Project Risk Management : Project Management Essay

Project Risk Management : Project Management Essay

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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 stakeholder’s requirements are used to justify the project’s success. The risk of not satisfying the stakeholder can result in project failure overall.

Risk management is a very important part of business and project planning processes. The whole point of this process is to address critical issues and concerns before they occur when planning out certain projects. Not all risks are directly related to a threat which would be seen as a negative effect on project objective. Some risks are seen as opportunities in the sense that the risk would have a positive effect on project objectives. Most project managers strive to identify and develop a risk management plan and that comes with working on different project levels which can be a challenge at times. According to Kloppenborg (2015) risk management plan is a component of the project management plan that describes how risk management activities w...

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... problem with risk management is many people find it difficult to understand the concept of identifying risk. The findings in the articles explain that being able to evaluate the probability of risk will measure a good degree of judgement and experience. Different techniques have been outlined to prevent such negative effects occurring within the project. These techniques can be used at all levels of project complexity. Focus groups can be created to establish and sustain a strategy that can be used towards project risk management. Majority of the risks in this research paper are geared towards the negative impact of a project. However, there is enough evidence and support material that can be used to prevent such risks from happening. Stakeholders can then be satisfied with the end product or service as their requirements justify the overall success of the project.

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