647 W3D "identify risks associated with a project " - Essay Example

Risks Associated with Projects Affiliation Risks Associated with Projects The development of projects is normally associated with an analysis of the risks that may be involved in its lifecycle. Kendrick (2009) asserts that understanding the risks in a project enables the creation of counter strategies that fit the description of the risk. Early detection of risks is effective since it allows for proper understanding on the direction of the projects based on aims and objectives. Detection of risk at the early stages of a project life-span is possible and manageable.

This is based on that a project has long and short term objectives. If a project fails to attain its short term objectives, risks can be easily detected. In an argument by Hubbard (2009) identifying risks at the early stages of a project life span can be done accurately, easily and effectively. In the case of general motors, early detection of risks was effective. The company had rebranded and required to increase its income. The first step in creating the project required the creation of an IPO.

The short-term of the project was to identify how the market valued the stock and how much money the process would generate and its impact to the general outcome of increasing company income. In analyzing the risk, the early stages of the project depicted significant increase in the company income. In an instance where the company failed to identify the risks that may arise, the IPO would have been replaced by a less efficient strategy (Hopkins, 2012). ReferencesHopkins, P. (2012). Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management.

London: Kogan Page Publishers. Hubbard, D. (2009). The Failure of Risk Management: Why Its Broken and How to Fix It. New York: John Wiley & Sons.Kendrick, T. (2009). Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project. New York: AMACOM Div American Mgmt Assn.