Project Management And The Project Life Cycle

1881 Words Nov 5th, 2016 8 Pages
When considering project management and the project life cycle, the process of identifying risks that could have a positive or negative effect on the outcome of a particular project should be considered. All project managers and project teams need to have a good understanding and knowledge of these possible risks in order to plan ahead and increase the chance of project success. This paper discusses the process of risk identification, evaluation, and management in a project and demonstrates why this process is needed to help ensure project success measures such as budget limits, deadlines, and stakeholder satisfaction are achieved.

Risk Identification, Evaluation, and Management within a Project Risk is a part of everyday life and it is something we all must learn to cope with and manage. According to Cohen and Palmer (2004), “Risk is simply the potential for complications and problems with respect to the completion of a task and the achievement of a goal” (p. 1). In project management and the project life cycle, risk is also present. Risk is a part of every project and cannot be completely avoided (Ramgopal, 2003, p. 21). However, risk is something that can be identified, evaluated, and managed within a project. This important risk identification and management process that takes place throughout the project life cycle is a process that should not be avoided or ignored. “Effective project risk management has three fundamental steps:…
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