This website uses cookies to ensure you have the best experience. Learn more

Project Risk Management Essay

2800 words - 11 pages

Project management is a process of guiding a project from its beginning, through its performance stages and onto its closure. Before work can commence, the project must be planned, timeframes and budgets have to be allocated, and each phase has to be detailed. Initially, the Project Scope is defined and the appropriate methods for completing the project are determined. Projects serve a purpose to achieve results in a business and are (or should be!) short term but as most projects have unexpected challenges such as delays and changes to plan.
A project is a systematic operation and has 5 procedural steps which cannot change-•Conception of idea•Definition of project, develop it•Start, team formation•Perform the work•Closure of projectWe all use project management every day without recognizing it, planning a dinner party? This would be a project, and if the reader thinks about that, using the five steps above, a correlation can be made. Even making a cup of tea is a project, simple as it sounds but it is, again using the above steps the reader knows that a cup of tea can only be made in a particular way, it is a systematic project!.
A project is created for a specific need, it would have been initiated by the person who highlighted the need or a concept in the first instance that could be anyone with influence, upper managers, dept heads or even the MD himself, and it is this which gets the ball rolling, so to speak. Of course failure has to be mentioned in this report, if a project is planned correctly however, then the risk of failure diminishes, therefore an actual plan is vital to success. The plan has to be a formal, approved document used to guide both project execution and project control. In project terms what is risk? To cite Portny he says that `you may not achieve your product schedule or resource targets because something unexpected occurs or something planned doesn’t occur`. However, it is a risk factor that gives way to a risk being realized as it is this which increases the likelihood.
CONTENTS•PAGE 2 SUMMARY•PAGE 4 INTRODUCTION•PAGE 5 MAIN FINDINGSPROJECT MANAGEMENT PAGE 5 – 9PROJECT RISK PAGE 9 – 10•PAGE 10 CONCLUSIONS•PAGE 10 RECOMMENDATIONS•PAGE 11 BIBLIOGRAPHYINTRODUCTIONThis report’s aim is to give the reader an overview of what project management is about and the processes within it that can either spell success or failure.
Project management is a process of guiding a project from its beginning, through its performance stages and onto its closure, the project also includes three basic but crucial operations within it –•Planning•Organising•ControllingMoreover, it is important to mention to the reader that to implement and then guide a project to a positive conclusion requires three more vital aspects –•Information•Communication•CommitmentFurthermore the writer must guide the reader at the outset, from the notion that other terms such as Programs and Processes are the same as a Project,...

Find Another Essay On Project Risk Management

ESPN:Killing The Habit-An editorial project highlighting the risk of tobacco in ESPN broadcasted sports. One sided

542 words - 2 pages ESPN: Killing the HabitWhen walking into my livingroom Sunday morning I notice my parents and two younger sisters flipping between reruns of the winter X Games on ESPN 2 and NASCAR on ESPN. Normally, this average American habit of channel surfing wouldn't stop my pursuit for breakfast, yet today I realize both sports are announcing tobacco companies as sponsors. Although the companies were hiding behind blinding anti-tobacco campaign slogans

Should You Invest in Enterprise Project Management?

1025 words - 5 pages Associate in Project Management (CAPM)®, Project Management Professional (PMP)®, Program Management Professional (PgMP)®, Portfolio Management Professional (PfMP)SM, PMI Agile Certified Practitioner (PMI-ACP)®, PMI Risk Management Professional (PMI-RMP)®, PMI Scheduling Professional (PMI-SP)®, and OPM3® Professional Certification (Project, 2014). Professional development is a continuous element of a project management career. The PMI offers face

Risk Management

2464 words - 10 pages In recent times, risk management has become one of the most important aspects of project management because of the rate of financial crisis and natural disaster in the world right now and the rate of increase in expectation from the stakeholder in an organisation. But firstly, project brings about risk management so what is project? Project can be defined as a group of people working in a unique way in a period of time to achieve a specific goal

Risk management for Supplier Global Expansion Plan

1107 words - 4 pages RISK MANAGEMENT PAGE \* MERGEFORMAT 4 Running Head: RISK MANAGEMENTRisk Management for Supplier Global Expansion Project[STUDENT NAME][INSTITUTION][COURSE NAME][DATE]Risk Management for Supplier Global Expansion ProjectRisk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the

