Project Risk Management, Essay Example

Pages: 1

Words: 361

Essay

The risk management process is the identification, the assessment, and subsequent prioritization of the various risks in the implementation of the project. This is followed by the economical and coordinated application of the resources to monitor, minimize, as well as control the probability of the unfortunate events or simply maximizing the realization of the various opportunities. The problems that were associated with the project and the project team is that there was poor identification of risks, poor risk analysis, poor prioritization of the risks, inadequate development of the management plans, poor evaluation of the progress, as well as reevaluation of the risk exposure.

There are several opportunities that exist within these problems. The project team will have the ability to carry out an evaluation of the whole process of project implementation. The identification of risk will help in the definition of the various sets of events that are likely to impact on the project schedule, cost, or the technical performance that is acceptable. Adequate risk analysis will be focused on the assessment of the probability that each of the identified risk will eventually occur. Moreover, from the challenges the project team will learn to prioritize the risks that are focused on the determination of the relative rank order for the identified risks. Low to high risk within the risk ranking is eventually computed as a particular function of each of the risk’s potential impact on the project implementation.

Following the successful identification of the project challenges, the project team should come up with the management plan for each of the risks. The plans should incorporate frequent monitoring of the actions towards handling of the risks in the context of completion dates and status. Finally, the project team should carryout progress evaluation and reevaluation of the risk exposure. This will help in the identification and assessment of the project risks and categorization into either low or high risk. In a nutshell, the project management team should be involved in the whole process of project implementation, critically taking notice of the different levels or risks involved.

References

Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK Guide), Fourth Edition, ANSI/PMI 99-001-2008, pp. 273-312.

Time is precious

Time is precious

don’t waste it!

Get instant essay
writing help!
Get instant essay writing help!
Plagiarism-free guarantee

Plagiarism-free
guarantee

Privacy guarantee

Privacy
guarantee

Secure checkout

Secure
checkout

Money back guarantee

Money back
guarantee

Related Essay Examples

Supply Chain, Power Point Presentation Example

Supply Chain

Pages: 1

Words: 41

Power Point Presentation

Summary of Findings, Coursework Example

The best position forward would be the option of formal incorporation as a C Company.  This offers the most comprehensive solution in order to meet [...]

Pages: 1

Words: 503

Coursework

Implications of Nuclear Powered Space Systems, Capstone Project Example

Abstract The use of nuclear energy in space travel, while evolving rapidly, has been a mute point of discussion in the media and among the [...]

Pages: 1

Words: 13971

Capstone Project

Community Needs Assessment, Power Point Presentation With Speaker Notes Example

Community Needs Assessment

Pages: 1

Words: 46

Power Point Presentation With Speaker Notes

Orlando Baking, Research Paper Example

Define the marketing situation Orlando Baking Company has no marketing or advertising plan in place. The decisions based on product offerings, product packaging and product [...]

Pages: 1

Words: 1430

Research Paper

Infants and Toddlers Observations, Essay Example

Part I: Basic Information The Learning Ladder Preschool and Childcare campus is located in Cottage Grove, Wisconsin at 312 West Cottage Grove Road. Learning Ladder [...]

Pages: 1

Words: 651

Essay

Supply Chain, Power Point Presentation Example

Supply Chain

Pages: 1

Words: 41

Power Point Presentation

Summary of Findings, Coursework Example

The best position forward would be the option of formal incorporation as a C Company.  This offers the most comprehensive solution in order to meet [...]

Pages: 1

Words: 503

Coursework

Implications of Nuclear Powered Space Systems, Capstone Project Example

Abstract The use of nuclear energy in space travel, while evolving rapidly, has been a mute point of discussion in the media and among the [...]

Pages: 1

Words: 13971

Capstone Project

Community Needs Assessment, Power Point Presentation With Speaker Notes Example

Community Needs Assessment

Pages: 1

Words: 46

Power Point Presentation With Speaker Notes

Orlando Baking, Research Paper Example

Define the marketing situation Orlando Baking Company has no marketing or advertising plan in place. The decisions based on product offerings, product packaging and product [...]

Pages: 1

Words: 1430

Research Paper

Infants and Toddlers Observations, Essay Example

Part I: Basic Information The Learning Ladder Preschool and Childcare campus is located in Cottage Grove, Wisconsin at 312 West Cottage Grove Road. Learning Ladder [...]

Pages: 1

Words: 651

Essay