AKRA TECH understands the need to comply with the risk management plan and provide input and provide services to assist in identifying, reviewing, and developing strategies to resolve engineering risks, issues, and challenges.
We believe one of our primary tasks of project management would be risk management and containment. The major risks associated with the project have to be identified, and relevant interventions made to contain them. The risk items shall be prioritised and monitored accordingly on a continual basis, and corrective action taken, when necessary.
Our risk management process involves identifying, analyzing and managing risks, which is best described through the following diagram which shows the process of continuously reviewing the project for risks and mitigating it during the course of the project.
Our risk Management plan sets the project environment for operational, technical, and managerial activities as we identify and control potential risks associated with each phase of project. The risk items shall be prioritised and monitored accordingly on a continual basis, and corrective action taken, when necessary.
Our Risk Management Plan advocates conducting continuous risk management—a strategy that enables the team to use risk management for decision-making in all phases of the project across all business processes and technical components. Risks are carried forward and dealt with until they are resolved.
We believe risks are normal project occurrences, and they cannot be completely avoided; however, left unresolved, a risk can quickly escalate to a major project issue. Generally, risks can be classified into four categories:
Proactively managing risks across all four categories often resolves them before they become project issues. Uncontrolled risks can lead to escalated project costs, dissatisfaction among users, lower quality end products, and significant delays in the project schedule.