Project and risk management report - Essay Example

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56), a project is a distinctive undertaking that helps in producing a set of production within a clearly precise time, cost, and quality limitations. The difference between projects and the standard business operational practices include…
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Download file to see previous pages Larson (2008 p. 58) argues that there is also the risk level due to some uncertainties regarding the objectives. With a construction company, making improvements on the road among others is a full-time responsibility due to constant wear and tear, meaning continued challenges in managing projects, while adhering to tight deadlines. Another project involves introducing a new product into the market. This paper identifies that more research is required to validate project management methods, and to clarify which areas they benefit, and how to achieve reliably those benefits.
Levitt (1983 p.9) argues that globalization is the driving factor to project management due to the evolving technology that continues bringing competition in all fields. In construction, modernization brings about company closures, rising unemployment, and sometimes canceled investments. These events have a major effect on both the clients and the construction companies’ behavior. Research shows that drastic drops in demand and order shortages dramatically increase completion between companies in the construction sector. These changes increase the pressure on improving quality, and productivity, while reducing costs. In addition, globalization equally increases the need for project strategies and management that suitably and effectively manages project risk.
On the other hand, new product development is a vital organisational activity because it offers considerable opportunities for the organisations (Charan et al. (2010 p. 125). However, this process involves marketing, technical, and financial risks. Similar to construction, product development faces serious competition due to globalization with different products entering the market daily. In addition, the consumer through technology can access different types of products while comparing the costs and qualities among others. It is, therefore, important for a project management system that can ...Download file to see next pagesRead More
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