Project Risk Assessment

Project risk assessment involves analyzing the various aspects of a particular project which might pose a threat to the success of the project. There are certain safety codes and government regulations that must be followed by the contractor and workers who part of the project so that they do not endanger their own and others’ lives in any way and also to make sure that the project is successful. These risks must be considered before the project has started so that one can identify them and suggest measures on how to counter the risks. A project risk assessment also helps one find out ways of handling a particular crisis if it occurs.

Sample Project Risk Assessment:

The following risk assessment has been made by Active Assessment, Kansas

Name of company: Builders Co

Address: 939 Shady Lane, Ohio

Objective of assessment: To identify the potential risks in this project, quantify the potential impact of the risks, find out solutions to the risks and communicate to the concerned authorities about these risks so that necessary action can be taken

Problem areas:

  • The road leading to the project site is not safe and has seen a high rate of crime
  • The rainy season may interfere with the construction work, delaying work by at least 20 days and lead to a loss of $20,000

Assessment and recommendations:

  • The workers must be trained on how to deal with adverse weather conditions to ensure that work begins as soon as the weather is clearer and they can make up for lost time
  • A security guard will accompany all trucks supplying materials

Leave a Reply

Your email address will not be published.