Project Risk Management: Poor Risk Event Descriptions, Essay Example

All the projects have some level or risk, but the significant aspect of managing the risk is not the avoidance of the risk but rather understanding them. A risk is simply the condition or event that is likely to have a negative impact on a given project. Therefore, the process of managing risk is the identification, mitigation, as well as controlling the risks so as to actual probability of meeting the project objectives (Project Management Institute 2008). 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 carryout 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 (Chris & Stephen 1997). 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.

References

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

Chris, C. & Stephen, W. 1997, Project Risk Management: Processes, Techniques and Insights, Edition Wiley.