Manage risk on a project

Discussing what needs to be done as part of closing a project is important because these activities help ensure that all deliverables are met successfully and any incurred costs are accounted for before the end date arrives. Closing activities may include conducting lessons learned meetings with stakeholders; archiving documents related to the project; returning equipment used during the course of the project; releasing staff members from assignment; performing quality assurance tests; finalizing contracts with vendors/suppliers; verifying completion against specified success criteria; completing financial audits associated with budgeted funds spent during implementation; approving invoices for payment/collection purposes; producing reports highlighting key results achieved by the completion date etc.. These activities help ensure that all tasks associated with completing a successful project have been satisfied according to plan prior to closeout

Sample Solution

To manage risk on a project, the first step should be to identify potential risks and evaluate their likelihood of occurring. This should be done as early in the project as possible since risks can often arise from changes in scope or timelines. A risk assessment matrix is an effective tool for identifying, assessing and assigning resources to address each identified risk. This matrix typically includes columns for the description of a risk, its severity/impact on the project, probability of occurrence, suggested action plan and assigned responsible party. Once all potential risks have been identified and assessed, it’s important to develop strategies to prevent them from occurring or reduce their impact if they do occur. Strategies may include creating contingency plans and procuring insurance policies. It’s also important to consider how communication with stakeholders will take place throughout the process so that everyone is clear about what actions need to be taken if a risk occurs.