Project Management Risk Management - 2441 Words

1 Executive Summary Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project s risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential to impact the outcome of a project. Risk management is an ongoing process that must continue through the life of a project. It includes processes for risk management planning, identification, analysis, monitoring, and control. These processes need to be reviewed throughout the project’s lifecycle as new risks arise throughout the implementation of the project. It is the objective of risk management to decrease the probability and impact of events adverse to the project. On the other hand, any event that could have a positive impact should be exploited. The identification of risk normally starts before the project is initiated, and the number of risks increase as the project matures through the lifecycle. When a risk is identified, it is first assessed to ascertain the probability of occurring, the degree of impact to the schedule, scope, cost, and quality, and then prioritized. A risk’s probability of occurrence, number of categories impacted and the degree (high, medium, low) toShow MoreRelatedProject Risk Management : Project Management3143 Words   |  13 Pages Project Risk Management Assessment Essay Student ID: 27465209 Word Count: 2997 MANG6143 Project Risk Management Prof Chris Chapman University of Southampton March 2015 Contents 1. Introduction 3 2. PART1: PUMP approach 4 3. PART2: Third phase in PUMP approach 9 4. PART3: Evaluation phase in PUMP approach 13 5. References 16 Introduction The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete theRead MoreProject Risk And Risk Management1412 Words   |  6 Pages1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: DeterminingRead MoreRisk Management Of A Project1504 Words   |  7 PagesRisk management to mitigate identified risks According to Pelletier Albright, 2010 (pp. 523-560), risk management in a project should create value by ensuring that the cost of mitigating the risk is less than the perceived risk. Also the mitigation process should already be a fundamental part of the organization. There is already a commitment to patient safety education as indicated in the Nurse Anesthesia trainee curriculum, however, the specific focus on near miss education and error managementRead MoreProject Risk Management1805 Words   |  8 PagesProject 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, bothRead MoreEffective Management Of Project Risk Management1435 Words   |  6 PagesGood Risk Management – Good governance This article describes the effective management of project risks in an educational institution. In this article I’ll be talking about the information that are useful to the board members as well as the team with their risk management efforts. â€Å"In the future we will look at risks affecting the whole of an organization and its place in the community. We will address both upside and downside consequences, and our view will be enterprise-wide, integrated and holisticRead MoreImportance Of Project Risk Management Project Management2916 Words   |  12 PagesWan The Importance of Project Risk Management Project management has become a really important aspect that companies have started to take advantage to have success in their projects. Within project management, there are ten areas that are specific to different parts of a project, such as communications, time, scope, and cost. This paper will focus specifically on one, known as project risk management. The reason why this area was chosen is because this area focuses on the risks that can occur outsideRead MoreProject Risk Management4330 Words   |  18 PagesPAPER ON :PROJECT RISK MANAGEMENT BY: DIPTENDU BASU PNR NO: 001 EXECUTIVE MBA (2012-14) ABSTRUCT Risk is everywhere. From driving a car to parachuting, risk is inherent in the activities we choose. Within a project, risks are unplanned events or conditions that can have a positive or negative effect on its success. Not all risks are bad, but almost all are seen as a threat. Even the most carefully planned project can run into trouble. No matter how well you plan, your project can alwaysRead MoreProject Risk Management2257 Words   |  10 PagesRisk ( the effect of uncertainty on objectives, whether positive or negative) the probability of unfortunate events . Risks can come from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attacks from an adversary. Project finance is different from traditional forms of finance because the financier principally looks to the assets and revenue of the project in order to secure and service the loan. In contrastRead MoreThe Role of Risk Management in Project Management1629 Words   |  7 PagesTHE ROLE OF RISK MANAGEMENT IN PROJECT MANAGEMENT Risk Risk is an uncertain event or a set of circumstances whose occurrence will have an impact on achievement of one or more of the expected project goal and objectives. Probability – A risk is an event that may occur. The probability of it occurring can range anywhere from just above 0 percent to just below 100 percent. Impact – A risk, by its very nature, always has a negative impact. However, the size of the impact varies in termsRead MoreRisk Management : Processes : Project Management780 Words   |  4 PagesRisk Management: Processes In project management, a ‘process’ is a series of steps taken to get from point A to point B while, ‘risk’ identifies issues that may arise and cause a project to fail. â€Å"Risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.† (Verzuh, pp. 99, 2012). Project managers need to take the lead when developing and training the team but, also chose wisely when planning, identifying, mitigating, and