Please explain risk assessment and risk mgt to mitigate the risks in project.
I do currently as below,
1) Identify the constraints with pm and plan
2)budget and analyze the completion time and resources required.
3) Identify the cost elements where price fluctuation can occur (copper price) and classify to high, medium and low category,
4) Mitigate the currency exposure by hedging.
5) Understand the geographical economical and political factor which can affect the project.
6)Include the above risk assessment as contegency in the budget/costing.
3) Study the profitability and any penalties can be triggered.
Please confirm the above is the way to do or let me know any better systematic way to do the project control.
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