Lots of projects fail in terms of goals not being met, properties destroyed, mankind loss due to risks that went beyond control etc. It was noted that only have risks would have soon identified and assessed properly the loss could have been avoided or At least comparatively lesser. Risk identification is not the end but a beginning to move towards an integrated task of risk mitigation. Students who need case study help with Engineering risk management, can hire our experts at reliable rate and get assured A+ grades.
Engineering Risk Management Process
The process of risk management consists of 5 steps and is created with an intent to make it proactive not reactive. It begins with risk planning wherein risk management plan is built to include methods to manage a risk. This plan must be included as part of the larger project management plan. The key to have a great risk management plan is to have the details on goals, objectives, constraints, tools, communication, documentation etc.
Then comes the step of identification of the risk wherein it is important for the risk to be assessed at a level where evaluators know the importance of this risk, it’s impact etc. There can be various risks such as cost risk wherein the cost of overall project actually came out to be higher than expected. Feasibility risk wherein the product or service was not an appropriate solution and of use as it was supposedly to be. Human resource risk such as risk with staffing like absenteeism, separation etc. Schedule risk such as the risk with the timeliness say the inability to deliver product or service on agreeable timeline as per schedule. Students can get affordable engineering risk management research paper writing help from BookMyEssay without any complexity.
Analyzing risks is another step which is as crucial as it is for identification of risks. Risk analysis is the systematic process involving the estimation of level of approved risks. There are various ways and methods to analyze the risk say qualitative and quantitative within which there are sub categories. Qualitative method involves use of risk scales and risk matrix. Quantitative method has two types such as decision tree analysis and the Monte Carlo analysis. BookMyEssay offers quality help to support you with fulfilling your homework when you ask, “who can write my homework for me on Engineering risk management topic.”
Developing the risk response strategies is another step where various strategies and action plans are built and formulated to deal with a particular risk as a response to it. There can be acceptance such as the manager simply accepts the risk and lives with it. Then there is avoidance strategy wherein that particular aspcet is completely avoided or ignored which is causing the risk to happen. There is a control strategy wherein the risk is mitigated by correct action steps and a risk mitigation plan is made as well. Transfer strategy wherein the risk is shared with another party or is completely transferred.
Last one here is monitoring and controlling of the risks wherein continuously the monitoring of the overall risk plan and strategies is done. The experts at BookMyEssay provides exclusive and top notch value added assignment writing help on engineering risk management.