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Contemporary Approaches to Project Risk Management - Coursework Example

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The paper "Contemporary Approaches to Project Risk Management" discusses that the control of risk in modern organizations can be characterized as a challenging task. In fact, the relevant plans can be quite complex, as proved through the issues highlighted above. …
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Contemporary Approaches to Project Risk Management
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Download file to see previous pages The current paper focuses on risk as an element of project management. Reference is made to a particular company, the Informative Web Systems (IWS). The firm operates in the Australian market for about a decade. Since last year, the performance of the firm has been deteriorated, being decreased by about 8% compared to 2009. The failures of the project risk management of the firm have been considered responsible for this outcome. The current project risk management of the firm is evaluated compared to other project risk management approaches – as presented in the literature. Recommendations are made for alterations in the firm’s project risk management system in order to be improved. Reference is made to the barriers that such effort would have to face both in the internal and the external organizational environment.
Risk is involved in all human activities. In businesses, the effects of risk are usually related to the decrease in organizational performance. The level at which risk can be estimated by reviewing the common consequences of similar risks in businesses operating in the same industrial sector (Khosrowpour 2001, 142). In accordance with Kaye and Graham (2006, 6) one of the most usual characteristics of risk is that it cannot be fully eliminated; it can always appear, in different forms, even it has been already faced successfully. Moreover, Bowden, Lane and Martin (2001, 5) note that the failures in managing risk can have a series of consequences for the businesses involved, including ‘sanctions for directors, civil claims and legal costs’ (Bowden, Lane and Martin 2001, 5). The effective management of risk means that risk related to the operations of a particular organization is effectively identified and addressed (Bowden, Lane and Martin 2001, 165).  ...Download file to see next pagesRead More
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