Risk Management

1. Not possible to eliminate all the risk from any project irrespective of project planning, risk
management is to recognize and examine possible risks related to projects. when risks is
identified, preventative action maybe be well-known to diminish the effect of risk on the
achievement of the project. Through this way the risks associated with any project is controlled
but it is not eliminated.
2. Brainstorming, expert opinion, and multiple assessment approaches has benefits and
drawbacks. It can be difficult to come to a consensus in these processes due to
different/conflicting opinions and personal issues. Brainstorming, expert judgement and several
assessments can also be hard when reaching agreement, due to egos/authority matters and
functional biases. The risk identification recognized, data related to comparable projects can
simply be initiated and project teams can avoid drawbacks by education from the errors of
others. the drawback is that the past performance does not always evaluate performance .
Project-specific information is unaccounted; thus, past history may not really reflect the risk in
current situations.

3. Qualitative risk impact matrix is helpful in providing a visual representation of possible risk
factors. The matrix allows the project team to rank risk based on sternness of significances and
probability of occurrence. For example, those that rest in the “high” percentage of both
consequences and possibility would be highest significances throughout project planning.
Drawbacks of the matrix may revolve around alterations in judgement as to where

4.

5. Contingency useful at project level whereas task contingency applicable at individual level.
Managerial contingencies are budget that safeguards, that a team can rest on in case of a
natural disasters or something related to it or similar to it. Task contingency may be created
because the estimates can be unpredictable assets that are related to the contingency maybe
accustomed along with project development and estimates may become more exact.
6.
Financial risk example for the building that has less users than the building space can be that will
there be enough return with the cost associated with the project
Commercial risk can be are technologies or equipment in the building good enough to attract
the office users.
Execution risk is the building located in good geographical location to attract the customers.
Legal risk: is there proper document available for the evaluation or legal documents that would
require for legal purpose available.

8.