Project Management And The Project Life Cycle Essay

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.

Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk.

A project is determined by a start and an end. Before the project started the work does not exist. During a project the work does exist. When the project ends work no longer exist. To determine if something can be identified as a project it must have certain characteristics. They include a defined scope, finite budget, deliverables (specific end results) and assigned resources. During a project there are interacting processes. The initiation process starts the project and identifies the organization’s commitment to the project. The planning process defines the objectives and the scope of the project. The processes must be executed which coordinates the resources that are needed to carry out the project plan. These processes must be controlled or monitored in order to take corrective action if needed. Finally, there are processes to close out the project which include acceptance of the deliverables that were identified.

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

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

Typically project managers focus on monitoring and responding to negative as opposed to positive risks. So we are now discussing about rest of the risks but considering the negative risks to prioritize them which help to focus on high- priority risks:

The purpose of this Risk Management Plan is to establish the framework in which the project team will identify risks and develop strategies to mitigate or avoid those risks. However, before risks can be identified and managed, there are preliminary project elements which must be completed. The purpose of the Risk Management Plan is to establish an approach to monitoring, evaluating, and managing risks throughout the life of the project. A risk is an uncertain event or condition that, if it occurs, has a negative or positive effect on the project’s objectives. The risk management process will identify potential risk sources; assess individual risks and impacts on performance, cost, and schedule; evaluate alternative approaches to mitigate high and moderate risks; and develop action plans to handle individual risks. This document will state the various risks with their classification, mitigation and handling strategies, impact on cost and schedule, and action items.

Risk is inherent in any project today, and project managers need to constantly assess risks and continually develop contingency plans to address them. In project management risk management plans are an essential part of project planning, and can often time occur well into the execution phase of a project. In the case of Altex Corporation the project manager is faced with the decision to develop a risk management plan on his own, or not at all. In this paper we will explore and summarize the case surrounding Altex Corporation and answer a few questions regarding a risk management plan, which are: Why

Abstract Project Management is increasingly important in the IT industry as more and more companies and organizations integrate technology into their structure to solve problems and work more efficiently. This paper explains the process of Project Management and the risks, specifically associated with IT projects, that threaten the effective execution and success and implementation of an IT project. It describes in detail the process and tools used in Project Risk Management as well as how to mitigate risks throughout the life of a project.

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

Risk is not a problem; risk is an issue that could possibly develop and affect the outcome of a project (Risk Management Plan, 1997). The cost of the project, quality, scope, and schedule could all be affected if a risk surfaces. This does not necessarily mean that the risk is negative; risks can create a positive opportunity (Project Management Institute, 2013). For example the vendor informs us that the specified wood flooring is no longer available; as a result he will be substituting a better product for less cost. The sour lemons have now been turned into sweet lemonade. In this paper risk will be analyzed as it applies to project management. The project manager’s role in managing risks concerning

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.

Project management has become a really important aspect that companies have started to take advantage to have success in their projects. Within project management, there are ten areas that are specific to different parts of a project, such as communications, time, scope, and cost. This paper will focus specifically on one, known as project risk management. The reason why this area was chosen is because this area focuses on the risks that can occur outside and within a project, and it is important for everyone to understand how they are able to use project risk management in an effective way, one example being how they can use the proper amount of resources and be able to save money that they can use on other future projects. This paper will begin by going over the definition of project risk management and what is involved. After that, the paper will present a scenario that a company was able to implement risk management after they were encountering problems, and at the end, I will present my own thoughts on project risk management.