A Research Project Manager Should Monitor The Project

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

If a risk has been identified then it needs to be acted upon so as to minimise the level of risk involved. If this is not done then there is a higher level of risk and more chance of a negative outcome.

risks and determine the likelihood and consequence of that risk occurring during the project. The

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

All efforts will be made by the Project Manager to plan for and handle any risks. Continual risk monitoring will be done by the project manager throughout the projects duration.

Risk identification more disciplined process involves using checklists of potential risks and evaluating the likelihood that those events might happen on the project. Some companies and industries develop risk checklists based on experience from past projects. These checklists can be helpful to the project manager and project team in identifying both specific risks on the checklist and expanding the thinking of the team. The past experience of the project team, project experience within the company, and experts in the industry can be valuable resources for identifying.

The first step in risk management is to identify any and all threats. This is done by researchers and analyst. Until someone is smart enough to invent a

Identify the potential risks which affect the company and manage these risks within its risk appetite;

Risks management is an important step during the process of a project. Failing to manage a risk may result in unforeseen event happening and a project’s failure. For example, with limited budget, an unforeseen event or an accident occurs in the middle of a project and this matter has not been considered and needs a big sum of expense, then the project may be stopped because of this unexpected event. We should know it is necessary to understand how to identify risks and assumptions based on the information. After identifying risks, it is important for project managers to set contingency plans to prevent and deal with these risks when they occur. Of course, several problems may happen during considering

It is used as a means of input to the risk management plan processes (Heldman, 2005). It usually helps the project managers and the project team to recognize the components of a project that are at risk or certain risks that are unique to a specific area of the project than compared to a risk that is commonly found throughout the project. There also various qualitative analysis that can be used to in identifying and analyzing risk in a project. The method of qualitative risk analysis involves the assignment of a numeric value to the scales. This risk analysis is normally used for projects that are larger and that risks have a greater and more significant impact (Heldman, 2005). There are various software tools and methods that can be used, an example would be the use of Monte Carlo analysis for calculating values for projects that are large and difficult. There are various values that are assigned to the magnitude or intensity of the risk, for example, High-.80, Medimum-.50, Low-.10; these are used to rate and prioritize the risks (Heldman, 2005). A risk registry is also an essential documentation that can be used analyze the quantitative aspect related to risk and threats that are found throughout the project. The Risk Breakdown Structure is created to identify the various risks categories in the project so that they can be in the prioritized response plan (Heldman,

As mentioned on above these risks are considered as high due to the nature of the business the company involved in and in the following sections some approaches produced to address to risks in the best interest of the company since the company manager, Ashton, is currently aware of them but fails to engage in providing a solution to them. Moreover, in order to gain a competitive edge within the IT software industry, those risks and

The project manager working with the project team and project client will ensure risks are actively identified, analyzed and managed throughout the life of the project. Risks will be identified as early as possible to minimize their impact. This can be done using several ways like

Managing Risks: There are number of ways through which the project risk has been managed. First of all they get insurance from various companies for contingencies like collapse of newly constructed building, also any damage caused to workers at their job site. Moreover, contracts are being entered amongst various companies whom sole responsibility has been transferred for any glitch due to their work