Risk Management In Project Settings Blackpool And The Fylde College Essay

2581 words - 11 pages

JAMIE PENSWICK
Higher Education Assessment
Name of Module: Managing Finance Within Projects
Assignment Number 2 (Re-assessment)
Your Name Jamie Penswick
Tutor Name Marion Schulze
After you have completed your assignment, please revisit the question, learning outcomes and grading criteria and after comparing them against your work write a short evaluation/reflection as indicated.
Reflect below on: What aspects of the assignment you are proud of (Max 80 words)
I am proud of the more theoretical sections of this report. I think the quality of the research helps to support the points I made. I enjoyed researching this topic more than I expected to.
Reflect below on: What aspects of the assignment are you particularly concerned about (Max 80 words)
I am concerned that the practical section of this report is the weakest (EVM Application) as I find this topic difficult to work with. I understand the concepts and the value of EVM but practical application of it is definitely not one of my stronger topics. I will revisit this topic in my own time as EVM is a key aspect of PM knowledge that I want to improve on.
Reflect below on: How previous feedback informed this assignment (Max 40 words)
I have tried to focus on the quality of the references I have found and stuck solely to academic sources with the APM and PMI citations being the only exceptions.
Blackpool and The Fylde College
Page 1 of 9
Your essay / report should be double spaced and in 12 point Times Roman font as this text you are reading is.
Organizations undertake projects to accomplish short and long-term goals and to take advantage of market opportunities (Gray and Larson, 2002).Projects by their very definition are inherently risky as they are unique, constrained, based on assumptions, performed by people and are subject to change (APM.org.uk, 2017). An organisation choosing to further its corporate objectives by implementing a project must navigate the risks associated with undertaking such ventures. Risks that are not effectively managed or mitigated can result in project failure (Royer, 2000) and the consequence of failing to meet project objectives can be significant in competitive business environments (Maylor et al., 2008). Herein lies the need for 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.” (APM.org.uk, 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 essay the process will be examined in terms of how it aligns with the generic project life cycle, the tools and methods involved in the different stages of the process and their effectiveness and how proper application of the process can aid in the achievement of an organisation’s corporate aims and...

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