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Risks: Discussion Paper, Essay Example

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What are the similarities and differences in the respective authors’ definitions of risk? Which do you prefer and why?  How would you best define project risk?

Risk is often relatively connected to negative ideas such as that of conditions that result from bad or uninformed decisions. Notably though, there are several instances that risks often bring about a sense o f realization on what should be done and what should be avoided. In his writing, Kendrick defines risk as something that cannot be removed when it comes to the option of progressing towards a better state. No good thing can come out from any particular move that is riskless.

Heldman supports this idea as he points out that the existence of risks is necessary especially when it comes to producing something new or creating something that is out of the ordinary. The risks intend to showcase the challenges that are supposed to harness the betterment of anything that is produced and presented for the benefit of the public.

Pointing out that individuals, especially those who are given with the duty of handling particular considerations regarding creating project plans, ought to take note on how they handle their responsibilities, Smith implies the faculties of risks that should be given close attention to. At some point, it could be said that his discussion of the matter is more pessimistic compared to both Heldman and Kendrick. Nevertheless, the aim to impose on the importance of giving attention to risks is handled effective by Smith through this approach.

Relatively, risk, in general, should be accepted as something specifically important and unavoidable especially when it comes to completing projects. This particular element though should be analyzed at the more positive side of effect that it could leave with the beneficiaries of the project. Risks ought to strengthen the blueprint of the project plan that managers are to use in the process of completing the goals they have set for themselves to accomplish. This would then make risk a matter of motivation that project managers could use to make sure that the results of their projects would be for the sake of the betterment of whatever has already been started before them.

Reference:

Identifying and Managing Project Risk. Chapter 1: Why Project Risk Management/ Chapter 2: Planning for Risk Management.

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