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Methods of Risk Assessment and Leadership and Team Work in Projects - Literature review Example

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This literature review discusses approaches pertaining to risk assessments in projects. Numerous scholars have examined various methods of assessing risks in projects. The authors selected by this paper present an imperative publication that can help one explain the subject of risk assessment…
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Methods of Risk Assessment and Leadership and Team Work in Projects
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Download file to see previous pages Without a risk assessment, a project may collapse or fail to be completed to the fullest gratification due to the effect of unplanned challenges. Hence, risk management is essential since it provides a developer with an opportunity of determining risks that challenge the project; hence, planning for them accordingly. However, risk management should apply a systematic and formal procedure of cost estimation to develop a realistic plan.

Risk virtually refers to the possibility of loss, disadvantage, destruction or injury that may accompany a project. Risk assessment entails identifying a qualitative and quantitative cost of risks associated with the situation. The quantitative aspect examines the magnitude of the probable loss and the chances that the risk will occur. Risk assessment should be an evolving and learning practice, capable of adjusting to novel and dynamic demands of the project.

According to McManus (2004), an ideal risk management plan should employ tactical procedures, methodologies, and tools effective for predicting all probable risks accurately. Ideally, studies argue that risk management refers to a concept of identifying risk, examining the risk and outline policies or approaches for lightening the risk. Ammar, Kayis, and Amornsawadwatana (2012) state that the risk assessments approach should involve analyzing the experiences of successful projects and engaging reliable professionals and analysts in the field.

Methods of analyzing risks vary with the industries and the purpose of the assessment. An analysis may have a financial purpose, environmental or healthy impacts purpose. Studies have identified numerous methods of assessing risks. Risk assessment methods can be grouped into three broad categories: qualitative, semi-quantitative, and quantitative (McManus 2004, p. 23).

According to Wysocki (2012), qualitative assessments enable one to identify assents of priority and classify one that demands simple and rapid evaluation. ...Download file to see next pages Read More
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