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Factors influencing project risk management
Factors influencing project risk management
List and discuss the major risk management functions from a project management perspective
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C.I.A triangle is a model that is designed to protect approaches to information security in an organization (Tipton, Forkey, & Choi, 2016). It’s an abbreviation that stands for Confidentiality, Integrity, and Availability. At times it is also referred to as A.I.C. triad (Available, Integrity, and Confidentiality). They are the most critical components of security of information.
Confidentiality
Confidentiality has an equivalent meaning with privacy (Whitman, Mattord, 1997). Some information is so private that access to unauthorized parties is a great offense. That is why measures are designed to protect sensitive information from reaching unauthorized people. In many organizations data is categorized by the type of damage that is likely to
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A good project risk management involves control of possible future occurrence. Project risk management is one of the skill most necessary and an area any project manager has to be competent in, for success in organizational projects. Project risk is an unexpected event that in case it happens hurts the objectives of a project (Whitman, Mattord, 1997). Although every Company must have a project at one time after every few months, in many organizations Project risk management is undeveloped and more attention is put on risk management of the entire firm’s operation. Normally, project risk management is a continuous process meant to identify a problem and a resolution. It includes planning, budgeting, organizing and also cost control. With all this control, surprises are reduced because the emphasis is now on proactive instead of reactive …show more content…
The structure of management is hierarchical where decisions are made by the top management and passed down to the other managers and departmental heads. The objectives set are to enable one accomplish a specific goal. In traditional management authority and power are demonstrated in the way decisions are made, and the employees are internally motivated to achieve and to advance in their career. The authority is maintained and exercised through a command as well as a control style. Goals and also objectives aim at sales, policy, profits and the output of the organization (Whitman, Mattord, 1997). Traditional management cannot be practiced by an organization that wants to keep up with global competition. Challenges within the business environment have prompted the organization to change from the traditional management to a flexible
A project Manager should be assigned the responsibility of development and implementation of the risk management plan. Project team: A must be formed who will be responsible for assisting the Project Manager in the risk management process. Also, all the employees should be educated on risks and encouraged to report risks they encounter to the risk management team. This is because risk management is a collaborative process and this would help in bringing in notice any risks that must have been overlooked by the Risk Management
Privacy does not have a single definition and it is a concept that is not easily defined. Information privacy is an individual's claim to control the terms under which personal information is acquired, disclosed, and used [9]. In the context of privacy, personal information includes any information relating to or traceable to an individual person [ 1]. Privacy can be defined as a fundamental human right; thus, privacy protection which involves the establishment of rules governing the collection and handling of personal data can be seen as a boundary line as how far society can intrude into a person's affairs.
CIA triad guide provides an information security model that has three important components to identify gaps and issues as well as corresponding remedies to fill the gaps. The three components that are assessed and evaluated in the information are confidentiality, integrity and availability.
Privacy is the right of individuals to keep information about themselves from being disclosed; that is, people (our patients) are in control of others access to themselves or information about themselves. Patients decide who, when, and where to share their health information. On the other hand, confidentiality is how we, as nurses, treat private information once it has been disclosed to others or ourselves. This disclosure of information
The concept of privacy is often used interchangeably when discussing confidentiality. Privacy is a right to not be bothered. The difference between the two is that privacy is being respectful of an individual and confidentiality is being respectful of that individual’s personal information. There are times when there
Decision-making authority can reside at the highest level of executive authority in an organization or delegated from the higher level to the lower levels of the organization (Jones, 2007). The descriptions of these measured levels at which organizational decision-making flows are centralized and decentralized (Jones, 2007). In the centralized authority structure, the highest level executives make the organizational decisions, often leaving front-line managers with no ability to improve or adjust procedures; whereas, in the decentralized structure, managers (and some employees) have the authority to make decisions to make the necessary production adjustments at lower levels (Jones, 2007). For example, managers with little decision-making authority lack the freedom to develop their own skills to manage tasks in an efficient manner thereby slowing organizational performance (Jones, 2007). Conversely, managers that possess more decision-making authority can take risks to accommodate improvement in operations (Jones, 2007).
The project management plan will help the organization to manage all the foreseeable risks in a timely, proactive, effective, and appropriate manner. The aim of the project management process is to maximize the chances of the project achieving its objectives, while minimizing the risks and keeping them at an acceptable level. The scope and objective of the risk management plan are as follows:
Implementation of organizational growth falls to the responsibility of upper management and they develop the strategic plan for the company to flourish in the projected economic market. Oversight of this senior team can hinder the organizational projected strategy into a viable organizational process that today’s global market places high demands that make it very difficult to attain these goals or plans and bring all effort to no avail of achieving projected growth and strategy of the organization. Essential that key employees do not lack the skill to delegate responsibility as well as expect results that promote organizational growth and adherence to the strategy set by senior
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
According to our textbook, organizational structures are defined as “how job tasks are formally divided, grouped, and coordinated (Judge and Robbins 432).” Once being rigid and highly centralized, the past 50 years have brought forth a shift to these structures, now being more flexible and decentralized. There are many advantages and disadvantages that come with both of the structure types. These new flexible and decentralized structures have affected employee/manager relationships by allowing more effective decision making, improving contact between lower level to higher level workers, and motivating the employees and local managers. They have also impacted organizational strategies in various ways.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Over the past hundred years management has continuously been evolving. There have been a wide range of approaches in how to deal with management or better yet how to improve management functions in our ever changing environment. From as early as 1100 B.C managers have been struggling with the same issues and problems that manager’s face today. Modern managers use many of the practices, principles, and techniques developed from earlier concepts and experiences.
In the business society, management structure chooses the practices, attitudes, airs and ethics that build the work society. On the off chance that an organization's authoritative structure is entirely hierarchical, with choice making force centralized at the top, the organization's way of life will probably demonstrate a less opportunity and autonomy at the down levels. On the off chance that an organization's management structure is decentralized, with shared force and authority at all levels, the way of life is liable to be more autonomous, customized and logical.
In this competitive world, companies have to deal with various types of risk all the time with there projects. Generally, it affects the budget and schedule of the project. So it is important to keep in mind the risk management strategies while creating an initial project plan.