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Manage Project Risk Essay

… Project Risk Management

Manage Project Risk

Project management is the application of skills and knowledge in activities with the intentions of satisfying the client's needs and objectives set for a certain project. Project management happens in different phases, which include the, conception phase which is including the nurturing of an idea, the definition phase which entails documenting the idea, the planning and organizing phase that involves the project planning in details plus involvement of all stake holders, the implementation phase that entails the project undertaking and work are done, and lastly the project clean up phase that sees all the documentations filed, tools and materials cleared and handover of the project Zwikael and Ahn, 2011()

A core function of the project manager requires them to…. [read more]


Manage Project Risk Assessment Essay

… Building construction industry is one of the key industries that motivate the Australian economy. Apart from generating employment opportunities for nearly one million people in Australia, the building construction industry is also the fourth largest contributors to the Australian GDP (Gross Domestic Product). In 2009, building construction industry accounted to the 6.8% of the Australian GDP. Building construction industry is also one of the largest employers of labour in Australia. In 2009, there were 984,100 people working in the building construction industry representing 9.1% of the total workforce in Australia. (Australian Bureau of Statistics, 2010).

Despite the importance of the building construction sector for the Australian economy, the building construction is a risky industry, and is embedded with uncertainties due to the internal and external…. [read more]


Project Risk Management Risks Essay

… 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…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

Objective of this course work is to explore the strategy to be used for the risk identification and risk management within the construction project. The study discusses risk identification, risk management, data collection and risk analysis. The study uses a case study to demonstrate the importance of risk management within the construction industry. The findings of the case study reveal that risk plan is critical before the project implementation. The risk plan will be used to identify the known and unknown risks during the project lifecycle and the method to manage these risks. The study suggests for further research on the risk management procedure within a complex construction project.

Project Outline

Introduction

: Risk Management Requirements in a Construction Project/sub-project

:Risk…. [read more]


Project Risk Analysis Football Match as Charity Essay

… Project Risk Analysis

Football Match as Charity Event -- Project Risk Analysis

The football match is organized as a charity event to raise more funds. Yet, as any other organized endeavor, it stands to suffer due to several potential risks. Some of these risks include the chance of rains, the chance that a certain player would not show up and so on. While these risks seem rather trivial, a deeper look at the situation would reveal that they in fact have the ability of ruining the entire event especially when they can occur at all levels of the project life cycle -- defining, planning, executing and delivering (Gray and Larson, 2002).

The risks which can occur at phase levels include:

At the defining level, when…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

Risk management is the process of identification, assessment and prioritization of risk to minimize uncertainties within a project lifecycle. Risk management is a management tool aiming to identify the risks and uncertainties as well as determining the impact and develops appropriate management responses to manage the risks. A systematic approach to manage the risks is to divide the risks into risk identification, risk analysis and risk response. However, risk response is divided into further actions, which include reduction, retention, transfer and avoidance. Contrary to other industry, construction industry is characterized with more risks due to the unique features associated to construction activities and complicated process surrounding the construction project. (Zou, Zhang, Wang, 2010).

Construction projects are categorized as very complex projects…. [read more]


Construction Project Risk Management Research Paper

… Construction Project Risk Management

The nature of the construction market

The nature of the construction tasks makes the sector one-of-a-kind because the production centers or plants mostly need to relocate to the construction website (Chapman, 2001). There are lots of various descriptions of the construction sector, drawn from various expert disciplines. This ambiguity is compounded by the truth that the construction industry includes such a large array of tasks that the sector's exterior borders are likewise confusing (Baloi and Price, 2003). For instance, the term "construction" can consist of the erection, repair work, and demolition of things as varied as residences, workplaces, forms, dams ... And so on. Construction is tough to understand totally due to the fact that the relationships in between the components…. [read more]


Risk Management in Petroleum Industry Case Study

… 1.5: Dissertation Methodology

Research methodology is a method this study will use in carrying out the data collection. The research will collect both primary and secondary data to complete the study. The quantitative statistical method will be used in collecting and analyze the data. The study will use descriptive statistics for data analysis and to summary all the data collected. This study prefers quantitative technique because it provides a reliable and valid method to test the significant of the chosen methodology to manage the risk within oil industry with special focus in Libya's National Oil Corporation. (Tewksbury, 2009).

