Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Five common project risk strategies
Common project risk strategies
Objectives of the risk assessment
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Five common project risk strategies
Literature Review
Brush, (2005) research reviews defined risk as any uncertain event associated with the work of implementing a particular project. The definition is conventional with other universal definitions while it further attaching the definition with factors that could be used to identify inherent risks. The objective of the research review was to correlate risk as a product of two main factors: the expected consequences of the occurrence of the uncertain event and the probability that the uncertain event might occur. All the risks involved within the entity are distinct and different from each other. Employing this concept is vital in identifying the particular risks associated with a particular project. Risk can be categorized in terms of micro or macro depending on the population that the risk affects.
Kmec (2011) article provides an assessment on the risk identification methods. The author outlines that the methods are a synthesis of techniques and existing tools in the society. The risk is viewed as a temporal hierarchy in which major decisions can be made based on the hierarchical level. Kmec (2011) argue that the risk identification process follows a phase in which it commences with operational phase, major decision phase, project phase, adjustment phase, and routine respondent phase. The article outlines the need to focus on this temporal hierarchical risk identification strategies in an attempt to achieve the desired success. It concludes by pointing out that risk identification is continuing an evolution, and it is the task of the management to develop measures that can determine the trend in the risk identification process and technique.
Consequently, Mojtahedi et al. (2010) also asserts that there are differ...
... middle of paper ...
...Large Projects. Journal of Professional Issues in Engineering Education and Practice, 131(4), 281.
Kmec, P. (October 18, 2011). Temporal hierarchy in enterprise risk identification. Management Decision, 49, 9, 1489-1509.
Mojtahedi, S. M., Mousavi, S. M., & Makui, A. (2010). Project risk identification and assessment simultaneously using multi-attribute group decision making technique. Safety Science, 48(4), 499-507.
Additional References
Schneider, P., Schwab, M., & Hänscheid, H. (2011). Identification of factors associated with risk of fall using a force platform and power spectrum analysis technique. Journal of Biomechanics, 44(10), 2008-2012.
Sudirman, W. B., & Hardjomuljadi, S. (2012). Project Risk Management in Hydropower Plant Projects: A Case Study from the State-owned Electricity Company of Indonesia. Journal of Infrastructure Development, 3(2), 171-186.
As people age, they face difficulties with seeing and also with mobility, declines in their physiological systems impact balance, range and speed. These physiological problems can result in falls, which tend to be really problematic for the elderly living alone at home. The Hendrich II Fall Risk Model (HFRM) was used on Mr. T.C to assess his fall risk; this tool is used in acute care facilities to estimate the risk for falls in adults (Hendrich, 2013). The client scored a 6, any score exceeding a 5 is considered a high risk for fall. Being a male is one of the predetermined risk points that make one susceptible of falling as well their symptomatic depression, both which the client falls under. The Get-Up-and-Go Test is also a predetermined risk factor of HFRM; it determines the client’s ability to rise from a seated position. It took the client 3 attempts to fully stand up from a seated position.
It is important that key factors in determining who is and who is not a risk to fall are sought out by the health care team. In this paper we will focus on how to determine who is a fall risk.
When taking steps to analyze and apply intervention strategies for falls, we must examine the factors that cause these occurrences. There are numerous reasons that falls occur, such as intrinsic and or extrinsic risk factors. Intrinsic risk factors for falls may be due to changes that are part of the normal aging process and acute or chronic conditions. According to Zheng, Pan and Hua et al. (2013), about 35-45 percent of individuals who are usually older than 65 years and other 50 percent of the elderly individuals report cases of fall every year. Extrinsic factors are those related to physical environment such as lack of grab bars, poor condition of floor surfaces, inadequate or improper use of assistive devices (Currie). Patient falls is not an easy thing to eliminate. With many clinical challenges, there’s no easy answer to the challenges posed by patient falls; howe...
Rosario, E. R., Kaplan, S. E., Khonsari, S., & Patterson, D. (2014). Predicting and assessing fall risk in an acute inpatient rehabilitation facility. Rehabilitation Nursing, 39(2), 86-93. doi:10.1002/rnj.114
Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts.
