Project Risk And Procurement Management

2530 Words Oct 18th, 2014 11 Pages
Module
Project Risk and Procurement Management

Assignment Title
PRaPM
Mid Term Assessment

Hand-in Date
19th October 2014

Student Number
@00403680

Table of Contents
Table of Contents
Abstract 3

Introduction 3

Body 4

Conclusion 8

Figure 1.1 9

Figure 1.2 9

Figure 1.3 9

Bibliography 10

Abstract

Risk management is an essential factor of planning, organizing and managing projects and events. A professional project manager knows no matter how well planned risk cannot be entirely eliminated. The concept of risk is defined and strategies of managing it successfully are explained. Risk can be measured and ranked to identify where it lies on the scale, the project manager or risk manager is responsible for preparing for the future, should it or should it not be required. Risks can either be a negatively unanticipated occurrence as commonly viewed, or a positive occurrence. The concept is to know of the wave in the distant and be prepared enough to avoid, accept, transfer or mitigate it, essentially a hypothetical stage setting of, what if.

Introduction

Society in recent times have inevitably become more demanding and more blameful as accountability data has become widely recorded and accessible, meaning insurance claims and liabilities are the tip of the iceberg when things do not happen as they were planned. Risk management, therefore is highly important to be procured prior to the commencement of the project or event. Beginning with the…
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