This actually help me so much to be on track again as I had spent almost half of my internship period focusing on the not so relevant issues. I had to delete some of the irrelevant work and replaced it with the much needed digital part of the project.
Part of the deleted work is below. Though it was deleted but it doesn't necessarily mean that its not used in the project management system.
RISK MANAGEMENT is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
RISK MANAGEMENT involves the following steps
a) Risk Identification: what is the risk? Here we are going to brainstorm what kind of risks can occur when we are organizing this agricultural workshop/project in Uganda
b) Risk Qualification: what is the likelihood and impact of the risk? After identifying the risks we shall then measure the impact of the risks and the likelihood of happening and then prioritising these risks. In the risk impact we then estimate the consequence of each identified risk by asking ourselves questions like How big will the impact of the risk be on the project?
We can assess the risk impact by using the Richter scale as shown in the diagram below
But we shall use a more simplified measure like this one
Risk likelihood?how likely will the risk happen
After identifying the risk impact and likelihood of it happening we then prioritize our risk management.
c) Risk Response:
What can we do about the risk?
Under response we have to ask ourselves what we want to do about these risksWe have 3 options
• Accept it by living with the consequences
• Avoid it by working around so that the risk never happens
• Mitigate it by taking action to lessen the risk
d) Risk Response Control:
How do we manage and monitor the risk? By having a risk analysis
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