Implementing Risk Management Program
Case Code: PROM002
Case Length: 04 Pages
Pub Date: 2004
Teaching Note: Available
Abstract Case Intro
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.
- 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
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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