Project Risk Management Essay

1132 Words3 Pages
bulb-icon

Recommended: The role of risk management in project execution

Project risk management is a necessary, and often overlooked, the function of a project manager. It combines the art and science of identifying, analyzing, and responding to risk throughout the project lifecycle, resulting in project improvements and ultimate success. Risk, at its core definition, is the possibility of loss or injury. What project risk management is not, however, is crisis management. Crisis management is the team’s response when a project’s risks are realized. Good risk management can help to overcome a potential crisis by proactively identifying risks. This paper will identify three possible risks to the team project, estimate the impact of risks in quantity and quality, select a method of risk management for the risks, preventions for the risks and what could be done to lessen the impact. The three risks that are going to be …show more content…

We have outside vendors manufacturing everything for the media player beside the motherboard, which can be done in house. When having outside contractors working on the media player it is imperative to have a contract with them in case one of their components goes awry. One of the reasons why the last project team did not complete the project under the agreed upon circumstances was faulty components. When transferring the risk for the components vendors are guaranteeing that their piece of equipment will function properly. Knowing that the manufacturers have an agreed upon arraignment for components allows the project team to transfer the risk to the contractor. Prevention of the risk is getting a trusted vendor to perform the task for you so that there is minimal risk or develop a manufacturing team that build all the components in house to take build the media player. Building the player in house will guarantee that they will be made to specifications as total control can be taken care of by your own

Show More
Related

  • Health Network Risk Management Plan

    1753 Words  | 4 Pages

    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

    Read More

  • Summary: The Unstructured Clinical Approach

    742 Words  | 2 Pages

    Department of health (2007) say that there are 3 types of risk assessment:the unstructured clinical approach, the actuarial approach and the structured clinical approach (DOH 2007). Many Mental health Professionals over the past years have used the unstructured clinical approach to risk assess. This is based on your experience and judgement to assess the risk. However this way has been criticized for not being structured and this then leads to inconsistency and to be unreliable (Turner and Tummy 2008). This approach would not be useful for the case with Julie as she is not known to services and every person is different as you may not have seen her symptoms before if you base the risk assessment on experience.

    Read More

  • Project Management Case Study

    1070 Words  | 3 Pages

    What’s the problem at WCBA? Currently, it seems to be a lack of training and leaderships. Ms. Calder is doing a wonderful job building relationships and making the students feel welcome however she is failing at setting the standards on how to run the station effectively. Also, she is spending more times trying to build friendships than training the students and holding them accountable.

    Read More

  • Project Risk, Payback Period And Risk Analysis

    997 Words  | 2 Pages

    was based on estimation, cost control, contracts and procurement. This class was very important for me as I got to know about gantt charts, logic diagram, price of estimate, Project Risk, Payback Period and risk analysis. Gantt chart is a graphic display of the output on a time scale. It also shows the amount of work done or production completed in certain periods of time in relation to the amount planned for those periods. I also came to know that Senior management must create a corporate culture that supports project management and demonstrates faith in the methodology. If this is done successfully, then project risk can be prevented. I also understand the importance of payback period. payback period is the exact length of time needed for

    Read More

  • Project Management Essay

    986 Words  | 2 Pages

    Large and small businesses, governments, and schools strive to build the next new gadget, manage resources more efficiently, and teach or train in more creative ways. If they set out blindly on a task without proper oversight and thought about the process, then surely the result would be a dismal failure. Project management enables these entities, and various others, to carefully consider the many variables before, during, and after the project actually takes place. Project management refers to the careful planning, organization, and management through a single one-time activity. Projects are non-routine tasks that are set out to be accomplished for a specific amount of time (Trelles-Duckett & Lonergan , n.d.). Projects have an absolute

    Read More

  • Project Management Essay

    1328 Words  | 3 Pages

    Project Management is a concept of making the project successful through knowledge, processes, methods and experience. Every project is unique since it needs the same mythology of the methods but the circumstances are always different. The success rate of a project can be derived from the output it produces, outcomes or benefits, according to a criteria within agreed budget and timescale.

