Project Risk Management

1805 WordsMar 6, 20128 Pages
Project Final 1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered? Technology projects worldwide are costing companies billions of dollars more than they budgeted for, and almost half don’t live up to the clients’ expectations (Kendrick, 2009). Newspapers and business trumpet few project successes, but a massive number of failures. As projects grow larger and more complex with every passing year, their outcome, both successes and failures, become fodder for the media and the competition. Unfortunately, project failures tend to predominate as they not only make sensational stories, but also are far more common. The mismanagement of projects to develop the…show more content…
If this is the case, who is going to do it? In general, what will be the resources we employ for the whole process? | WHY: | What is the point of this analysis? What will be the benefits? | WHAT: | What will be the format? | HOW: | How will we carry it out in terms of the process? | WHEN: | When will we carry it out? | In other words, we will need to define exactly what the Risk Management Process is, including the resource and then to plan how it will be managed. WHO: Make sure we get the backing of senior managers by finding out exactly what is required and getting suitable input from them. In addition, make sure other managers and key staff is involved in the input. This will include technical expertise and the makeup of the risk analysis team. Identify the communication channels and links between the risk analysis team and the other personnel. The nature of the risk analysis team and its remit needs clarification. Do they report to the project manager or do they report to a higher level e.g. the board. If the team reports to the board then they must be able to do this in an objective manner. Remember that the efficiency of the project management team in general can be the highest risk to the project. If the quality of staff is poor then this will need to be addressed early and not avoided. Make sure that control is

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