Implementing Risk Management Program

Case Code: PROM002 Case Length: 04 Pages Period: - Pub Date: 2004 Teaching Note: Available

Price: Rs.200 Organization: - Industry: - Countries: India Themes: -

Abstract Case Intro

Abstract

The element of risk is inherent in every activity of a project. Projects are exposed to various types of risks like technical risks, economic risks, social risks, production risks, financial risks and human risks. This case describes how a company developed and implemented a risk management system to help it deal with the uncertainties in the business environment.

The case explains the various stages involved in developing a risk management system: identifying the areas to be monitored by the risk management system; setting priorities for managing risks and developing appropriate risk responses; implementing the risk response; and monitoring the effectiveness of the risk management program.

Issues

• The importance of scanning the business environment to identify the sources of risk for a project organization
• The need to develop a risk response strategy for the successful implementation of a project

Keywords

Case, Risk, Inherent, Project, Types of Risks, Technical Risks, Economic Risks, Social Risks, Production Risks, Financial Risks, Human Risks, Risk Management System, Uncertainties, Business Environment, Stages, Managing Risks

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