Enterprise Risk Management

A business uses enterprise risk management as an approach to dealing with the seizing of available opportunities and to manage their risks thru the appropriate methods and processes. It is the development of these methods and process that are the crucial step to ensuring this risk management plan succeeds.

This framework for handling your enterprise risk management plan will enable you to better deal with the risks before and during their impact on your project. To lay out this process a project management tool has been found to be most useful.

This project management tool to assist in the establishing of an enterprise risk management plan is the risk management template. This is a pre-formatted document that is used as a guide to help the user create a complete and useful plan of attack against the numerous risks that could interfere with their business.

In the enterprise risk management plan has to be a section on the procedure for identifying all possible risks that could be encountered. The following section needs to deal with the potential impact damage each risk could cause on your project. This is where each risk needs to be analyzed for it impact potential on the project.

With the first three sections completed, the fourth section of your enterprise risk management plan will take the results of the first three and properly prioritize them. This way the risks that could cause the greatest amount of damage and that are most likely to occur can be properly assigned a priority list so they can be mitigated in the correct order.

The mitigation process for each risk will be different because each of the listed risks is different in their makeup and source. The enterprise risk management plan has to consider each one as an individual and deal with them appropriately.

The complexity of every enterprise risk management plan is different for each project. The economic environment along with available monetary resources all play a part in how a project manager can deal with each risk. The proper dealing of each risk and to what degree will help determine if the project will be successful.

Comments

Post a Comment

Popular posts from this blog

Lean Methodology

The use of lean methodology has grown in the manufacturing sector since it was first implemented after World War II. As time has progressed, this methodology has been refined with the end result of creating more, faster and with less. The type of companies that can best utilize the lean methodology approach is manufacturing, because of the principles involved with it. This is to create a product with as little invested as possible in the deliverable. For a company wishing to use the lean methodology , they must first analyze their process in depth. Once the analysis has been completed in every process, the process of eliminating waste can begin on the process as a whole. Each part of the process has to contribute to the end product. The cutting of waste from each and every step in the production of a deliverable is the core essence of the lean methodology approach. This can be in the material that is added or the number of workers necessary to complete the task. The overall reductio...
Read more

Communications Register

Under what situations should I create a Communications Register for my project ? For small, medium and large projects you should always implement a Communications Register. This register will identify all of the communications events that have taken place for the project and also the communications events that are due to take place in the future. The reason for listing the communications events that are due to take place is that it provides a single place where the project manager can use and control communications to stake holders. For example the register will enable the project manager to view the status of all of the communications to date and determine whether or not the stake holders to the project are being kept in the loop and informed.
Read more

Management Methodologies

The modifying and developing of new management methodologies to fit the needs of industry is an ongoing process. With the use of a computer, this has become a much easier process than before. This has made it very easy to create, customize and import existing methodologies along with managing several of them at once. You can use management methodologies to define new process you have developed or group any set of existing process into a new methodology. There are project management methodology programs that can assist in the documentation of your new methodology so it can be used and shared by those you have approved. You can even customize a methodology for a particular size project with this type of program. The most often use of this type of software program is to use several different management methodologies and modify them to you specific needs. This way you’re working environment and available resources can be made the most of in running your project. Most programs that allow ...
Read more