From the ancient times civilization kept evaluating, by discovering and exploring something new and, as a result, facing new hazards. Within the last few decades traditional society has moved to modern one. Within that period, huge progress towards modernity has been made and lots of innovations have been introduced to society, what have resulted in new dangers and risks. Nowadays, accurate calculation and consideration of risk-acceptance, risk-assessment and control cannot be fully complete because at any time there are unpredicted and undesired aspects of risk environments. It can be seen more clearly at the level of global dangers, such as chemical, nuclear, technological, ecological, industrial and genetic engineering hazards, which cannot
Risk management is a major success key of project management in business world. With major budget overruns in parallel with significant delays, Sydney Opera House is a real example of poor risk management. Risk management requires effective planning, budgeting, and scheduling. First of all, the highest risks should be identified and evaluated in order to find methods to reduce their impact and exposure. Then, factors that cause risk should be addressed while factors that only correlate with the negative impact but do not affect it may be omitted. At this stage, interrelation between various risks should be accounted for to spot the core factors that should be treated in order to ensure effectively and stability of the project's functioning.
Traumatic brain injuries, broken hips, loss of independence and death are some of falls' most serious outcomes (Williams, Szekendi, & Thomas, 2014). Therefore, we need fall prevention strategies and tools to define and measure falls. Ultimately that wills assist health care teams to identify risks and target prevention strategies. The purpose of this stud...
Capital investments decisions are vital to a business’s long term success or failure (Gapenski, L. C., Reiter, K. L., 2016, p 561). Capital investment decisions are more significant than other financial decisions because of the long term commitment of cash and resources. Senior management and hospital boards must ensue there is due diligence performed on a project before financial resources are committed. Risk analysis is a vital element in that decision process. This analysis provides decision support for project selection. Risk analysis has three components; defining the type of risk, measuring the risk, and incorporating the risk into the capital budgeting decision process. Using these elements for risk analysis and the organization’s average
Falls are a serious public health concern. They are the leading cause of injury related hospitalizations and deaths among older adults. In fact, studies have estimated that one in three persons (sixty-five and older) falls at least once a year, while approximately half experience multiple falls (Scott, Herman, Gallagher & Sum, 2011). Deandrea et al. found that the best predictor of falling is a previous fall, they are several other risk factors involved.
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
As the first step, identify potential risks plays a crucial role in the risk management process. The core purpose of identifying risk is to figure out causes of risk and analyze result caused by the risks and its probability . Hence, risk identification can begin with the source of problem, or with the problem itself. The chosen method of identifying risk may depend on culture, industry practice and compliance. The identification
Some include risks at the enterprise level, managing risks in complex projects and dealing with turnarounds and large capital projects. Liu, Zou, & Gong (2013) explore how enterprise risk management (ERM) may influence the ability and performance of project management risk (PRM) by considering the features of the construction industry, its businesses and projects. Managing risks within projects such as these has become an important process to achieve project objectives in terms of the scope, time and cost. The results show that enterprise risk management can positively influence the implementation of project risk management. This can be achieved through implementing a risk focused culture, setting up risk management departments and setting up risk procedures. This will help control the project risk and improve the performance of project risk management. Communicating the concerns with other team members can help identify the risks earlier on rather than later in the development of the project. If the Stakeholders and managers involved are satisfied then the project outline becomes a
Identification of the risk can simply be done by doing brainstorming with the team members. As Dr. McCarville said, there is no right or wrong answers. Every input is important and can really affect the process. Other beneficial tool is Fishbone Diagram.
A hazard is a potential damage, adverse health or harm that may effects something or someone at any conditions. Other than that, the risk may be high or low, that somebody could be harmed depending on the hazards. Risk assessment is a practice that helps to improve higher quality of the develop process and manufacturing process. It is also a step to examine the failure modes of the product in order to achieve higher standard of safety and product reliability. Unfortunately, it is common that a product safety risk assessments are not undertaken, or not carried out effectively by manufacturer. Mostly an unsafe and unreliable product was produced and launched on to the market. Thus, the safety problems are mostly identified after an accident happened or after manufacturing problems arisen. In order to prevent risk, a person should take enough precautions or should do more to prevent them because as a user should be protected from harm that usually caused by a failure for whom did not take reasonable control measures.