| October 22, 2018

This is a response to DQ 5 prepared by a colleague, we need to prepare a follow up in around 500 words with proper citing and referencing. “”””dule 2 Week 5 DQWith reference to risk we first need to confirm what risk is:(Business, no date) ‘negative occurrence that is caused by external or internalvulnerabilities, and that may be avoided through preemptiveaction’.The most likely areas of a project that will be affected by any risk will be the project schedule and project cost.The schedule can be affected by any alteration in the anticipated plane. The basic items that will affect any project schedule are:Availability of materialsQuality and quantity of materialDelivery and storage of materialsSuitability of materialsAvailability personnelReliability of personnelCost for securing personnelAccess to site to conduct operationsEnvironmental conditions (weather)Funding for projectProject cost can be affected by any of the same points identified. However monetary markets and local politics will also have a direct affect.The two key characteristics of risk in project management are known risks and unknown risks.Known risks can be planned for and predicted, normally this is done utilising a project risk register. This will allow the project team to monitor and control threats that evolve during the project life cycle. Unknown risks are not identified at project inception and normally come from an external source, for example whilst working on your project the building next door to your burns down and cause disruption to your activities.In the risk assessment training that we deliver in our company we basically raise the main issue of risk perception. For example the chap driving is his mountain bike next to a 1000ft drop as seen in figure 1. has a lesser perception of the risk than I have and therefor is prepared to take it.As a company, if our task was to split the atom and we felt that this could be done safely in central London we could do it. However other people’s perception of that risk would be higher and they would not want us to do it.Once we have identified the risk in a project we enter them on the risk register and prioritise the risks in an order that will grade the issues and response level required, i,e High level risks and low level risks.With this done we look at the consequences of the risk coming to fruition and the likely hood of this happening. There are many ways to do this. Most systems use a matrix to calculate a risk value.Such as the, PMBOK (2008, p, 292) ‘Probability and Impact Matrix’However the company needs to set it acceptance level of a risk occurring. A good example would be a person working in the rain. The chances (likely hood) that it may rain would vary on location or time of year. The consequence of rain means the person would get wet. There are not that many reported incidents that a person has been injured due to rain, however it could affect other things such as the process they are doing or the tools they are using could become dangerous, such as an electric drill. Now the consequence could lead to a fatality due water and electricity.As a company this would be an unacceptable risk, so our risk response planning would require use to reduces this threat and prevent it. The way we do this is Risk Avoidance, Risk Transfer or Risk Mitigation, this is commonly referred to as the Hierarchy of Risk.If possible, remove the hazard so the work can be done in complete safety (use air or hydraulic drill).If the hazard cannot be removed, the worker should be protected by a complete barrier to protect them from the hazard.If this is not possible, the worker should be provided with PPE to protect against the consequences of the hazard.The final step is to provide the facility to help a worker if they have been affected by the hazard – i.e. Emergency responseHowever things like cost and time frames will affect how and what we can do, you would not spend $15,000usd on a hydraulic drill when a shield to stop the rain can be purchased for $30. Our aim is to get the risk reduced to as low as reasonably practicable (ALARP)A good basic risk assessment guidance document published by the UK HSE, can be found at: the Health and Safety Executive (February 2012) ‘Five Steps to Risk Assessment’The risk register and risk response plan will require updating as threats change during the life cycle of the project. Some high level risk will be reduced to a watch list and other of lower value could increase in severity of likely hood at different phases.It important that risks are monitored and controlled, to do this you need to record the findings and share the information with everybody who is involved with the project. Project documentation must be updated and where necessary appropriate change requests procedures should be followed indicating recommended corrective actions and recommended preventative actions.The Health and Safety Executive (February 2012) ‘Record your findings and implement them’The basic principle of dealing with threats is to remove or reduce, however some risks can be a positive impact on a project, for these opportunities the response strategies would be.Sanghera (2010, p, 215)’response Strategies for Opportunities’1.Share.2.Exploit.3.Enhance.Reference:Business (no date) Available at: (Accessed: 4 October 2013)Sanghera, P. (2010,p,324) PMP in depth: project management professional study guide for the PMP exam.2nd ed.Boston: Course Technology/Cengage Learning.PMBOK Guide (2008)Project Management Institute. A guide to the Project Management Body of Knowledge, 4th ednThe Health and Safety Executive (February 2012) ‘Five Steps to Risk Assessment’ Available at: (Accessed: 5 October 2013)The Health and Safety Executive (February 2012) ‘Record your findings and implement them’. Available at: (Accessed: 5 October 2013) “”””

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