Premium Essay

Risk Managment

In: Business and Management

Submitted By snez412
Words 844
Pages 4
RISK
PM595

Initial information used in phase 1 of the assessment process is based on project documents and the request for tender itself. Information for Phase 2 is derived from individual tenderer’s response. In phase 1, an appropriate system or element structure for examining the tender is developed and semi-quantitative approach is used to assess the likelihood of risks arising in each element and their consequences and then derive a baseline priority for each element and the project. In phase 2, the evaluation is modified according to the detailed approach each tenderer intends to adopt, and that tenderer’s capabilities.
According to the text book some of the objectives of the risk assessment in tender evaluation are to provide an initial indication of where the major risks might arise in the project, prior to receipt or detailed examination of tender responses, based on a set of credible assumptions about how the project might be conducted. It also develops a risk baseline against which individual tender responses can be compared. It assist the project team to focus on potential risk areas, it provides a risk profile for each tender offer submitted and provides a documented audit trail.
In Phase 1 a baseline is established against which tenders can be assessed before bids are received. In Phase 2 each submitted tender offer is compared with the baseline to develop a comparative risk assessment for each one. In phase 1 the structured and documented risk assessments are produced and in phase 2 adjustments are made to provide consistency and auditability throughout the evaluation.
Phase 1 also does a better job of identifying risks because risks are identified in the early stages so by using a WBS each element is examined in detail by the project team. The project team’s assumption about the way in which the WBS element would be performed are

Similar Documents

Premium Essay

Risk Managment

...I have been hired by AEN (Abdulaziz Essam Nassruldin) company as a Chief Information Officer (CIO) to manage its IT Department . The company’s CEO requested me to prepare a report pointing out potential security vulnerabilities at the AEN company. For that I started with risk assessment exercise which will identify the relations between company assets, threats and vulnerabilities that may lead to the loss of confidentiality, integrity, availability, authenticity, or accountability. The output of the risk assessment will determine the actions for managing security risks and for implementing the appropriate controls needed to protect the company assets. The risk assessment process consists of the following tasks: • “Identify business needs and changes to requirements that may affect overall IT and security direction. • Review adequacy of existing security policies, standards, guidelines and procedures. • Analyze assets, threats and vulnerabilities, including their impacts and likelihood (See sheet # 1) • Assess physical protection applied to computing equipment and other network components. • Conduct technical and procedural review and analysis of the network architecture, protocols and components to ensure that they are implemented according to the security policies. • Review and check the configuration, implementation and usage of remote access systems, servers, firewalls and external network connections, including the client Internet connection. • Review logical...

Words: 752 - Pages: 4

Premium Essay

Risk Managment

...Course Project for this class I would like to prepare my risk management plan based on the topic of “_____________.” I am currently trying to plan my XX Project that will include XXX. A brief overview of my project is XXXXX. This project is driven by the fact XXX. Outline: (Not a WBS) I. INTRODUCTION to the topic II. RISK MANGEMENT PLANNING i. Approach ii. Project charter/goals iii. Roles and Responsibilities iv. Risk Tolerances v. Budget and Timing vi. Reporting and Tracking III. RISK IDENTIFICATION vii. Identify Risks viii. Identify Triggers ix. Categorize Risks x. Assumptions Analysis xi. Diagramming Inputs to Other Processes IV. QUALITATIVE RISK ANALYSIS xii. Risk Ranking for the Wedding xiii. List of Prioritized Risks xiv. List of Risks for Additional Analysis and Management xv. Trend Results V. QUANTITATIVE RISK ANALYSIS xvi. Sensitivity Analysis xvii. Decision Tree Analysis xviii. Prioritized List of Quantified Risks xix. Probabilistic Analysis of Project xx. Probability of Achieving the Cost and Time Objectives xxi. Trend Results VI. RISK RESPONSE PLANNING xxii. Avoidance xxiii. Transference xxiv. Mitigation xxv. Acceptance xxvi. Risk Response Plan xxvii. Residual and Secondary Risks xxviii. Contractual Agreements xxix. Contingency...

