Risk Management
What is Risk Management?
In project management, risk management is the practice of identifying, evaluating, and preventing or mitigating risks to a project that have the potential to impact the desired outcomes.
(O'Connor , 2020)
For me, Risk Management refers to recognizing the possible risks that may negatively impact the project and coming up with strategies or a contingency plan to avoid or reduce the possibility of the potential risk from happening.
What are some Risk Management tools?
RAMS
RAMS stands for Risk Assessment Management System. This tool is used to evaluate potential risks that could occur in the project. There are 3 stages in the RAMS tool which includes Risk Identification, Risk Evaluation and Risk Control.
Risk Identification - Types of Risks
(J. Chan, personal communication, August 8, 2022)
Risk Evaluation
Evaluate the...
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(J. Chan, personal communication, August 8, 2022)
(J. Chan, personal communication, August 8, 2022)
Risk Control - How to Mitigate the risks?
(J. Chan, personal communication, August 8, 2022)
Applying RAMS
For Let's Kawan!, my team and I created a RAMS Table to aid us in evaluating potential risk during our project. Most of our risk were not very severe and were still manageable. Some of the risks we predicted did occur and fortunately, with our RAMS table, we were able to handle them effectively and calmly. For example, we predicted that the duration of the sessions were too short and this actually occurred during the project. Thus to overcome this, adjusted the break times to extend the duration of the session as planned. We also prepared extra activities as a contingency plan.
Key Values:
The RAMS table was a really great help in evaluating potential risks. It was useful as we were well prepared to face possible risk/challenges that occurred during the sessions. The RAMS table allowed us to see which risk was more significant which made us recognise which risks we need to prioritise and put more thought into. Additionally, when a risk occurred during our session we were able to adapt quickly to the situation and remained calm as we had already prepared contingency plans.
Challenge:
At times, even though we had already plan a contingency plan, it might not necessarily work. For instance, during the first session, as predicted, we had trouble communicating and engaging with the participants. We planned to mitigate this by seeking guidance from the teachers. However, our plan did not work as we there was still a communication barrier. We learnt that by interacting with them progressively throughout the 4 sessions it will help us break the communication barrier and not just by depending only on the teacher's guidance.
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