The study will also collect secondary data from several academic databases which include Science Direct, Sage Publication, Wiley, EBSCOhost and Emerald Insight. The chosen database contains several…. [read more]


Project Management February J. 2014 Research Paper

… (Kerry, 2010). A project manager is an important project leader who communicates a project's vision to the subordinates. A project leader plans a project, measures performances of a project and solves problems that could arise from a project implementation. Common leadership styles used to run a project include:

Charismatic

Transformational

Transactional,

Autocratic,

Situational,

Participative,

Autocratic or Democratic.

To achieve organizational goals from a project, a project leader defines the phase of a project which includes:

Technical work to perform in each phase of a project,

The time of deliverable of each project

Stakeholders involved in each phase,

Strategy to implement control and approval in each phase.

A project sponsor also plays a critical role in the success of a project. Involvement of a project sponsor…. [read more]


Project Risk Q's the Network Research Paper

… This doesn't pose a significant problem unless Globalcom products have some competitive advantage against some of the other vendors. If this is the case then it may worthwhile to issue a change request for the project budget to cover the costs which would be justified if that vendor's services could not be filled by any other vendors.

All the products under consideration for purchase offer more substantial discounts for more users. The statewide Ohio Department of Taxation is considering adopting one of these e-mail systems, as well.

Positive Opportunity -- Exploit

Taking advantage of volume discounts is basically a no brainer and this should be exploited as much as feasibly possible. It would be worthwhile to check with the vendors and request further information. Some…. [read more]


International Project Finance Essay

… Project Financing

International Project Finance: Commercial risk

Completion risk

Completion risk entails the concept of whether the project can be completed on the recommended period and within the set amount of budget

Completion risk is also known as Cost Overrun risk or the construction risk. Three common terms employed in order to allocate the completion risk. One of the concepts is cost-of construction. This entails the fact that the cost of completion tends to be fundamental to the financial liability of the project that is under construction. This is because the all the financial assumptions are dependent on the initial cost that was assumed during the start of the project. In some cases, the assumed ratios are also dependant on the cost of construction of…. [read more]


Risk Analysis Capital Budgeting Essay

… This is because this type of risk tends to identify that the project is the only asset that the organization has, in its portfolio of various projects. Another issue related to this category of entrepreneurial risk is, it fails to allow diversifications made by stakeholders related to the organization. The measurement related to the firm risk is made by identifying the project's impact in relation to the uncertainties that the organization might incur in the future in its total cash flows.

Market risks

This is the third type of risks that an organization may incur in a certain project. Market risk is also referred to as beta risk (Ehrhardt & Brigham, 2010). One of the characteristics of market risks is that it is a risk…. [read more]


Project Management Scenario a Global Consumer Electronics Case Study

… Project Management

Scenario

A global consumer electronics company is interested in expanding its business by developing vehicle-mounted PDAs (Personal Digital Assistant). The vehicle-mounted PDA is the compact computer terminals that can be used to be mounted on field service vehicles, forklifts, transport vehicle and construction truck. Organizations also use Vehicle-mounted PDAs for many purpose including logistics, industrial monitoring and control, warehouse vehicles and for roadside assistance. Employees also use the PDA communicates progress of business transaction with the information systems as well as recording organizational business transactions. Meanwhile, PDA serves double purpose for assessing databases for services and for the application purpose by which a field's service engineer uses PDA for fixing equipment at the customer site. For effective application purpose, Vehicle-mounted PDAs may possess…. [read more]


Project Management Essay

… The analysis also assists the project manager to build stakeholder's relationships at different stage of the project lifecycle. (Heerkens, 2002). The project manager can use various model for stakeholder analysis and these include:

The power/interest model, which can be used to group stakeholders based on their level of concern and authority regarding the project outcome. Power/influence model group stakeholders based on their level of involvement in project and their level of authority. Influence/impact model group the stakeholders based on their power to effect project changes and their active involvement in the project. Salience model describes stakeholders based on the ability and power to impose the decision on the issues that require urgent attentions. (Larson & Gray, 2011).

Moreover, the project manager must devise an expert…. [read more]


Project Management Involved Formation Research Paper

… It is essential to realize that a mega project such as A380 t requires extensive risk management analysis, which include risk identification and risk management plan before the project implementation. The delay led to another shift in project delivery schedule. The company announced that project delay was attributed to aircraft wiring problems. (Robertson 2006, Clark 2006).

Communication problem was another factors leading to A380 crisis. The management did not formerly communicate the problems to appropriate stakeholders on time. It was already too late before the management actually communicated the problem to the appropriate stakeholders. Realistically, the Airbus did not have experienced in building a complex aircraft such as A380. Thus, the company did not integrate effective risk and time management in the project life cycle.…. [read more]


Sochi Every Project Has Risk Research Paper

… Today, past data is often gathered and applied to simulations that incorporate a wide range variables, so that the managers can run the simulation multiple times to determine better numbers with respect to both probabilities and damages (Winkelvos, Rudolph & Repp, 2011).

