Abstract

The element of risk is inherent in every activity of a project. Projects are exposed to various types of risks like technical risks, economic risks, social risks, production risks, financial risks and human risks. This case describes how a company developed and implemented a risk management system to help it deal with the uncertainties in the business environment. The case explains the various stages involved in developing a risk management system: identifying the areas to be monitored by the risk management system, setting priorities for managing risks and developing appropriate risk responses, implementing the risk response, and monitoring the effectiveness of the risk management program

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• The importance of scanning the business environment to identify the sources of risk for a project organization.
• The need to develop a risk response strategy for the successful implementation of a project

Keywords

Case, risk, inherent, project, types of risks, technical risks, economic risks, social risks, production risks, financial risks, human risks, risk management system, uncertainties, business environment, stages, managing risks