Project Risk Management Essay

Project risk management is a necessary, and often overlooked, the function of a project manager. It combines the art and science of identifying, analyzing, and responding to risk throughout the project lifecycle, resulting in project improvements and ultimate success. Risk, at its core definition, is the possibility of loss or injury. What project risk management is not, however, is crisis management. Crisis management is the team’s response when a project’s risks are realized. Good risk management can help to overcome a potential crisis by proactively identifying risks. This paper will identify three possible risks to the team project, estimate the impact of risks in quantity and quality, select a method of risk management for the risks, preventions for the risks and what could be done to lessen the impact.
The three risks that are going to be

We have outside vendors manufacturing everything for the media player beside the motherboard, which can be done in house. When having outside contractors working on the media player it is imperative to have a contract with them in case one of their components goes awry. One of the reasons why the last project team did not complete the project under the agreed upon circumstances was faulty components. When transferring the risk for the components vendors are guaranteeing that their piece of equipment will function properly. Knowing that the manufacturers have an agreed upon arraignment for components allows the project team to transfer the risk to the contractor. Prevention of the risk is getting a trusted vendor to perform the task for you so that there is minimal risk or develop a manufacturing team that build all the components in house to take build the media player. Building the player in house will guarantee that they will be made to specifications as total control can be taken care of by your own