Three Major Risks and Potential Impact to the Project

The project being chosen is the Sochi Olympics. The three major risks are terrorism, construction problems and bad weather. The weather is something that can be studied ahead of time based on past weather. Terrorism is something of an unknown but it would be catastrophic. Construction risk is easier to manage because there are best practices in construction that can be followed.

Suggested Ways to Manage the Risks

There are many ways to manage…. [read more]


Risk That Apple Inc Term Paper

… Sales have surged, growing by 87% in FY2011 and 71% in FY2012. The iPad grew 311% in FY2011 and 59% in FY2012 (2012 Annual Report). The growth in these products, however, relates specifically to the growth of these industries as a whole. Despite the incredible growth figures of the Apple products, Apple has actually been losing market share in these mobile consumer products over the past couple of years. Apple had first mover advantage in tablets and the iPhone revolutionized the smartphone industry giving it de facto first mover advantage there. However, Apple's global market share in smartphones is now down to 14.9% compared with Android's 75% share (Perez, 2012) and in the U.S. Apple's share is 48.1%, with the company only regaining the lead…. [read more]


Risk Management Essay

… Contingency planning also seeks to protect livelihoods and reduce environmental damage. (Office of International Programs, 2013, paraphrased)

VIII. Risk Management in Justice and Security Organizations

The OECD reports a multi-layered approach to justice and security assistance is between and among the state at various levels in providing justice service delivery, the state in regulator the parameter for justice and security and ensuring accountability and non-state justice and security service providers and the users or recipients of justice and security. Justice and security sustainability in short-term responses has four primary aspects: (1) human capital; (2) financial; (3) cultural appropriateness; and (4) institutional structures and systems. Development programs in justice and security must be designed with realistic consideration of the capacity of the four primary factors. The…. [read more]


Project Management Any Essay

… Finally, the manager must make sure prior to okaying the change that all of the necessary resources -- time, people, supplies -- are available, or the purpose of the compression will be for naught.

Risk Assessment

A risk assessment is a tool used in many different areas because it is necessary to determine what the risk of failure of a particular venture will be. Project management is no different, and it is actually the specific process for which risk management was invented. Project managers have to complete this step before they being a project, but it must also be done when any issue occurs during the completion of the project. The team must have a risk management protocol in place to make sure that they…. [read more]


Risk Management in Hedge Funds Dissertation

… To become shrewd to reach total reappearance of the location instructions of hedge funds which are less controlled than those of mutual funds. Ever since hedge funds are less controlled likened to mutual funds, this stresses that the hedge fund directors own superior info that about the marketplace and the obtainable advantage lessons than the even fund directors (Cottier, 2000). Because of the assignments instructions being freer, the hedge funds will be more reliant on a liquid market, where both buyers and sellars that are ready to purchase and sell at fair market value (Ineichen,2003).

Figure 2: Kinds of investment vehicles are investors looking at.

The hedge fund business began to rise in sometime around the mid-sixties when Fortune magazine tinted this new financial vehicle…. [read more]


Risk Mitigation Tools Article Review

… Risk Mitigation Tools

The professional world has risk management as one of the most basic functions. The management of risk has different meanings for different segments of an organization. In a positive and upbeat organizational environment, risks are always managed in such ways that provide opportunities for the business for the generation of profits. Credit policy is one of the most important mitigation tools that are mostly used in a B2B environment. In such a setting, marginal accounts are effectively dealt and may result in the profit increase. This practice also indicates whether a year would be good, better or bad. In this contemporary era, the markets are challenged with high levels of indecision, improbability and mayhem. Thus, credit policy is a great mitigation tool…. [read more]


Project Management Project Information, History Term Paper

… Fig 2: Sample Communication Plan

"Time, Cost and Quality Expectations, use of project network"

"Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of actual and plan throughout the life of the project.

Project status reports depend on reliable estimates as the major input for measuring variances and taking corrective action." (Larson & Gray 2011 p 128)

Project estimate is a yardstick for cost control, project managers often use cost and time estimate for forecasting. Larson & Gray (2011) defines estimates as the process where the project stakeholders forecast costs and time that can be used to complete a project. Types of project cost estimates are:

top-down and Bottom-up approach.

The top management performs a top-down approach…. [read more]


Sidpers Program Risk Management Plan Essay

… Project team member

The roles of a project team member are;

The active participation in the risk management process as well as the proactive identification and management of the risks falling within their areas of responsibility.

