Project 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.

review board is responsible to challenge, debate and argue over each risk to make sure every possible

1.3- Explain what risk assessment is and how this is managed in the work setting.

Identify a minimum of 10 project risks and when each will occur in the project life cycle, and then determine their impact and probability of occurrence.

Three factors define the success of any project; these are time, cost, and quality (Wysocki and RK 2013: 4). This paper identifies three main facets of project management that were inappropriately implemented, namely; Resourcing, Stakeholder Management, and Risk Management and how their improper implementation led to the violation of the three constraints (i.e. time, cost, and quality).

Risk assessment is conducted by people who can assess specific work activities, understand real working procedures, hazards-related activities, activity frequency, risk probability and severity (Reference 2).

To monitor risk within a team, it is essential to understand and identify what risks can occur whilst working on a project. As a line manager, involving the team and getting their input on what concerns them about this project or task will help identify any potential risks (Obeng, 2007). Two examples below to illustrate how I identified and monitored risk.

There are many risks that can occur during any project, this is why it is important for the project manager to be on top of the tasks at hand. In the Wilmont’s and Dronetech project combining two companies to make a brand new product can already be complicated enough. When the company sets more guidelines in the project like the budget, timeframe, and customer expectations can make it even more difficult to get the job down. This is why having a project manager and a worthy team behind them to get the job done within all the requirements.

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

Once there has been a risk management assessment, we can know exactly what to expect and what can be done to prevent any type of risk. We will also know how to deal with any risk while it is happening to contain it.

This paper will discuss how to make a dysfunctional project team successful. Project managers sometimes go through experiences of great success and dysfunctional failure. Some projects become "behind schedule, over budget, members quit due

Risk allocation is performed as part of the development of the project structure, which takes into account the distribution of responsibilities and risks during the planning, construction, financing and operating phases (Corner, 2006). The aim is to identify an efficient and effective structure that optimises the costs of the project and ensures that the risk occurrences do not damage the project (Delmon, 2009). According to Grimsey and Lewis (2007) risk allocation has two elements: optimal risk management and value for money. The first implies that the

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.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

The risk management plan is aimed at three key areas of the project; these areas most likely to be affect poor project performance are the budget of the project, time scale and the quality. These will need to be watched closely to make sure areas cause no risks to each other if this occurs it could have a negative effect on project completion.