A note on Risk Management 2

For a top PM it is necessary to balance the risks with the project deliverables. One of the tools being used widely is the risk assessment tools. Multiple conservative factors are built into risk assessment for reasons including, but not limited to: calculation of worst-case estimates of risk; derivation of exposure limits (safe dose); protection of the most sensitive receptor; accommodation of unknowns/data gaps; and, regulatory requirements. In this manner, a risk assessor can be confident that results below the acceptable level of risk indicate no adverse health effects. [1] However, it also means that results exceeding the acceptable level of risk may either indicate potential adverse health effects, or may be an artefact of the multiple conservative assumptions built into the risk assessment methodology. [2] How does one then interpret and communicate risk results close to the acceptable risk thresholds and effectively communicate conclusions of no potential risk with various stakeholders when results exceed acceptable thresholds? Multiple stakeholders’ needs must be assessed and analysed and additional incremental risk analysis to be conducted. And if some of the risk results were higher than the acceptable threshold of risk a proper action must be taken. In order to communicate the level of potential risk associated with these scenarios, each should be thoroughly investigated; each input value and conservative assumption be examined. [1]


Methods, results, conservative assumptions and recommendations of the complete risk assessment should distribute in a detailed written report and presented at interactive public meetings if the public is one of the stakeholders. Effective, communication, transparent methodology and attention to all stakeholder issues critical to obtaining project success and make opportunities out of challenges. [1]

References:
 
1. WorleyParsons.com:


http://canada.worleyparsons.com/komex/riskgroup/Abstracts%20and%20Papers/SRA%20Conference%20Baltimore%20Dec%202009%20Abstract.doc

2. Brighthub.com

http://www.brighthub.com/office/project-management/articles/33399.aspx