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reflections on risk assessment project management
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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.
Risk is characterized as an occasion that has a probability of happening, and could have either a positive or negative effect to a project ought to that risk occur. A risk may have at least one causes and, on the off chance that it happens, at least one effects. For example,
Well-Stam, D. . (2004). Project risk management: An essential tool for managing and controlling projects. London: Kogan page.
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.
What is risk as it is related to this project? Microsoft defines project management risk as “A risk is the possibility of an event or condition that would have a negative impact on a project. Risk management is the process of identifying, mitigating, and controlling the known risks in order to increase the probability of meeting your project objectives” (Microsoft, 2013). This definition of risk will stand as a point of clarification between JSA and TCP to establish a basic understanding of project management risk.
Meredith, J. M. (2009). Project Management A Managerial Approach. Hoboken, NJ: John Wiley & Sons, Inc.
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.
Heagney, J. (2012). Fundamentals of project management (4th ed.). New York, NY: American Management Association
Slack, N., Johnston, R. and Brandon-Jones, A. (2011).Essentials of operations management. 1st ed. Harlow, England: Financial Times Prentice Hall.
17} For any event or any project “risks” are the essential part. So as a project manager you should be able to deal with any kind of the risks that will occur.
Heldman, K. (2011). PMP: Project management professional exam study guide, sixth edition. Indianapolis, Ind: John Wiley & Sons.
Project Management Institute (2008). A guide to the project management body of knowledge (PMBOK guide). Newtown Square, Pa.: Project Management Institute.
Project Management Institute (PMI) (2013). Project Management Professional (PMP) Handbook. [ONLINE] Available at: http://www.pmi.org/certification/~/media/pdf/certifications/pdc_pmphandbook.ashx. [Last Accessed 20 April 2014].
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
In this competitive world, companies have to deal with various types of risk all the time with there projects. Generally, it affects the budget and schedule of the project. So it is important to keep in mind the risk management strategies while creating an initial project plan.