1.0 INTRODUCTION
A group or department of within an organization that maintains standards of the project management and establishes best practices in planning and execution of the project is called “project management office”. It serves as the organization’s central hub for documentation of the project, its guidance and success metrics ( Techopedia). In order to achieve high benefits and success of delivery keeping the costs of the project low; probabilities of risk factors are inserted in the project and appropriate measures are taken to control the risks. The process of risk management involves risk identification followed by risk assessment, risk management and review (PMO planet). So, we can say that risk is something that has chances of happening during the project to disturb or derail the project results.
Issue is something that will definitely happen or has happened in the past in specific circumstances so risk has chances of happening but issue definitely happens if certain course of action is adapted. Issues are critical to a project but can be overlooked easily and hence divert project focus, derail project or late delivery of the project results; all this happens when the issues are taken lightly.
2.0 ISSUE DETAILS
2.1 Description
It is important to manage risks for project management office environment or otherwise the project ends up unsuccessfully; many issues can lead a project being unsuccessful.
The focus of research work carried out for this assignment is on the issue: “When a team of management office environment does fails to manage risks effectively?”
The team of management office environment fails to manage risks because possibly the roles and responsibilities are described unclearly which result in errors ...
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...ony would be developed between team workers and team management and regular feedback would be taken about the work progress and performance and hence as a result of adapting this alternative the issue described above won’t take place .
4.0 Preferred Alternative
The preferred alternative should be the second alternative i.e.: The team should implement the protective measures against the risk i.e.: the workers should be trained properly, team workers should be motivated by management, and feedback should be taken and as a result of this alternative the issue wont arise and the team of management office environment would become enable to manage the risks effectively.
5.0 Conclusion
As a result of the implementation of the preferred alternative the issue won’t arise as the team of the management office environment would be managing risks associated properly.
Hillson, D. & Simon, P., (2012). Practical Project Risk Management, The ATOM Methodology: Second Edition. Vienna, VA: Management Concept Press
In recent years, many organizations particularly in a high risk industry have experienced significant losses. For this reason, they have been more considered the importance of the concept 'High Reliability Organization' (HROs). Weick and Sutcliffe (2001) as cited in Takagi and Nakanishi (2006), claim that a comprehending of the HRO concept can lead to clearly understand a technical system within an organization. This leads to minimize any failures from unexpected circumstances. To be more precise, it can be said that the HRO principle assists the organization to determine the risk factors that may negatively affect a company performance in an early stage of a project life cycle. Similarly, Laporte and Consolini (1991) as cited in Aase and Tjensvoll (n.d.) state that any high risk organizations who has applied the HROs principles tend to have an outstanding safety records.
The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows:
“Thompson and Perry (1992) state that the aim of applying risk management is not to remove all of the risks from the project, but to ensure that all risks are managed effectively. This approach provides many benefits for various types of enterprises, some examples are:
A risk management program identifies the problem and determines the severity of a claim. “Risk management strategy begins with risk assessment.” (Youngberg, 2011). A risk manager’s job is to determine the risks or consequences that a case may have on the organization. Once that is determined, they must come up with a strategy to resolve the concern. “It’s about the organizational tactics to fix problems.” (Youngberg, 2011). The main focus of the risk management department is on the specific claim and investigation brought before the program’s committee. There are different types of risks involved within an organization. “Inherent risk, control risk, and residual risk are important concepts to understand when discussing ERM programs.” (Youngberg, 2011). A good risk management program is essential to an organization because it helps prevent legal and financial distresses.
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
The safety and security concerns of healthcare facilities are complex and dependent on the accountability of both the leadership as well as all employees of the organization. Healthcare organizations must continually assess for risks, allocate resources, define policies and procedures and monitor the effectiveness of these processes to ensure a safe and secure environment (Kaveler & Alexander, 2014). The purpose of this paper is to explore the elements of a risk management program within a healthcare facility by outlining the six techniques for managing safety and security risks and demonstrating how this type of assessment would apply to a managed care organization in the area of workplace violence and information technology. In addition, explanation will be provided on how the compliance program at the author’s place of employment ensures the initial and ongoing training of employees, establishment of policies and procedures and provides evaluation of these risks.
An SMS is a formalized approach to manage organizational safety by developing a policy based on formal methods of identifying hazards, analyzing and mitigating risk, devel...
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
Solution: The organization should put in place a competent incident response team, continuously update their security
Zwikael, O and Ahn, M. 2011. The effectiveness of risk management: an analysis of project risk planning across industries and countries. Risk Analysis, 31 (1): 25-37.
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
Identify the potential risks which affect the company and manage these risks within its risk appetite;
Risk mitigation is also the process of controlling actions, which are identified, and selecting the suitable ones to reduce risk according to project objectives (Pa, 2015). Risk mitigation is important in IT organizations in so many ways. According to Ahdieh, Hashemitaba, Ow (2012), mitigation of risk provides a mechanism for managers to handle risk effectively by providing the step wise execution of the risk handling (as cited in Pa, 2015, pg. 49). Some risks, once identified, can readily be eliminated or reduced. However, most risks are much more difficult to mitigate, particularly high-impact, low-probability risks. Therefore, risk mitigation and control need to be long-term efforts by IT project managers throughout the project lifecycle. There are three types of risk mitigation strategies that hold unique to Business Continuity and Disaster
Identification of the risk can simply be done by doing brainstorming with the team members. As Dr. McCarville said, there is no right or wrong answers. Every input is important and can really affect the process. Other beneficial tool is Fishbone Diagram.