Case 3 Risk 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.

Regardless of the type of project being initiated, planned and implemented, building a culture of risk management is indispensable for the successful completion of the project.

In a project the communication level is a very important part from the beginning to the end of project close out and completion stage. This method in the plan is extremely necessary and it is a needed tool that helps assist the project team, the stakeholders, and the executive team of Enterprise. This tool is effective and it makes sure all members involved with the project is on the same level of understanding, it makes sure all involved stays updated on the

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

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.

To monitor risk within a team, it is essential to understand and identify what risks can occur whilst working on a project. As a line manager, involving the team and getting their input on what concerns them about this project or task will help identify any potential risks (Obeng, 2007). Two examples below to illustrate how I identified and monitored risk.

My partners and I have made a list of areas that might cause the project delays or failure with their respective outcomes. We have listed the risk below that can prevent the project to finish on time.

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

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

Below we will address each risk as well as explain why we think each risk is important to consider when implementing a project.

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

Discuss the risk management process presented in the course text (Page 8 of session 1). Apply it to a specific risk present in your own workplace and pay particular attention to any secondary risks that may be introduced.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

The risk management plan is aimed at three key areas of the project; these areas most likely to be affect poor project performance are the budget of the project, time scale and the quality. These will need to be watched closely to make sure areas cause no risks to each other if this occurs it could have a negative effect on project completion.