Nobody downloaded yet

Identifying and Managing Project Risk - Assignment Example

Comments (0) Cite this document
Summary
The author examines the appreciation of risk management which assists in getting the knowledge of the occurrence and probabilities of certain risks, planning for them and mitigation techniques to counter them. Risk management takes the step towards managing risks through selection, implementation, and control measures…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.2% of users find it useful
Identifying and Managing Project Risk
Read TextPreview

Extract of sample "Identifying and Managing Project Risk"

Download file to see previous pages This is implemented using a project plan.
The project I was tasked to manage was to create a stock management system for a proprietor who sells computers and other accessories. The appreciation of risk management assists in getting the knowledge of the occurrence and probabilities of certain risks, planning for them and mitigation techniques to counter them. Risk management takes the step towards managing risks through selection, implementation, and control measures. This creates assurance and confidence in the project team in the event of any uncertain events occurring. Risk management has enabled the creation of control measures in the project that was being created for the proprietor. Knowledge of risk enabled the creation of proper feedback mechanisms for the user of the system such that any problems encountered are directly communicated to the project team through the provided means.
The project implementation encountered several surprise events that I will mention. This being an I.T system being built on an I.T environment, the users of the system is always bound to change requirements or the scope of the project. In this case, the proprietor had asked for a system that manages the data he uses, later he noticed that he needs some analytical tools that he did not mention. That had to be accommodated by the project team in the allocated time for a change in requirements. As we discussed the project requirements, there were no provisions for the security of the system by the user, which the project team identified. This prompted consultations with the proprietor about the importance of a secure system and this was handled effectively. This actually enhanced the user and developer communication for the effectiveness of the system.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Identifying and Managing Project Risk Assignment”, n.d.)
Identifying and Managing Project Risk Assignment. Retrieved from https://studentshare.org/business/1617039-611-assignment-2
(Identifying and Managing Project Risk Assignment)
Identifying and Managing Project Risk Assignment. https://studentshare.org/business/1617039-611-assignment-2.
“Identifying and Managing Project Risk Assignment”, n.d. https://studentshare.org/business/1617039-611-assignment-2.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Identifying and Managing Project Risk

Managing Change by Managing Risk

...) states, “To succeed in today's world, the first step taken by contractors is to incorporate environmental risk management into every facet of their business operations”. Environment uncertainty related issues and problems include unexpected rains, loss of raw material, delays in the project’s deadline, and earthquakes. Unexpected climate changes and earthquakes are those problems, which can create very serious problems for the construction companies. “Many organizations adopt ITIL (information technology infrastructure library) for communicating and identifying environmental changes” (Bergamo 2009). 5. Employee Involvement in Managing Change “Evaluation...
12 Pages(3000 words)Essay

Managing change by managing risk

... divergence based on what is stated earlier could be an upshot of the implemented change. In the midst of conflict, a manager must be able to identify conflict’s potential sources and it could not be impossible to pinpoint change as possible factor. However, knowing the fact that change could be risky, a manager must then be able to understand the right course of actions identifying some reasons of potential risks, and the right way to manage risks. Managing risks in this context would be about elimination of potential conflicts and even the remarkable reasons behind having resistance to change. Individuals or the entire organisation should accept the fact that change is necessary and there must a need to hold close it. Conclusion... ?...
11 Pages(2750 words)Essay

Managing project

...the available suppliers and determine the one who is offering auto parts at a minimum cost possible (Schwalbe, 2006). The seventh area of knowledge involves management of human resources. This means ensuring managing employees by planning, delegating duties, assessing their performance, determining employees’ education and training needs as rewarding well as rewarding and motivating them to work towards project implementation. The eighth area of knowledge involves managing risk. Whereby, project managers should identify risk and evaluate it to determine whether the company can be able to...
11 Pages(2750 words)Essay

