Project Risk Management Risks Essay

Pages: 7 (2089 words)  ·  Bibliography Sources: 5  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Management

SAMPLE EXCERPT . . .
Participants to the risk identification include project manager and project team. While only few members are responsible for risk identification, project team members need to identify risks.

Risk identification

Risk identification is always a continuous process since risk factors develop almost on a daily basis. Risk identification is a requirement when analyzing Qualitative risk factors. Identification of risks involves the analysis of breakdown structures, using sample risk list, using knowledge and experiences of the management teams. Consultation is very important in identification of critical risk factors. Ignoring the possibility of a risk is dangerous to any project. These risks quantitatively and qualitatively recorded, have the potential of destroying the project. Threats will have a negative influence on the project opportunities yield positive results. In developing risk plans, management teams need to consider the risk trigger; risk triggers refer to the warning and symptoms. Residual risks remain after developing responses to the original risk. One may have solved the problem of change management, but this may lead to labor turnover. Secondary risk factors to be as a result, to responses on the original risks; for example if one decides to hire for outside consultancy services there is a risk of non-performance (Kutsch & Hall, 2010). Risk interaction comes because of combining the effects of two or more risk occurring simultaneously. For example, federal tax may promote delays in administration while at the same time, the return in dollars falls.

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Risk analysis

Essay on Project Risk Management Risks Associated Assignment

Risk analysis involves two methods in projects. Qualitative risk analysis involves identification of risks and taking actions. This analysis involves looking at the probability of a risk occurring. The process does not consider the numerical aspects of a risk. Sometimes experts analyze risk at their places of work and share it for assessment. The project management team, customer and the sponsor are responsible for qualitative risk analysis. Qualitative risk management refers to the scope, time, quality and budget of a project. The probable impact of a risk to a project is essential when undertaking a qualitative analysis. Quantitative risk analysis on the other hand involves the numerical analysis of the risk outcome. The method starts with the development of a model. Monte Carlo simulation program is the best tool to use in analyzing quantitatively (Kutsch & Hall, 2010).

Response on the Risk

There are many in which a project can respond to the effects of a risk, these methods include risk avoidance, risk transfer and risk mitigation. Risk avoidance refers to the project team ignoring the effects of a risk. Using risk avoidance are a dangerous practice and a blessing in the same breath. Avoidance needs defining requirements, communication and acquiring experts. Risk transfer involves shifting the negative influence of a risk to another party by use of insurance. Risk acceptance on the other hand, involves accepting the effects of a risk. The last step to risk management is the monitoring and evaluation. Monitoring and evaluation provide lessons for future projects and in performing corrective actions (Tummala & Schoenherr, 2011).

References

King, W.R. (Eds.) & Cleland, D.I., & (1988). Project management handbook (Vol. 2). New

York: Van Nostrand Reinhold.

Anbari, F. T & Kwak, Y.H., (2009). Analyzing project management research: Perspectives from top management journals. International Journal of Project Management, 27(5),

435-446.

Tummala, R., & Schoenherr, T. (2011). Assessing and managing risks using the supply chain risk management process (SCRMP). Supply Chain Management: An International

Journal, 16(6), 474-483.

Pritchard, C.L. (2010). Risk Management: Concepts and Guidance 4th edition. ESI… [END OF PREVIEW] . . . READ MORE

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