RISK MANAGEMENT                                    3
RISK MANAGEMENT
Abstract
    Risk management is one of the policies of an organization for modifying investments and risks of an individual in order to decrease the probability of failure. Risk management actions are incorporated to project management. The aim of this paper is to explain the risk analysis process. Risk analysis is prepared by identifying threats, assessing the risk, developing a risk response plan, monitoring and lastly reviewing them. Risk analysis is the established technique of recognizing and evaluating aspects which could adversely influence the accomplishment of a project or business. Lastly, after the detailed explanation of all the processes, this paper ends with an appropriate conclusion.
    
Table of Contents
Introduction    4
Risk Analysis Process    4
Identification    4
Assess the Risk    5
Develop a Risk Response Plan    6
Monitoring    7
Reviewing    7
Conclusion    8
Reference    9
Introduction
    Risk in a project is defined as a tentative incident or situation, which if arises has an optimistic or adverse consequence on the objectives of a project. Risk management is one of the policies of an organization for modifying investments and risks of an individual in order to decrease the probability of failure. Risk over here is the chances that a project may be unsuccessful to come across its objectives. A particular action, incident or hardware element, which is contributing to an exertion’s ‘Risk’ is called ‘a risk’ in the project risk management. Furthermore, this paper explains the risk analysis process.
Risk Analysis Process
Identification
· Walking around the site and inspecting what could probably be reasonable to expect that can give rise to problem.
· Asking for other people’s opinions, or what they are thinking because at times they may have perceived, which are not palpable right away.
· Taking the help of certain websites that can be providing published, applied procedures on places, where threats happen and how to manage them. A lot of information on threats is offered on these websites, which might influence the incident.
· If a person is an associate of a trade association then they should interact with them as very supportive assistance is produced by many.
· Checking instructions given by manufacturers or information sheets for equipment and compounds because in bringing out the threats and positioning them in their right perspective, they can be extremely helpful.
· Long-standing threats to health,...