Project risks are identified and managed in architecture design process through the following steps:
1. Identify Possible Risks: Possible risks must be identified in the early stages of the project, which can come from several sources like historical data, benchmarking, stakeholder meetings, past project experiences, industry standards and best practices, etc.
2. Analyze Risks: Analyzing risks involves identifying the likelihood of each risk occurring, the severity of its impact, and the potential consequences it may have to the project’s objectives, timelines, budget, scope, and quality.
3. Plan Responses: After analyzing and prioritizing risks, the project team develops and implements a contingency plan to mitigate the likelihood and impact of the identified risks. This plan will outline what steps should be taken in the event that a risk materializes.
4. Monitor Risks: Risks should be continually monitored throughout the project, as the risk landscape can change frequently. Team members should keep an eye out for any warning signs of new risks and take appropriate action accordingly.
5. Adjust Plans: The team may need to adjust contingency plans in response to changes in the risk landscape. Should the level and/or impact of a particular risk increase, additional protective measures will need to be enacted. Similarly, if a risk is found no longer relevant, contingency plans may be revised or eliminated entirely.
Effective project risk management is an ongoing process, it tends to evolve and develop over time which demands constant vigilance. By implementing these steps, architecture design projects can successfully identify, manage and mitigate the risks that are inherent in the design and construction process.
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