The life cycle involved the below stages
• Risk Identification.
• Risk prioritization.
• Risk planning.
• Risk monitoring.
In Risk identification stage, all the members of the projects do a brain storming and identify the possible risks for the project. Few risks will also be included from the risk database that is maintained by the organization.
In Risk prioritization stage, the impact would be measured using a formula that includes the probability and the impact. Depending on this prioritization would be done to focus on the high severe risks. During this stage few risks will be eliminated if they don’t have a considerable impact on the project variables.
In Risk planning stage, the mitigation and contingency plans for each of the prioritized risks will be identified and implemented.
In Risk monitoring stage, all the risks will be monitored to ensure that the mitigation plan that is in plan is yielding results and the risks doesn’t occur or if occurred the impact is minimized. If the mitigation plan is not yielding the expected results then the plan would be changed and few more controls would be placed to ensure that the impact is minimized. Also risk identification would be done regularly during the course of the project to identify new risks and then the life cycle follows
• Risk Identification.
• Risk prioritization.
• Risk planning.
• Risk monitoring.
In Risk identification stage, all the members of the projects do a brain storming and identify the possible risks for the project. Few risks will also be included from the risk database that is maintained by the organization.
In Risk prioritization stage, the impact would be measured using a formula that includes the probability and the impact. Depending on this prioritization would be done to focus on the high severe risks. During this stage few risks will be eliminated if they don’t have a considerable impact on the project variables.
In Risk planning stage, the mitigation and contingency plans for each of the prioritized risks will be identified and implemented.
In Risk monitoring stage, all the risks will be monitored to ensure that the mitigation plan that is in plan is yielding results and the risks doesn’t occur or if occurred the impact is minimized. If the mitigation plan is not yielding the expected results then the plan would be changed and few more controls would be placed to ensure that the impact is minimized. Also risk identification would be done regularly during the course of the project to identify new risks and then the life cycle follows