Flayton Electronics Case Study

1157 words - 5 pages Introduction The risk management plan is for Flayton Electronics following their breach in security of their customer’s information. The document provides an explanation and description of the risk management process undertaken throughout the life cycle of this project. The project manger will be responsible for reviewing and maintaining the Project Risk Management Plan. The manager will ensure that all the risk process factors are

The Risk Management Process

1973 words - 8 pages Risk Management Process Identify Risk Risk identification, focuses on identifying which risks will affect a project, by looking at the project plan, the work breakdown structure, the project charter and other project related documents (PMBOK, 2008). Broad risk categories are human resources, technology changes, quality and performance issues, customers, vendors, management, funding, political, legal, market forces and environmental issues

Types of Poject Management

1011 words - 5 pages Project Risk Management (PRM) is one of the properties in management that a project manager must take account into for a proper planning and help smoothing of the project. PRM contains of identification, analysis, response plan, monitoring, and controlling plan. ‘Risk’ often measured against the three basic properties such as scope, time and cost. It is better for a project to manage the risk at early stage such from conception stage until the

What Happens when You do Not Manage Risk

1336 words - 5 pages 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

Project Management, Defining Project Management, the Phases of a Project Cycle

1251 words - 5 pages , quality, and risk management planning. From the basic processes of the Project Planning Phase, and these facilitating processes, comes the creation of the Project Plan. During the Project Planning Phase, the project team has several responsibilities. "Project managers have the duty of developing the Project Plan. Functional and management personnel have the task of making sure sufficient resources are accessible for the project," (Visitask, 2008, p

Skills of being a professional Project Manager

1460 words - 6 pages managers.” You can read the detail in the Project Box’s article (Five key skills required by Project Managers, 2012). With those skills the Project Manager will be able to hold his title of being a ‘Project Manager’ and also he will be able to encounter any risk that will come up during the project. Most of the project management issues that influence a project arise from risk, which in turn arises from uncertainty. Based on the summary of Matta

Risk Management

916 words - 4 pages Assessing the level risk as related to the project management agreement between The Coleman Project L.L.C. (TCP) and J. Smith & Associates (JSA) is critical to meeting all project deadlines. The focus of this risk assessment is related to the office build out, furniture and equipment set up for JSA’s new regional office in Scottsdale AZ. The agreed upon start date of the project is February 28, 2013 with a completion date of May 25, 2013

Similar Essays

Risk Management Project Essay

1862 words - 7 pages " cyclePlan the process improvementDo the improvement, Data collection and analysisCheck the results and lessons learnedAct by adopting, adjusting, or abandoning the change(Medical Risk Management Associates, LLC, 1999)FOCUS - PDCA is the improvement process used by King Faisal Specialist Hospital and Research Centre to document process improvements. The project, see table below, conducted by this facility was started in July of 2000. The original

Risk Management In Project Settings Blackpool And The Fylde College Essay

2581 words - 11 pages project risk management. The APM defines risk management as “a process that allows individual risk events and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities.” (, 2017) Using this definition as a starting point this essay will investigate how the risk management process the APM prescribes can contribute to the successful management of projects. Throughout this

Investment Management. Equities Investment Project Game. Includes Specific Shares And Risk Analysis

3328 words - 13 pages rates affect the value of certain investments, such as bonds, high-dividend stocks and short-term securities. In my case interest rates affected my investment in Russia. Increase in interest rate in China reduced the value of Norilsk Nikel.牋牋牋牋Market Risk - Securities traded in the public markets change in value every day. These price swings can be caused by factors beyond the control of the company's management. For

Risk Register In Project Management Unza Assignment

573 words - 3 pages unless grading increases over time. Change to Grade since last assessment NEW New risk Grading decreased — No change to Grade Grading increased Id Description of Risk (including any identified ‘triggers’) Impact on Project (Identify consequences [footnoteRef:1]) [1: ] Assessment of Likelihood Assessment of Seriousness Grade (combined Likelihood and Seriousness) Change Date of Review Mitigation Actions (Preventative or Contingency) Responsibility for