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The five common project risk strategies
Importance of project management for students
Importance of project management for students
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In recent times, risk management has become one of the most important aspects of project management because of the rate of financial crisis and natural disaster in the world right now and the rate of increase in expectation from the stakeholder in an organisation. But firstly, project brings about risk management so what is project? Project can be defined as a group of people working in a unique way in a period of time to achieve a specific goal. And in achieving that project management come into place, project management is according to (PMBOK 2004) ‘The application of knowledge, skill, tools and techniques to project activities to meet the project requirement’. Project management involves estimating, planning and monitoring events that occur during the duration of a project. In cases where things have gone wrong, it is seen that risk management is highly necessary in projects these days because there are many factors that affect projects like cost estimate, performance and scheduling in this recent time of the world. In this essay, I will discuss about risk in a project, the necessities of risk management in a project, ways to solve the problem in risk management and techniques for managing a risk in a project which include risk identification, risk assessment, risk response planning, and risk control and monitoring. Risk is defined as a possibility of an occurrence in a project, which might be a negative or positive impact on a project, even in decisions made by us in our everyday life there is a certain amount of risk involved in it. For instance, walking down the staircase of our homes an unexpected incident can occur like we stumbling on the stairs which wasn’t foreseen and there are some kinds of risk that you actually kno... ... middle of paper ... ...003) Project Management: A Systems Approach to Planning, Scheduling and Controlling. 8th edition. John Wiley & Sons. New Jersey. ISBN:0471-22577-0 5. Gary L. Richardson (2010) Project Management theory and practice ISBN:978-1-4398-0993-3 6. Candle, James and Yeates Donald (2004) Project Management for Information System. 4th edition Prentice Hall ISBN 0-273-68580-5 7. Clifford F. Gray and Erik w. Larson (2003) Project Management; The managerial process. 2nd edition McGraw-Hill Higher Education ISBN:0-07-249392-5 8. Darren Dalcher and Lindsey Brodies(2007) Successful IT Project ISBN:13; 978-1-84480-6997 9. http://www.brainyquote.com [Accessed 8 January 2011] 10. http://www.risk-services.com [Accessed 11 February 2011] 11. http://www.skymark.com [Accessed 11 February 201] 12. http://www.adviceonmanagement.com [Accessed 11 February 2011].
Gray, C., Larson, E. (2008). Project Management: The managerial Process. New York, NY: The McGraw-Hill Companies Inc.
Kerzner, H. (2013). Project Management: A Systems Approach to Planning, Scheduling and Controlling. Hoboken, NJ: Wiley.
Frame, J.D., Managing Projects in Organizations: How to Make the Best use of Time, Techniques and People, third ed., San Francisco: Jossey-Bass,112-117, 2003.
Lewis, J. P. (2011). Project planning, scheduling, and control: A hands-on guide to bringing projects in on time and on budget (5th ed.). New York, NY: McGraw-Hill.
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration , 4(1), 13-22.
Kezner, H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling. 6th. New York: John Wiley and Sons, Inc, 1998. Print.
Ramroth, Jr., William G., 2006, Project Management for Design Professionals, . Chicago, Illinois : AEC Education.
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.
Although risk management can be implemented in practically every type of project, this paper focuses mainly on IT projects. Risk management
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
All projects have risks.It is the duty of the project manager to manage these risks and prevent them from ruining the project.If risks are not managed well the project may end up at a high risk of completing within the budget,the scheduled time or even meeting the required standards.Management of risks in a project involves identifying and analysing possible risks and finding the best ways of controlling them. The objectives of project risk management is to minimize the likelihood and effects of negative events in a project.Proper risk management increases the chances of project success.A project risk can either be positive or negative.A positive risk refers to the positive outcome that may unfold during the execution a the project while
Gray, C.F., Larson, E.W. Operations Project Management: The Managerial Process, 5th ed. New York: McGraw-Hill. 2011. Web 16 May 2015.
When planning a new project, how the project will be managed is one of the most important factors. The importance of a managers will determine the success of the project. The success of the project will be determined by how well it is managed. Project management is referred to as the discipline that entails the processes of carefully planning, organizing, controlling, and motivating the organization resources so as to foster and facilitate the achievement of specific established and desired goals and meet the specific criteria of success required in the organization (Larson, 2014). Over the course of this paper I will be discussing and analyzing the importance of project management.
Risk is an identified uncertainty related to any act or decision. Risk is the focal topic in the management of any activity, let it be technology, construction, health management or event management. These risks can comprise of threats and opportunities. Threats are risks with negative consequences and opportunities are risks with positive benefits.
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.