Literature Review Of Literature On Risk Management

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

However, when IT projects fall behind schedule, these efficiencies can quickly evaporate and lead to cost overruns, glitches and bugs. (3) Due to their inherently complex nature, IT projects are susceptible to many types of failures; mainly caused by a lack or risk management and flexibility. Many of the risks present in IT projects are unrealistic goals; inaccurate estimates of needed resources; badly defined system requirements; poor reporting of the project’s status; poor communication between developers and users; adoption of immature technology; inability to cope with project complexity; sloppy developed practices; mismanagement of the project; stakeholder politics; and commercial pressures. (4) With so many potential risks, it is not surprising that IT projects that are completed on time, and on budget, are more the exception rather than the rule. Additionally, before IT projects begin, clear objectives and the allocation of time and resources need to be defined; all of which are usually lacking for one reason or another. The result is a high failure rate associated with IT projects overall, which puts a spot light on the need for organizations to improve their risk management abilities and design processes that will allow them the flexibility to reallocate resources when unexpected problems when they

Risk mitigation would allow the project manager to know the project’s strengths and weaknesses then evaluate the threats facing the project. The project manager would implement different strategies such as lowering exposure to threats or improving strengths of the project to make sure that the variance in schedule and cost is not very high when there are risk event occurrences. A risk mitigation strategy ensures that the project manager, the implementing team, and the project’s stakeholders are on the same page in the project implementation job. It also gives the project team an opportunity to address risks in advance so resolving additional issues becomes easy when the issues occur later during the implementation of the project. Moreover, the risk management strategy would fine-tune the parameters used for measuring the results of the project (Kerzner,

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

Background- In its most basic sense, risk management identifies, allows assessment, and prioritizes risks that are associated and central to an individual project or organization. Risk management allows the organization to be proactive in preventing or mitigating risks, for improving certain processes within the organization, and with the hope of preventing fiscal exposure. However, in almost every organization there are risks individuals are unique and do not always perform at a high level of safety; mechanical or design failures exist, construction projects have supply or labor issues, there are uncertainties in computer or data modification, of course natural disasters, and even deliberate attacks from competitors, etc. Because this is such a common occurrence, national and even international standards have been developed in conjunction with the insurance and regulatory institutions to at least provide basic guidelines to minimize risks risk (International Organization for Standardization, 2009).

Risks are an inherent part of every project. Some are general risks that are associated with every project and some are project specific. Risks tend to increase with the size of the project. Some risks are foreseeable and can be incorporated into the project planning process. However, regardless of the planning that goes into a project, some risks simply cannot be foreseen or avoided. Project risks are assigned different weights according to the consequences involved. Project risk management involves three distinct steps. They are identification of risks, analysis of the consequences, proposed responses and the final action plan. This research will explore use of the ATOM methodology to explore the risks involved in a large IT project.

In this essay I will be discussing how the evidence from my portfolio demonstrates that I have achieved one specific proficiency. ‘A professional portfolio is a collection of carefully selected materials that document the nurse 's competencies and illustrate the expertise of the nurse.’ (Oerman, 2002). The proficiencies are based on the NMC 2013 code of practice. I will be exploring how the proficiencies principles were attained and how my evidence connotes the achievement- the evidence I have provided is from my placement in semester 5, it was based within a drug community treatment team. I will also concur what else I could have done to improve my portfolio evidence, then develop an action plan for future placements.

According to Freeney & Murphy ( 2013) risk management is a process of risk identification, response development, risk evaluation, continuous observing and appraisal in order to reduce the risk of injury to patients, staff and visitors. Risk has been defined as “the chance of something happening that will have an impact on the achievement of organisational stated objectives,” HSE (2008) or “the effect of uncertainty on the objectives” ISO 31000 : 2009.

To begin the project implementation a thorough risk management system will need to be put in place in order to be able to mitigate any possible downtime due to any unforeseen issues that could potentially bring the project to a halt. In order for us to accurately assess and process a usable risk management system, the project manager will need to have a good understanding of all areas of the project, meet with stakeholders, developers, the project team, and any other parties involved to work out defined requirements and any limitations that the new software will not be able to deliver. In addition to this plan all relevant documents to the project should be reviewed for errors, and any contingency plans that need to be made will be discussed also. It is important for all parties involved in the project have at least one representative present during the risk

In the simulation I am the marketing manager for Thorr Motorcycles a $5 billion company, which manufactures a range of motorcycles, and produces more than 200, 000 units per years (University of Phoenix, 2012). It will be a great challenge, because I will need to formulate a differentiation strategy, also will be dealing with three different scenarios, and working closer with three demanding, and experience co-workers; Benjamin Bao (Chief executive officer), Chris Winter (Chief engineer), and Meredith Kiligore (Vice President Brand communication)

Risk management framework is decided based on the organization rules and requirements and also the project. Risk management is primary requirement to fulfill the needs of the project and reduce the vulnerabilities in various aspects

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

In addition to reading the course notes, I also looked at what APMBOK (Association for Project Management, Body of Knowledge 2009, 6th Edition, UK) said about this critical area of Project Management. Additionally, I researched what my Company does to maximize their effectiveness in this area by studying their attitude towards Risk Management throughout the complete life-cycle of a project, and finally I drew from my own knowledge and experiences in this critical area.

The point that Kippenberger (2000) is making in his article titled ‘there’s no such thing as risk free project’ is that almost everything we do in a project involves a risk of some kind – by so saying, it is therefore essential that we are prepared or able to deal with risks. Most literature puts emphasis on the negative connotation that the word ‘risk’ carries. For instance, Chapman and Ward (2003) provide the meaning of risk as: hazard, chance of bad consequences, loss, and exposure to chance of injury or loss. Galway (2004) defines risk as an event which is uncertain and has negative impact, and similarly, Martin (2008: 38) defines risk as the ‘chance of something occurring that has an adverse effect on the project’. This negativity highlights the fact that problems can occur or things can go wrong and it is therefore important to have a systematic approach to managing them. Therefore in project management, risk management is necessary to increase the chances of the proposed project succeeding.