    Read More

  • Strategic National Risk Assessment Essay

    615 Words  | 2 Pages

    At a local and state level, first responders have a considerable amount of risks responding to an international terrorist event on US soil. Depending on the magnitude of the terrorist threat, first responders must gather information of the threat to reduce the risks associated with that terrorist event. These risks could come in many forms that could disrupt the quality-of-life within communities and our nation.

    Read More

  • Project Management Case Study

    821 Words  | 2 Pages

    The projects in today’s world are given a lot of importance and it will continue to grow in the coming years. There are a lot of companies which do not have production, but all of them do have projects. There are a lot of books which have been published on which related to planning and managing the projects. The one of the most important one was published by the author Eli Goldratt in his book ‘Critical chain’. This book basically talks and shows how the application of theory of constraints in the field of project management. The novel is basically based on one of the MBA classes in America where a number of ideas are developed in discussions among the students and the lecturers. The lecturer is basically fighting for a tenure with the president of the university who expects a downturn in the executive MBA. The lecturer who teaches project management has a word with one the senior colleagues and project management was the right topic to teach. There were three students who were placed in the project management team of their company which manufactures electronic products. The students are enrolled in this MBA class along with other students, here they discover a new approach to project management which is known as the

    Read More

  • Project Leadership Style Essay

    822 Words  | 2 Pages

    This study aims to find the relationship between leadership performance style and project success and to research that whether the project success is influenced by leadership style. According to Belout and Gauvreau (2004), “Nowadays, project management has become a key activity in most modern organizations. Projects usually have a wide variety of objectives, involve numerous internal and external actors, and are conducted in various activity sectors”. Many researchers have agreed that project leadership is one of the most crucial elements of a project’s success. There are many views on leadership and according to Dulewicz and Higgs (2005), leadership has been studied more than any other aspect of human behavior. Higgs (2003) identified six

    Read More

  • Project Management Case Study

    834 Words  | 2 Pages

    The topic of my group (group 4) was “How to totally float through your project for free” and the presentation was held by Roger Goodman who works for PMI NZ and Ernst & Young supply chain management with many years of working experience in many different countries such as Saudi Arabia and China.

    Read More

  • Reflection On Project Risk Management

    1157 Words  | 3 Pages

    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

    Read More

  • Critical Chain Management Essay

    1253 Words  | 3 Pages

    The aspect of Critical Chain Project Management was established and publicized in the year 1997 by one of the prominent scientists by the name Dr. Eliyahu M. Goldratt. This assumption of the Critical chain management developed its roots through the basis of the Theory of Constraints (TOC), which was formulated by Dr. Goldratt’s inventions viz. This Project Management Method emerges into action subsequently with the initial Project Schedule is arranged, thus, this arrangement involves the formation of the task dependencies and planning essentials (Mahadevan, p.168). The developed critical work becomes revised following the concept of the Critical Chain Method. Therefore, with this regard, the methodology is attributed and this assumes the constraints in connection with every task that is incorporated.

    Read More

  • Hazard Identification And Risk Assessment Essay

    3637 Words  | 8 Pages

    A hazard is defined as an activity or object that has the potential to cause harm if contact is made with the person, object or activity (MHS, 1996; Harmse, 2007; HSE, 2006). These hazards in a work place need to be identified and dealt with accordingly to prevent any harm to employees or any individual acquainted to a certain activity or establishment. The key roles and principles of occupational hygiene are Anticipation, Identification, Evaluation and Control (Schoeman and van den Heever, 2014; Harmse, 2008; SAMTRAC, 2012). To practise in accordance to the above principle; a hazard identification and risk assessment needs to be conducted. Anticipation is the foreseeing of the activity

    Read More

  • Reflection Paper On Project Management

    1545 Words  | 4 Pages

    Project management involves all activities that encompass scheduling, planning, and controlling projects. A successful project manager ensure that an organization’s resources are being used both efficiently and effectively. Most projects need to be uniquely developed require a sense of customization and the ability to adapt to any posed challenges. The scope of effective project management includes defining what the project is and what is being expected to be accomplished. Projects are imposed to fulfill a certain need and project managers must have the ability to create the proper definition. Goals and the means used to attain those goals have to be clearly stated. Project Managers must also have the ability to plan

    Read More

  • Essay On Importance Of Risk Management

    709 Words  | 2 Pages

    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.

    Read More

More about Project Risk Management Essay

Open Document