Show Project Risk Terms and Definitions Terms and Definitions used regularly in construction projects and defined in PMI PMBOK A project risk is a potential source of deviation from the project plan. Project risks can have a negative or positive impact on the project. Project risks that are negative are called threats. Project risks that are positive are called opportunities.Non-critical risks should be documented. They should be revisited and reviewed regularly.Risks are identified in all phases.Work-around refers to how to handle risks that have occurred but are not part of risk response plan. This happens in risk monitoring and control phase.
Hany Ismael is the founder and CEO of Planning Engineer Est. in Egypt. He has started his career back in 2003 as a site engineer, technical office engineer, planning engineer, planning manager, and finally planning department manager where he has been involved in several mega construction projects in Egypt and Saudi Arabia. In 2016, he established his own company in Egypt “Planning Engineer Est.” Hany gained his MSc degree in project management from Liverpool University-UK 2013-2016, PMP certified from PMI-USA 2010, and BSc Civil Engineer Tanta University-Egypt 2003. Hany provided more than 3,500 hours of planning and project management training on his website planningengineer.net, YouTube channel, and offline courses since 2011. He enjoys teaching project management in simple and practical way, and he developed several planning tools, techniques and courses. Next post PROJECT CLOSE-OUT TemplateFebruary 3, 2014 Which risk strategy reduces the impact of a risk event by reducing the probability of its occurance?Mitigate – act to reduce the probability of occurrence or the impact of the risk. An example of this is choosing a different supplier. Accept – acknowledge the risk, but do not take any action unless the risk occurs. An example of this is documenting the risk and putting aside funds in case the risk occurs.
What is risk mitigation?Risk mitigation is the process of planning for disasters and having a way to lessen negative impacts. Although the principle of risk mitigation is to prepare a business for all potential risks, a proper risk mitigation plan will weigh the impact of each risk and prioritize planning around that impact.
What are 3 types of risk mitigating controls?There are four common risk mitigation strategies. These typically include avoidance, reduction, transference, and acceptance.
What is risk reduction strategy?Risk reduction definition: A risk becomes less severe through actions taken to prevent or minimise its impact. Risk reduction is a common strategy when it comes to risk treatment. It is sometimes known as lowering risk.
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