Risk Treatment in project management

Abstract

Risk Treatment, also referred to as Risk Control, is the topic within Risk Management that targets how to manage and deal with risks once they have been identified and assessed.

Insert text on abstract.

The abstract should not exceed about 250-300 words. It should consist of the summary of your article, as well as a table of contents with bullet points explaining the content of each section. Please already include key references in the abstract.

Big Idea

Describe the tool, concept or theory and explain its purpose. The section should reflect the current state of the art on the topic

Risk treatment is a sub category within the risk management topic,

Application

Provide guidance on how to use the tool, concept or theory and when it is applicable.

1) Identify the risks 2) Asses the risks) 3) Plan on what you do as treatments on the risks

Insert 4 phases.

- Very useful in programs and portfolios, where risks and treatments can be discovered along the way -

Treatment plans

proposed actions, priorities or time plans, resource requirements, roles and responsibilities of all parties involved in the proposed actions, performance measures, reporting and monitoring requirements.

Development of Treatment plans

Approval of Treatment plans

Implementation of Treatment plans

Limitations

critically reflect on the tool/concept/theory. When possible, substantiate your claims with literature

- Impossible to first of all identify all risks in a project, secondly to create treatments for them - Risks are often identified through historical data/events. Certain things has happened previously in a project or similar cases, and have therefore been identified and documented as a risk. However, this can be difficult to predict/find data on in a time limited project where a lot of things are new. - Development of treatment plans can take time and not be usefull in shorter projects. - More ideal for programs and portfolios, where data can be added to already existing data and where the treatment continuously can be developed over time. - Difficult to quantify the responses and they will therefore often be based on a persons opinion.

Annotated bibliography

Provide key references (3-10), where a reader can find additional information on the subject.