Project Synthesis Essay

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Figure 3 illustrates the RBS for FSU Refurbishment Project. RBS stipulates the systematic identification of project risks classified based on risk category as defined by the author (Miller, 2009). Identified risks in the project are hierarchically categorized and the structure is arranged by source in order to facilitate any potential risk exposure in the project. This structure enhances accomplishing of planning and understanding of the risks. According to Trumper (2007), RBS is an important tool used by the project managers to access the associated risks in the process of implementing the project. It offers an enabling framework to scrutinize the project and ascertain when the risks are expected to happen. In addition RBS gives better understanding of the risks that happens constantly that ultimately may result in issues that would negatively influence the status of the project. …show more content…

PMI (2000) characterizes the WBS to be the form of grouping project elements known as deliverable -oriented which defines and organizes the entire scope of the project. In line with that, Hilson (2012) has mentioned that RBS could be considered as a progressively structure description of the well-known risks of the project classified according to risks categories. In project administration terms, risks incorporate anything spontaneous and unanticipated outcome that can negatively affect the venture's cost, time or quality. An experienced and knowledgeable project manager ought to have the capacity to deal with the risks successfully and get the project on

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