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Risk Management Services

Risk Management

At PMtech Digital Solutions, our risk management services help identify and mitigate threats as well opportunities to your projects and organization. With proven techniques like risk registers, Monte Carlo simulations, and FMEAs, we pinpoint risks and quantify their potential impact by performing the qualitative & quantitative analysis. We develop targeted response and contingency plans to address vulnerabilities before they become issues.

With continuous risk monitoring, we also catch any new risks arising mid-project. Our experience with complex projects allows us to foresee risks others might miss. We prepare contingency budgets/schedules so projects stay on track despite surprises. Let us leverage risk management best practices to safeguard your project outcomes, timelines, costs and quality. You can feel confident we’ve addressed the “what-ifs.”

Our risk management services utilize proven techniques like risk registers, failure mode and effects analysis (FMEAs), and Monte Carlo simulations to thoroughly identify potential threats to your project and quantify their likelihood and impact. Below are few benefits of our Risk Management Services;

Benefits Of Project Risk Management Approach

1. Identification of troubled projects:

Risk management makes it easier to identify troubled projects.  As mentioned during the introduction, single risk events will be identified, assessed and responses planned. These events aggregate into an overall project risk score.  

From initial planning, red flags will be raised by virtue of high probability/high impact risks events.  Additionally, the trajectory of the project itself can be assessed by virtue of its risk trajectory.  If project progression results in an accumulation of risk – it’s clear that this is a troubled effort and there won’t be any substitute for decisive action.

2. fewer project surprises:

A robust risk effort simply reduces surprises.  Of course, there will always be surprises that arise in spite of risk management – the so called unknown-unknowns.  But there does not have to be as many and they don’t have to be as painful.  Risk management forces the project team to be in touch with its event horizons – and prepared to deal with risk events as they occur. 

3. data informed decision making:

In a nutshell, better quality data means that in order to perform project risk management properly, you’ll require data to analyze your situation.  If you’re going to evaluate schedule risks, you have to have scheduling information.  Hence, you need the capability in place that allows said evaluation.  If you’re going to assess technology risks, you need to have  technical information available.

Not having information on hand to be able to assess risks is certainly a fact of life depending on where you are in the project life-cycle.  But now you definitely know you don’t have it.  You know what you need, and that lack of information is itself something needs addressed.

4. effective communications:

Higher quality data is identified as improved in Benefit #3.  So, what do you do with that data?  First, the team uses it for decision making.  Second, and of interest to us here – communication of risk information will demand its own communication channel. A properly implemented risk program will specify requirements for communicating risk information up and across the organization.  This means that project sponsors and key stakeholders are on top of information as it unfolds – good or bad. 

5. More accurate budgets:

Better data quality is indeed a linchpin of several risk management benefits.  Once risk information is available – it will have a positive impact on budget accuracy. Further, it will allow a contingency budget to actually be calculated, or at least qualitatively arrived at, rather than simply assigning a standard contingency ‘fee.’

6. Proactive Vs. Reactive:
If the project is meeting its obligations as envisioned in a risk management process of the type in “Project Risk Management” that team will respond proactively to  risk events as they occur.  If the team has not met its risk management obligations, the team will be reactionary, acting in an ad hoc manner to events that have not been identified as risks and will not benefit from any predetermined corrective actions.

  • PMI Certified Professionals
  • Overall utilization of resources.
  • Skill surplus or deficit reports.
  • Projects that are facing a trouble.
  • People who are likely to be underutilized.

Solutions We Offer:

Risk Management Services

Frequently Asked Questions :

Risk management involves identifying, assessing, and controlling various risks that could impact an organization’s financial, legal, strategic, and security aspects.

The four basic techniques of risk management include avoidance, transfer, mitigate & accept. It seems sensible to build on these as a foundation for developing strategies appropriate for responding to identified opportunities.

There are at least five crucial components that must be considered when creating a risk management framework. They include risk identification, risk measurement and assessment, risk mitigation, risk reporting and monitoring, and risk governance.

Get Free Consultation Now! We are ready to help your business

Let’s discuss your business needs and discover how PMtech Digital can elevate your projects and goals.