Words: 333 - Pages: 2

Premium Essay

Risk Managment

...Risk Management Plan The purpose of this plan is to dissect how Defense Logistics Information Service can limit risk to its data. To prevent loss of government information is critical in this plan. This Plan is simple minimize threats and maximize security while maintaining the standards that are expected. The Risk Management plan is to support DLIS mission and with that everyone plays a role in the Risk Management Plan. It’s a team effort from management to staff. Every department is needed for this plan to be a success. To go forward you must reflect back and realize the old ways are just that old and fresh new ideas as well as technology is needed for the success of this endeavor. Also learning from those mistakes can only help in the development and input of this new RMP. Everyone will have a say in all ideas and suggestions will be heard from each department. Everyone will be held accountable for their compliance with the regulations and safety that are in question. These new policies and procedures will be enforced any violation will result in disciplinary action towards the guilty party. The Scope The DLIS Risk Management Plan has many departments and sub departments throughout the organization Buildings and Grounds DOD regulatory compliance Disaster Preparation Employee Health Human Resources Information Technology go along with each starts with listing the risks that are involved via Internet, hardware and software failures. The vulnerabilities...

Words: 337 - Pages: 2

Premium Essay

Adidas Risk Managment

...whether you are an athlete, a fashionista, a (potential) employee or any other stakeholder, we strive to create value for you. Read on to find out how. RISK MANAGMENT FACTORS We acknowledge that in our daily business we are exposed to various risks and that it is necessary to take certain risks in order to be competitive and ensure sustainable success. Our risk and opportunity management principles and system provide the framework for our Group to conduct business in a well-controlled environment We define risk as the potential occurrence of an external or internal event (or series of events) that may negatively impact our ability to achieve the Group’s business objectives or financial goals. Opportunity is defined as the potential occurrence of an external or internal event (or series of events) that can positively impact the Group’s ability to achieve its business objectives or financial goals. We have summarized risks in four main categories: Strategic, Operational, Legal & Compliance and Financial. Opportunities are classified in two main categories: Strategic & Operational and Financial. The Adidas AG Executive Board has the overall responsibility to operate an effective risk and opportunity management system that ensures comprehensive and consistent management of all material risks and opportunities. The Group Risk Management department...

Words: 566 - Pages: 3

Premium Essay

Risk Managment

...Project Risk Management Plan Department: Product or Process: Document Owner: Project or Organization Role: Version | Date | Author | Change Description | | | | | | | | | | | | | * Project Risk Management Plan Purpose A Project Risk Management Plan is a controlling document that incorporates the goals, strategies, and methods for performing risk management on a project. The Project Risk Management Plan describes all aspects of the risk identification, estimation, evaluation, and control processes. The purpose of developing such a plan is to determine the approach for cost-effectively performing risk management on the project. * Stakeholder Roles and Responsibilities Role | Risk Management Responsibility | Assignment | | [The Project Manager is responsible for the Project Risk Management Plan being implemented and for reporting to the Project Sponsor and Management Group.] | | | | | | | | * Risk Management Process and Activities Risk Management Activity | Risk Management Task Description | Ownership (Participants) | [Risk Identification] | [Identify the techniques that are used to identify risk factors at the beginning of the project and on an ongoing basis. This may involve a formal risk assessment workshop, a brainstorming session, and interviews at the beginning of each major milestone phase.] | [Identify project team members and key stakeholders to be involved.] | | | | | | | ...

