Usman Islam Provide a guidance to basic Introduction of Project Risk Management

Commentary

Risk is a necessary part of doing business, A large organization can easily have 50+ projects running at any time all around the globe. The risks are considerable high, and in a world where enormous amounts of data are being processed at increasingly rapid rates, identifying and mitigating risks is a challenge for any company.

What is Project Risk?

Risk has many different definitions based on every individual knowledge, But as Per ISO 31000:2018 Risk Management – Guide Lines, Risk is defined “effect of uncertainty on objectives” An effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats.

To clarify this common misunderstanding, Usman Simplifies project risk as “… Project risk is a future/Upcoming predicted or unpredicted uncertain event or condition that may or may not happen, if it occurs, has an effect on at least one or more project objectives. A risk may have one or more causes and, if it occurs, it may have one or more impacts. A cause may be a requirement, assumption, constraint, or condition that creates the possibility of negative or positive outcome.

What is Risk Management?

In project management, risk management is the practice and is a continuous process of identifying, evaluating, and preventing or mitigating risks to a project that have the potential impact to the desired results, objectives, Goals’ and can be threaten a projects likelihood of success. Risk management is really about looking at project objectives and figuring out what the threats to those objectives are, and what you can do to address them from the beginning and during the execution of Project for the successful delivery of the Project.

Why Risk management Overlooked?

Project risk management has frequently overlooked in past and yet also, this is one of the more critical elements to successful project delivery. Generally, delivering a project’s defined scope on time, within budget and with required Quality, Safety and technical performance are characteristics of project success. Unfortunately, these success factors are often not achieved, especially for large complex projects where both external influences and internal project requirements may change significantly over time.

According to a PMI survey from 2017, it was noted that only 28% of project managers used risk management practices regularly and diligently.

End Of Content

Types of Project Risk’s, Objectives will be defined in Next Article

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About Author

Usman Islam, Risk Analyst - PMI-RMP? - Certified Risk Manager OCRM – QA QC - QMS ISO Lead Auditor - Chartered Engineer (CEng) is a Certified Risk, Assurance & Compliance Manager with 12-years’ service record to over than 25 projects with a total value in excess of US $15 Billion, with a strong Portfolio, Proven Experience of risk methodologies, mitigation processes and techniques within an enterprise environment ERM and a successful track record of managing & leading team of staff and engineers to deliver technically complex EPCC-PPP Modules projects in the Smart City/Mobility ecosystem arena, PV Solar Farm, Power generation & compensation STATCOM, Sustainable, Green Hydrogen, Petrochemical, Green & Brown field, Infrastructure projects, International Airports, Buildings, Highways, Villas, Mix used Developments, Metro in (Middle East) GCC.

Usman Islam is an award-winning Risk management professional and Certified QA-QC Specialist by Global Petrochemical giant [Saudi Aramco].

Usman holds a Bachelor of Engineering – BE in Civil Engineering from NED University of Engineering and Technology and Currently Pursuing Masters of (Business Administration and Management) MBA Degree from Anglia Ruskin University, UK Cambridge, Cambridge shire, England.

Usman Islam is a Chartered Engineer (CEng) from Institution of Engineering and technology (IET), Incorporated by Royal charter 1921 and Affiliate Member of Organization of Certified Risk Manager’s (OCRM).

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