A Short Note On Risk Management Project Management

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.

When the manager of project carried out its work plan should take into consideration the possible risks that may occur within the project. The risk is the possibility that occurs a problem within a project and that may cause some change within the same (Heldman, 2011). It should be noted that not all risks are bad since they can be potential opportunities to make some changes that will improve the overall status of the project. In the same way a risk not taken into account in time can create one problem in the project and can completely change the final performance of the project. The project manager can take several elements to identify the risks. Some elements and documents that can be used to identify risks are: search internal risks of the project, such as resources

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

Every project is going to experience a certain level of risk and it’s the responsibility of the project manager or event organizer to assess the risk and determine what is acceptable and how to mitigate certain elements if risk, or to elect that the risk is too great and make alternative arrangements.

Risk 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 project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project 's risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential to impact the outcome of a project.

The Association for Project Managment (APM) defines a project risk management in the following statement: “All projects, programmes and portfolios are inherently risky because they are unique, constrained,

Though speeding the process is not always an option, it can aid in finding problems sooner and avoiding time delays later. "Another reason for reducing project time occurs when unforeseen delays—for example, adverse weather, design flaws, and equipment breakdown—cause substantial delays midway in the project. Getting back on schedule usually requires compressing the time on some of the remaining critical activities. The additional costs of getting back on schedule need to be compared with the costs of being late (Gray and Larson, 2003)."

Many project managers focus so intensely on the effort and events around creation of the deliverables that they had forgotten about the other elements associated in making the project a success. Technical risk may lead to possible impact that could have occur in a project when an implementation does not work as wanted. Risks can be in terms of major and minor effects on projects. Technical risks can be a big problem if it is not handled properly. The NASA did not handled risks effectively where it may blow up any time. The night before the space shuttle was launched, a contractor and five engineers had informed managers to hold the activity as the engineers discovered the O ring rubber seals, a vital component of the shuttle had failed a few times in sealing from bad weathers. If the technical risks are not taken into consideration, it would provide sufficient impact towards the overall process that may even lead to death and injuries as similar to the Space Shuttle incident in year 1986.

The first category of risk may be the executive risk (Kendrick, 2015). This type of risk can be associated with projects that are not supported by the executives. This is when you have fail to see those key executives engage in the project, they have failed to attend meetings, and they had lack thereof familiarization with the project as to what the overall requirements entailed. Even more so, when you have lack of communication over anything at the executive level, it tends to prolong the project until and understanding has been agreed upon.

Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

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

The risk in the project management is managed by implementing four main steps Risk identification, Risk Assessment, Risk Response and risk control. Where as in Risk identification these are identified by various methods through brainstorming in this all the people that are involved in

A risk is any event which will have a positive or negative impact on the outcome of a project or phase. It may be caused due to several factors and if it occurs can lead to several types of impacts. Every project undertaken has some risk associated with it. Through risk management, we are able to track and keep a close watch on those events that can impact a project outcome.