Words: 253 - Pages: 2

Premium Essay

Risk Managment

...Sector Management BSBRSK501A Manage Risk Learning Resource BSBRSK501A Manage risk March 2012 Author_ Drew Dwyer Frontline care Solutions Page 1 of 135 Enquiries Enquires about this and other publications can be made to: Drew Dwyer Contact our office: Frontline Care Solutions P.O. Box 1088 Coolum Beach QLD 4573 Phone: (07) 5351 1188 Email: admin@frontlinecaresolutions.com Website: www.frontlinecaresolutions.com Copyright © This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior written permission of the author Drew Dwyer – Frontline Care Solutions. CHCORG605A Manage Human Resources in a Community Sector Organisation Produced by Frontline Care Solutions © Drew Dwyer December 2011 Issue 01 – V1 12/12/2011 Page 2 of 166 Table of Contents How to study this unit .............................................................................................................................. 4 Element 1: Establish risk context ............................................................................................................ 7 Risk management context....................................................................................................................... 7 Risk management policy and plan ........................................................................................................ 12 Risk management, Legal compliance and Standards...

Words: 25787 - Pages: 104

Premium Essay

Risk Managment

...Risks exist in every aspect of business, but project management efforts are particularly sensitive to distinguishing and minimizing risk potential in order to complete the project in time. When a project management team determines project goals, it should discover all the risks that potentially threaten the achievement of these objectives. A comprehensive risk analysis can assist in finding out barriers to project’s success and develop contingency plans. Project management teams usually develop risk management plans that serve to identify risks, strategize ways to minimize or avoid those risks and develop contingency plans in case risks occur and delay a project’s completion. Projects often get started in the right way but then get off course. For example, project managers will take their time and resources to develop a clear scope and detailed plan with their team. Then something unexpected happens, such as natural disaster or major equipment failures. The project managers and team shift into their reactive mode and try to manage this risk based on their experiences and best judgment. But they do not know for sure if it works and hope for best because they don’t have time to analyze whole procedure and they have no opportunity to test it out. This is not risk management instead it is management in disaster. The problem is not a lack of understanding the “why, what, who, or when” of risk management. Lack of effectiveness comes most often from not knowing “how to”. To be fully...

Words: 704 - Pages: 3

Premium Essay

Risk Managment Tas1

...Risk Management: Task 1A Dave Christian Western Governors University Author Note Research conducted by Dave Christian, College of Business, Western Governors University. Dave Christian is now founder at Helpology. This paper is referenced as an American Psychological Association (APA) research paper template available for free, worldwide use at Helpology (helpology.org) categorized under: Helpology Lifelist/Respect/Writing/FREE Helpology APA. Correspondence concerning this paper should be addressed to Dave Christian, Founder, Helpology, 2340 E. University Dr., Lot 85, Tempe, AZ 85281; Phone: (480) 331-9631; Email: Mr.Dave.Christian@gmail.com; Web site: helpology.org. Risk Management: Task 1A One of the world's wealthiest investors of all time, Warren Buffett (n.d.), said, "Risk comes from not knowing what you're doing." Furthermore, "Denial is a common tactic that substitutes deliberate ignorance for thoughtful planning," said risk management author Charles Tremper (n.d.). As a newly hired consultant, we have been tasked with the duties of creating and presenting a risk management/business contingency plan for our first client. The legal department and the IT department have both expressed concerns regarding the ethical use and protection of sensitive data, customer records, and other information systems content. In the interest of creating confidence and job satisfaction in this new position, our new employer has decided to let us select our first client...

Words: 3363 - Pages: 14

Premium Essay

Final Project Risk Managment

...Introduction of the purpose and importance of risk management Risk management planning is a critical and often overlooked process on every project.  Allowing for the proper amount of risk planning in your project schedule can mean the difference between project success and project failure when those potential risks become real issues. The plan is only the output of the process. It details how the process will be implemented, monitored, and controlled through the life of this project. It details how the group will manage risks but doesn’t attempt to define the responses to individual risks. Risks come about for many reasons, some are internal to the project, and some are external such as but not limited to the project environment, the management process, planning process, inadequate resources, and other unforseen instances that can contribute to risk. Risks associated with the project generally concern the objectives, which turn to impact time, cost, or quality, or combination of those three things. Risk management provides assurance that an organization can create and implement an effective plan to prevent losses or reduce the impact if the a loss occurs. A good plan includes strategies and techniques for recognizing and confronting the threats, solutions for both preventing and solving the situation and indicates financial opportunities. An effective risk management practice does not terminate risks. However, an effective and operational risk management practice demonstrates that...

