Project Managers Develop 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.

Indeed, Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. (PMBOK Guide - Fifth Edition, 2013).

In this report, we analysed and evaluate the project management of the case: The case, The PCNet Project (A): Project Risk Management in an IT integration Project. We had look into the project definition phase of the PCNet project and discuss some of the problems that emerged during the project in relation to project definition phase. We also evaluated the role of the PCNet project manager and discussed some of the core skillsets demanded by the job role. The risk management aspect of the PCNet project was also studied in our report. Lastly we made recommendations to address the dilemma faced by Jack Muller, the project manager for the PCNet project.

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

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

A process of identifying, analyzing and responding to risk factors throughout the life of a project is call Risk Management (Stanleigh, n.d.). Every Information Technology (IT) project should have someone gathering, minoring, and developing mitigation plans for the risks associated with the

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

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

Within today's organizations, every project develops problems as there is continued progress. Therefore, when developing a new Information System (IT) the project manager must be aware of potential risks that might compromise the entire system. These matters should be taken into consideration, because they are the ones that determine how strong or weak a project is. Understanding that risk management means the critical analyzing and finding relevant solutions to the risk. Ergo, risks come in many shapes and forms and have the potential to influence the project in a positive and negative way. These potential risks take many different forms within the project. This paper will discuss some of the

Advancing from level 2 to level 3 requires using a risk register. 'The Risk Register is a tool to assist Project Managers in identifying likely sources of risk and the impact they may have on achieving objective. ' (Government office from the North West,2008). The first step is a brainstorm session to identify risk that may affect the project. It is important that the risks are clearly defined so that the risk is understood clearly and can be tackled. Secondly, consequence and probability of risks need to be rated (e.g. 1-5) and define each rating by their impact or likelihood. Finally, multiply the ratings of consequence and impact, rank the risks from highest severity to lowest severity. (Government office from the North West,2008). Every risks should be assigned to a risk owner which is responsible for managing the risk, a risk response to minimise both the likelihood and impact of the risk and a target completion date for the mitigation. Regular risk reviews need to be done because risks might emerge or become no longer relevant constantly. However, the impact

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 completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

According to them, risk management is a continuous process related to identification of stakeholder needs to recognize all the potential implementation risks, and to determine strategies to deal with them. Risk on a software development project should be categorized according to stakeholder needs and expectations. Kwak and Ibbs (????) identified risk management as the least applied scientific field among the various knowledge areas of project management and came up with a solution of their own framework. Even more development strategies were produced, namely collaborative software development. It was developed by “Author (????)” and mentioned all the multiple working teams working for multiple organizational units within the same or different companies. Software development in such surrounding environment often crosses national linguistic and cultural boundaries and a framework for such a scenario is much needed. Cristina Lopez (2012) and Jose L. Salmeron (2012) said that poor risk management of software projects often leads to failure, which can impacts the project outcomes. ). According to them, factors like importance of risks should also be considered. They said that

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