The provision of inputs to the PM (Project Manager) for inclusion into the risk management report.

The Risk Identification and management tools and techniques

The following risk Identification and management tools and techniques are to be used in the SIDPERS project:

Initiation

The Risk Management Plan (which is this document)

Identification

The risks were identified using the following techniques;

Brainstorming

All members of the project team as well as representatives of the key suppliers were involved in the brainstorming sessions.

Analysis of all the project assumptions as well as…. [read more]


Project Management and Inventory Essay

… The level of inventory has to be closely monitored and a fixed number of units is decided, when that number is reached another order of the same quantity is made, that level is the reorder level. For products that have continuous demand, Economic Order Quantity (EOQ) could be extremely beneficial. There are certain assumptions on which Economic Order Quantity (EOQ) Model is established. The first assumption is that ordering costs and the demand for the product will remain constant. The second assumption is that the inventory will be used up at a fixed rate and a fixed number of units will be sufficient to replace the used up inventory. If these assumptions prove to be correct for an organization then the Economic Order Quantity Model…. [read more]


Managed Healthcare Approach Annotated Bibliography

… Managed Healthcare Approach

The value and benefit of managed healthcare today

The issues that plague managed healthcare today

Background of healthcare

Healthcare throughout history

The current state of healthcare

Definition of managed healthcare

What the dictionary says regarding managed healthcare

The different types of managed healthcare

Background of managed healthcare options

HMOs and PPOs

Other kinds of managed healthcare choices

Pros and cons of managed care

Pros of managed care

Cost benefits to people who need healthcare

Cost benefits to those who work at/operate hospitals and doctors' offices

Ensuring that more people have access to healthcare

Creating a more equal playing field for people who want and need healthcare

Avoiding so many bankruptcies do to healthcare costs without insurance

B. Cons of managed care

More…. [read more]


Project Management Has Numerous Areas Creative Writing

… It is recommended that these sessions include the project manager and his team, the project sponsors, different engineers that work on developing the project, experts in several fields that the project addresses, marketing experts, environmental safety experts, and other stakeholders interested in the project. The different expertise of these specialists is able to help the company identify risks from several points-of-view.

The advantage of using questionnaires and surveys is that this technique allows the project team to identify a series of project risks that the company was unable to identify in previous stages of the project. This is also because certain risks do not exist in these project stages, or are difficult to identify because of reduced resources associated with the project in case. Therefore,…. [read more]


Project Management Activities Project Planning Essay

… Necessary and obligatory control allows you to install and adjust timely methods for periodic evaluation of compliance with state safety legislation in force, government regulations of labor protection and safety (Lewis et al. 2010). A process of regular monitoring, measuring and recording performance measures for the protection and safety contribute to the creation of safe working conditions, saving lives and protecting the health of students and school staff.

The main objects of control at school are:

• School personnel;

• The school building, all facilities, school grounds;

• Equipment, including furniture, teaching aids, technical training aids;

• Sanitary and technical condition of the school system;

• The learning process, technology and teaching methods, schedule, daily routine students, the schedule change;

• teaching jobs and school…. [read more]


Project Management in the Oil Industry Thesis

… Project Management in the Oil Industry

The oil industry has had to adopt various tools in order to survive intense competition in the international market. Conservative efforts to get more profits and gaining customers by relying on size and strength are no longer applicable and only those companies who have successfully implemented project planning and management have been able to get an edge in this industry. Project management is typically a repetitive cyclical procedure which includes planning, implementing and controlling a series of tasks. Project planning and management consists of various processes which can be broadly placed in two parts. These are (a) Process designing to get the desired result, and (b) preparing a schedules and budget for the process. Process definition involves definition of…. [read more]


Project Scheduling Article Critique

… ¶ … Project Scheduling - Improved Approach to Incorporate Uncertainty Using Bayesian Networks" by V. Khodakarami, N. Fenton and M. Neil's (2007)

Although all projects are unique in some fashion, they all share the common management constraints of uncertainty. This paper provides a summary and critique of Khodakarami, Fenton and Neil's (2007) study, "Project Scheduling- Improved Approach to Incorporate Uncertainty Using Bayesian Network," followed by an analysis concerning how the article relates to the concepts of project integration management, project scope management and project time management. Finally, a summary of the research and important findings concerning Khodakarami et al.'s project scheduling study are provided in the conclusion.

Summary and Critique

A fundamental characteristic of successful risk management is the ability to effectively manage uncertainty. Indeed,…. [read more]

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