Words: 3711 - Pages: 15

Premium Essay

Risk Managment Plan for Smartphone

...Risk Management Plan For Smartphone | | | 2/24/2013 | | * Table of Contents 1 Introduction 4 1.1 Purpose 5 1.2 Objectives 5 1.3 Risk Management Scope 5 1.4 Background 5 1.5 Supporting Products 6 1.6 Referenced Products 6 2 Roles and Responsibilities 6 2.1 Roles and Responsibilities 6 2.2 Support Infrastructure Tools 8 2.3 Training 8 3 Risk Management Process 9 3.1 Identity 9 3.2 Analyze 10 3.2.1 Probability of Occurrence 10 3.2.2 Probability of Impact 10 3.2.3 Risk Factor 11 3.3 Plan Response 12 3.4 Monitor/Control 13 3.4.1 Communication 14 3.4.2 Reporting 15 3.4.3 Performance Measurement 16 3.4.4 Continual Process Improvement 16 3.4.5 Audit 16 Document Revision History | Date | Version | Updates Provided By: | Summary of Updates | 02/03/2013 | 1.0 | Komal Shah | New document | | | | | | | | | | | | | Product/Project Manager’s Signature Your signature indicates that risk management plan has been plan has been prepared with input from content experts and is in compliance with applicable project standards Written By: Dept. #: Date: Komal Shah – Project Manager Reviewer’s Signature Your signature indicates that as content expert, you have reviewed this document and it accurately and completely reflects the requirements necessary to implement...

Words: 3606 - Pages: 15

Premium Essay

Cost Effectiveness in Risk Managment

...effectiveness in risk management Group 8 Abstract This research study explores the possibility that relate cost effectiveness to management’s philosophy of controlling the company’s exposure to various property and casualty losses, after adjusting for company effects such as size and industry type. Using data provided by Professor Joan Schmit and are discussed in more detail in the paper, “Cost effectiveness of risk management practices,” Schmit and Roth (1990). The data are from a questionnaire that was sent to 374 risk managers of large U.S.-based organizations. Through primary analysis, we hypnotized that control variable CAP, control variable INDCOST, and control variable CENTRAL are positively associated with cost effectiveness, and control variable ASSUME, control variables SIZELOG, and control variables SOPH are negatively associated with cost effectiveness. By analyzing the qualities and quantities characteristics of the data, utilizing R to build linear regression models and compare them through R squares and residual analysis to decide the best one, and finally use the model to do interpretation and hypothesis tests to support our hypothesis and findings. Introduction 1. Research Background and Purposes In corporate business world, risk is the main cause of uncertainty in any organization. Thus, companies increasingly focus more on identifying risks and managing them before they even affect the business. The ability to manage risk will help companies...

Words: 2194 - Pages: 9

Premium Essay

Dlis Risk Managment Analysis Outline

...Jesse Robinson 01/05/2014 Week 2 Project 1 part 1 Purpose: This risk management plan was called into development by the DLIS or the Defense Logistics Information Agency, a sub organization of the Defense Logistics Agency. Senior management at the DLIS has determined that the previous risk management plan for the organization is out of date and that a new risk management plan must be developed. Due to the importance of risk management to our organization, senior management is committed to and supportive of this project to develop a new plan. Scope: This plan as sanctioned by senior management of the DLIS will cover compliance laws and regulations that pertain to our organization. It will identify key roles and responsibilities of individuals and departments within the organization as they pertain to risk management. It will develop a proposed schedule for risk management’s planning process, and finally it will deliver a professional report detailing the information above for any interested parties. Summary of Compliance Laws and Regulations: 1. FISMA: I. FISMA is the Federal Information Security Management act developed to ensure that federal agencies protect their data. II. To be compliant with FISMA we must Develop an agency wide program to provide information security and have annual inspections to determine the effectiveness of our program. 2. COBIT: I. Control Objectives for Information and Related Technology, contains good practices for IT...