Identifying and Managing Risk

.... The methods, however, has certain limitations. The analysis of the data obtained may not forecast the impacts correctly. Due to the dynamic changing environment, the data of the past may not correctly represent future events and the risks involved. The critical path method involves suggestions from the people involved in the business activities. Apart from the suggestions received from them, experts should also be engaged to form effective strategies for risk management. The inputs from the stakeholders should be taken as feedback while actual risk management techniques should be implemented by the experts in the field. References Cohen, M. W. and...
3 Pages(750 words)Research Paper

Managing Project

..., A. G., Wall, A. and Wang, J., 2008. Marine and offshore safety assessment by incorporating risk modeling in a fuzzy-Bayesian network of an induced mass assignment paradigm. Risk Analysis, 28(1), pp. 95-112. Eleye-Datubo, A. G., Wall, A., Saajedi, A. and Wang, J., 2006. Enabling a powerful marine and offshore decision-support solution through Bayesian network technique. Risk Analysis, 26(3), pp. 695-721. Field, M. and Keller, L., 2007. Project management. London, UK: Thomson. Lockamy, A. and McCormack, K., 2010. Analysing risks in supply networks to facilitate outsourcing decisions. International Journal of Production Research, 48(2),...
12 Pages(3000 words)Assignment

Managing Project

..., intricate, and heavy industries where the activities are numerous and risks factors high, It is a brainchild of strategic military usage but is now being extensively used in nuclear installations, missile launching and other high technological areas. One of the most important features of a network diagram is that it can be used to determine the critical path, or the path, including all the probable variables of the project, which requires the attention of top management. Network diagrams are very much useful to determine the float, or slack in different activities which can be used by the top management to reschedule purchase, use of labour and other costs when...
10 Pages(2500 words)Essay

Project risk

...Project Risk By Table of Contents Introduction 4 2. Key strategic consideration 5 2 Enhancing business Value 6 2.2 Effective information management 6 2.3 Better Estimates 7 2.4 Attracting new Clients 7 2.5 Marking Economic Predictions More Realistic 7 2.6 Enhancing Market Share 7 2.7 Introducing new trend 8 2.8 Taking competitive edge 8 3. Key risk management theories 8 4. Project environment 9 4.1 Geological environment (Individual Oil Well) 9 4.2 Economical Environment 10 4.3 Management Environment 11 4.4 Engineering Environment 11 5. Project planning 11 5.1 Time Planning 11 5.1.1 Gantt chart 12 5.2...
13 Pages(3250 words)Essay

Identifying of the Project Assumptions

...Case Study Identify the project assumptions? A number of assumptions present themselves in the implementation of the new ERP system by the ABC Corp. One of these is that the company can be able to provide enough space that is suitable for the project team setting up the new system to work in when they are installing the new servers. ABC Corp also assumes that they can be able to raise the resources required for this whole new ERP system to work including providing the necessary subject matter experts and even the finances. Other than these two assumptions, the company also assumes that when executing the agreements for service and license with the Super Duper software, no significant...
1 Pages(250 words)Essay

Identifying and Managing Risk

This is because once risks are identified the right strategies and techniques are put in place to ensure that they do not have negative effects on the portfolio or project. By implication, it can be said that it is not right to try to deny the reality of the existence of risk. Rather, the existence of risks must be appreciated, identified and embraced. More importantly, the right techniques must be in place to managing risk. Kallman and Abdali, Mouath and Qusai have both come up with a number of risk management techniques which share some similarities and differences in terms of their implementation and usage. Reading through Kallman one finds three major risk management techniques that are highlighted by the writer. These are ris...
3 Pages(750 words)Essay

Identifying Potential Risk, Response, and Recovery

... acceptance and risk avoidance. Moreover, control mechanisms ranging from administrative, preventive, detective and corrective should be put in play. In this document, we center around four main security threats to the company. They include data security, computer virus risk, Keystroke logging and adware. These risks if not properly managed may cost the organization a great deal. First, the entire processing in the organization will significantly be lowered. The institution, as a result, may delay in meeting its deadlines. Secondly the resources may not last to the projected time frame and thus call for replacement earlier than anticipated. The worse part could be losing the organizations secret or procedures to other competitors... Security...
4 Pages(1000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic Identifying and Managing Project Risk for FREE!

Contact Us