Bluewater Project Management Services, LLC
Project Risk Management
Risk Management is achieved by anticipating and addressing potential project
issues, thereby reducing the uncertainty of meeting project objectives. These
objectives are normally expressed in terms of time, quality and/or cost.
Careful planning and attention to detail are excellent first steps to
successful Risk Management. For a more rigorous approach, an iterative
risk management process has been developed. This includes five basic
steps. These are:
During Risk Identification, the sources of risk, possible risk events, and
internal and external influences on the project are ascertained.
Risk Analysis is the second step in which the initial probability
of occurrence and impact of each possible event are estimated.
Risk Quantification is the step in which the probability of occurrence
and impact for each risk event are refined and expressed in meaningful
terms, such as dollars or days. The issue of a range of possible values
is also addressed.
Risk Response Planning
As the name suggests, Risk Response Planning consists of defining the
ways in which a risk event will be dealt with if it occurs. In addition,
the amount of money or time needed as a contingency to cope with this event
is also calculated. It is also vital to determine what steps can be taken
to mitigate the impact and/or likelihood of occurrence of any particular
Risk Response Control
Risk Response Control consists of determining how, during the project
lifecycle, the Risk Management Plan will be put into action and how
new risks will be dealt with.
These are sizable and important tasks, and Bluewater's
extensive history in project management can both simplify and ensure
success to this process.
In recent years, Bluewater has played
a significant role in teaching Project Risk Management to the project management
staff at Lucent Technologies, The Weyerhaeuser Company and The Boeing Company.
For information on some of the ways in which Bluewater has supported their clients, see our client portfolios.
Other Service Offerings
- Project Risk Analysis
- Risk Analysis
- Risk Identification
- Risk Quantification
- Risk Response Planning
- Project Scheduling
- Critical Chain Scheduling
- Critical Path Scheduling
- Schedule Development & Maintenance
- Schedule Review
- Foundations of Project Management
- Microsoft Project® Software Training
- PMP Certification Training
Please feel free to contact us for additional information on any of our products and services
via any of the following means: