Risk and Project Management

703 Words3 Pages
During the integration phase of any competently designed project management program, the effective evaluation of potential risks is a critical component for managers and other project leaders tasked with supervisory role. The sheer number of unforeseen circumstances which can arise during the course of a business project is daunting indeed, but proper project planning requires the anticipation and neutralization of various risks to assure that a goals are met without external disruption. According to the authors of Integrated Project Management, a recognized authority on the subject of risk management, "every project plan approaches work structure and tasks in terms of overcoming uncertainty and barriers to project completion," and this universal approach to risk management is based on the tenet that "risk is inherent in a project simply because projects are usually new and different from past work and because there is a level of uncertainty and risk involved in every aspect of the project" (Barkley, 2006). The fact remains that innovative and enterprising ideas typically result in experimental projects involving untested techniques, and the innate uncertainty of these business projects creates a litany of risk factors. Managers and project leaders who are capable of predicting risks and adjusting to them, rather than simply reacting when risks are manifested, are those who routinely encounter the most consistent success in the world of business (Raz, Shenhar & Dvir,

More about Risk and Project Management

Open Document