Monitoring Risk is must and has no compromise for sure.
Risk is exposure to loss as a consequence of uncertainty. And this uncertainty must be managed very keenly. There could be faced a variety of risks during the project development and management process. These are global risks and risks in every phase and stage of the process, with certain risks of greater importance during each stage. Understanding the main categories of risk confronted in those processes assists in risk assessment and planning practical management and operational measures that should be taken to mitigate those risks.
Risk Analysis is a planning stage which seeks to identify the origin, probability and magnitude of the risks. It helps direct attention to which risks warrant close attention and have the greatest potential for reducing exposure. And, Risk Management seeks to mitigate the impact of the risk by reducing the likelihood of its occurrence and/or reducing avoidable consequences through planning, monitoring and other appropriate actions. Risk Management Plan should identify and analyse all risk factors that are likely to occur on a project, and then decide on the most appropriate management response for each risk/combination of risks, whether to ignore, reduce, transfer or manage.
Risk Managers at PMGLOBAL raise that Managing Risks is the other master key for the overall success and consider Risk Management Plan having a comprehensive risk analysis and management matrix as a useful tool to identify and describe the risks and focus management attention. PMGLOBAL proposes full service on creating a full management plan to monitor and control the potential risks. It consists of complete risk analysis, risk response and mitigation plans, risk responsibility matrix and some suggestion toolboxes for the management. However,
PMGLOBAL also offers the alternative support to the management during identifying risks for greater confidence of right supply at right time, to further specific activity goal, better control of uncertainty and having reduced impact of risk, improved decision making, stronger team communication and ultimately lower probability of damage to the image of the organization.