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Reflections on risk assessment project management
Essay on risk assessment of business
Reflections on risk assessment project management
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Risk management has become an integral part of the world of entrepreneurship. Generally, risks are events that have negative effects on a business. Some of the risks can jeopardize businesses, while others can cause serious and costly damages, which may need time to rectify. Not all risks are bad. According to Heldman (2011) risks can present future opportunities as well as future threats. All projects involve risk and the ones that succeed generally do so because their leaders do two things well. (Kendrick, 2009). They realize much of the work is not new and they plan project work accordingly. Effective project risk management involves these concepts – looking backwards to avoid past mistakes and looking forward many problems can be eliminated. Project risk management involves the process of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. (PMBOK, 2008). According to PMBOK (2008) known risks are those that have been identified and analyzed making it possible to plan responses to those risks. Planning responses and knowing what to do if those risks become a reality in the project can be the difference between a successful or unsuccessful process. Kendrick (2009) points out that technical projects often come with a higher risk. This is because the projects are typically wide ranging and with new technology, there sometimes isn’t the previous work background often necessary in evaluating risks. And typically technical projects are understaffed and often outcomes are over promised. Since technology changes are so rapid it is often necessary to rush a project and this sometimes leads to project failure. Risk is the product of two factors: t... ... middle of paper ... ... their weak spots. Thus, the identification of business risks enables managers and business owners to devise mechanisms that protect brands, as well as maintain the confidence of investors. References Blyth, M. (2009). Business continuity management: Building an effective incident management plan. New Jersey: John Wiley & Sons. Heldman, K. (2011). PMP: Project management professional exam study guide (6th ed.). Indianapolis, IN: John Wiley & Sons, Inc. Kendrick, T. (2009). Identifying and managing project risk: Essential tools for failure-proofing your project (2nd ed.). New York, NY: AMACOM. Project Management Institute (PMI) (2008). A guide to the project management body of knowledge (PMBOK guide) (4th ed.). Newtown Square, PA: Project Management Institute. Sadgrove, K. (2005). The complete guide to business risk management. Aldershot: Ashgate Pub.
Graham, R. J. & Randall, L., Creating an Environment for Successful Projects: The Quests to Manage Project Management, second ed. San Francisco: Jossey-Bass, 65-113, 2003.
This paper will examine three websites that I found to provide interesting information on one of the following topics: project management, project management careers, project portfolio management, and IT project management; as well as the Project Management Institute’s Web site. The four websites that will be examined are: CIO – Project Management Definition and Solutions, Project Management Certification, and Wisconsin School of Business – Project Portfolio Management.
Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts.
Project Management Institute. (2012). A guide to the project management body of knowledge (PMBOK guide). Newtown Square, Pa: Project Management Institute.
Note: Reprinted from " Project Management Institute”, A guide to the project management body of knowledge, Copyright 2013 by Project Management Institute, Inc. Reprinted without permission.
Project Management Institute . (2008). A Guide to the Project Management body Of Knowledge. Newton Square, PA: Project Management Institute, Inc.
The PMBOK® Guide Fifth Edition emphasizes the relationship between all ten knowledge areas of project management to illustrate that the entire planning process is a combination of interrelated activities and processes (Saladis & Kerzner, 2011, p130). This paper will first discuss each of the ten knowledge areas in detail, and then evaluate two project case studies as they relate to these ten knowledge areas.
PMBOK, (2013). A guide to the project management body of knowledge : (PMBOK guide). 5th ed. Newtown Square, PA: Project Management Institute, Inc..
R. Meredith, J. and J. Mantel, Jr., S. (2009). PROJECT MANAGEMENT A Managerial Approach. 7th ed. U.S.A: John Wiley & Sons, Inc.
Heldman, K. (2011). PMP: Project management professional exam study guide, sixth edition. Indianapolis, Ind: John Wiley & Sons.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
(2006). Module 4 Project Management Organizational Structures and Standards. Retrieved on December 16, 2006 from http://home.cogeco.ca/~pcreighton/PMWEB/Module%2004.htm
Heagney, J. (2012). Fundamentals of project management (4th ed.). New York, NY: American Management Association
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.