Words: 532 - Pages: 3

Premium Essay

Risk Managment

...Karen Gambrel Homework week 4 Risk Management 1. How does OSHA protect health care employees? OSHA protects health care employees by making sure that the employers inform employees of all potential dangers under the right to know policy. OSHA prevents accidents from happening. That is why they are strict and walk around in the work environment to prevent “occupational injury.” 2. What should be included in a waste management plan? All health care organizations, whether a hospital, ambulatory surgery center, or nursing home, should prepare an infectious waste management plan that: Defines and designate those wastes to be considered and handled as infectious materials. Segregates infectious waste from non-infectious waste. Establishes packaging standards for waste disposal. Sets storage guidelines. Specifies disposal methods. Details contingency measures for emergency situations. Arranges for staff education. 3. What does the employee health department do to protect employees? Health care facilities need to accept responsibility for their workers. When a new employee starts a job the employer makes sure there are a physical examination and an occupational history for everyone. Most employers have periodic health appraisals for workers exposed to a hazardous environment, returning from an absence due to illness or injury, transferring to another department, or retiring. In addition to the job orientation, health safety, and environmental information, selective immunizations...

Words: 1849 - Pages: 8

Premium Essay

Credit Risk Managment

...Credit risk management with reference to Punjab national bank Naupad, thane Dissertation Submitted to the Padmashree Dr. D.Y. Patil University in partial fulfillment of the requirements for the award of the Degree of MASTERS IN BUSINESS ADMINISTRATION Submitted by: KUNAL JOSHI (Roll No. 01102) Research Guide MR. MANGESH JADHAV Assistant Professor Department of Business Management Padmashree Dr. D.Y. Patil University CBD Belapur, Navi Mumbai APRIL 2013 Declaration I hereby declare that the dissertation “Credit risk management with reference to Punjab national bank, naupada thane” submitted for the MBA Degree at University’s Padmashree Dr. D.Y. Patil Department of Business Management is my original work and the dissertation has not formed the basis for the award of any degree, associate ship, or any other similar titles. Place: Mumbai Date: KunalPratap Joshi CERTIFICATE This is to certify that the dissertation entitled “Credit risk management with reference to Punjab national bank, naupada thane” is the bonafide research work carried out by Mr. Kunal Joshi student of MBA, at Padmashree Dr. D.Y. Patil University's Department of Business Management during the year 2011 -2013, in partial fulfillment of the requirements for the award of the Degree of Master in Business Management and that the dissertation has not formed the basis for the award previously of any degree, diploma, associate ship, fellowship or any other similar title...

Words: 18460 - Pages: 74

Premium Essay

Risk Managment in Banks

...disadvantages of using stocks | | 3. What are the several conditions which impacts how we raise capital. | | QUESTION TWO: MULTIPLE CHOICES: DRAW A CIRCLE AROUND THE BEST ANSWER: 1. The term "capital structure" refers to: a) long-term debt, preferred stock, and common stock equity b) current assets and current liabilities c) total assets minus liabilities d) shareholders' equity . 2. A firm's degree of operating leverage (DOL) depends primarily upon its: a) sales variability b) level of fixed operating costs c) closeness to its operating break-even point. d) debt-to-equity ratio. 3. An EBIT-EPS indifference analysis chart is used for            a) evaluating the effects of business risk on EPS. b) examining EPS results for alternative financing plans at varying EBIT levels. c) determining the impact of a change in sales on EBIT d) showing the changes in EPS quality over time. 4. EBIT is usually the same thing as: a) funds provided by operations. b) earnings before taxes. c) net income. d) operating profit. 5. In the context of operating leverage break-even analysis, if selling price per unit rises and all other variables remain constant, the operating break-even point in units will a) fall. b) rise. c) stay the same. d) still be indeterminate until interest and preferred dividends paid are known. 6. If a firm has a DOL of 5 at Q units, this tell us that a) if...

Words: 489 - Pages: 2