk are:
Risk Identification
Risk Assessment
Identification of risk is the first step in managing risk. Risk should be identified
to know how much risk will occur in the project. Some risks may be quite
obvious and will be identified prior to project kickoff. Others will be identified
during the project lifecycle, and risk can be identified by anyone associated
with the project. Some risk will be inherent to the project itself, while others
will be the result of external influences that are completely outside the control
of the project team. The several ways could be used to identify risk such as:
1. Analogy,
2. Interview with SMEs,
3. Delphi technique,
4. Nominal Group Technique,
5. Crawford Slip,
6. Check List Forms and Templates,
In this project, to identify risk use WBS (Work Breakdown Structure) as basis to
analysis. In WBS, the activities occur in project will be shown, the risk that
possible occur could be analyzed from every activity. The risk is divided to
internal and external. The risk could be happen because of internal project are
communication problem and human error. External risk has more risk category,
such as communication, finance, regulatory, and weather.
After identified, the next step is risk assessment. Risk assessment is the act of
determining the probability that a risk will occur and the impact that event
would have, should it occur. This is basically a cause and effect analysis. The
cause is the event that might occur, while the effect is the potential impact
to a project, should the event occur. In this area the risk should be considered
to some area such as, cost, scope, schedule, and performance/ quality. Risks
will be assigned one category, but some might be assigned more than one, or
all.
Scope Whenever there is the potential that the final product will not be
completed as originally envisioned there is a scope impact. Scope impact
could be measured as a reduction of the number of studies completed, or
not providing a deliverable such as an IND.
Risk management register is made to compile and arrange all of risk identify
result and assessment of risk regarding the effect to cost, schedule, scope and
performance/ quality. The matrix will be shown in 14.3.
14.3
Impact Factor
Risk
Category
Description
Cos
t
Sched
ule
Sco
pe
Risk
Quality/ Respon
Performa
se
nce
Detail
Response
Internal Project
Communicat
ion Risk
1. Miss
communication due
to an agreement
made in meeting
Reduce
Risk
Providing minute of
meeting
2. Wrong report
format
Reduce
Risk
Template report is
distributed over all
division
Responsibi
lity
(Authority)
Reduce
Risk
Reduce
Risk
Make a guideline
Reduce
Risk
Giving detail
information
Transfer
Insurance and
1. The company
personnel does not
adequate to follow
working standard
Human
External Project
Communicat
ion
1. Miss Information
with sub-con or
vendor
Finance
1. Currency Rate
v
v
Impact Factor
Risk
Category
Political
Regulation
Technical
Description
Cos
t
Sched
ule
Sco
pe
Risk
Quality/ Respon
Performa
se
nce
Detail
Response
The Risk
contract option
2. Internal rate
changing
Transfer
The Risk
Insurance and
contract option
3. Inflation
Transfer
The Risk
Insurance and
contract option
1. Alteration of
Government
personnel
Transfer
The Risk
Insurance company,
and contract content
1. Custom Duty
Transfer
The Risk
Insurance company,
and contract content
2. Regulatory
changes
Transfer
The Risk
Insurance company,
and contract content
Responsibi
lity
Vendor responsibility
to change with
required material
2. Design change
order
Avoid
Fix design in
beginning
3. Material defective
Responsibi
lity
Vendor responsibility
to change with
required material
4. Market inavailability
Contingen
cy
Contingen
cy
5. Technical Query
Impact Factor
Risk
Category
Description
Cos
t
Sched
ule
Sco
pe
Risk
Quality/ Respon
Performa
se
nce
Responsibi
lity and
Reduce
Vendor responsibility
to change with
required material.
Reduce the risk by
better quality
performance
Contingen
cy
Contingen
cy
Avoid
Avoid
Make a guideline
when close to easy
fire detector
4. Accident due to
Human Error
Avoid
1. Installation delay
Accept
Do Nothing
2. Shipping and
Transporting problem
Accept
Do Nothing
Contingen
cy
Transfer
Vendor requisition or
contract
7. Failure Installation
1. Lifting Failure
2. Fabrication
accident
3. Fire accident
Safety
Weather Storm
Detail
Response
3. Labor delayed
attendance
4. Material defect or
loose