Risk Management in Electrical Project - Example

The paper “Risk Management in Electrical Project” is a cogent example of the business plan on management. This paper discusses risk management in an electrical project where it defines what risk management and safety entails. This paper discussed eight elements of risk management in electrical projects. Project safety is where a combined set of activities that are stipulated to be carried out within a given timeframe to achieve a specific objective are protected from any form of hind races that could be either physical, psychological, emotional, political, spiritual, or even social. These challenges may be contributed by a wide variety of factors which if not properly handled may affect the desired output of the project negatively. Hence proper safety measures need to be initiated to counter these undesirable challenges that may arise in the course of the entire project.

An environmental impact for as will be discussed is the influence that the entire project of installing electricity in rural settlement schemes has on the surrounding earth's surface. The paper found that there are a number of risks associated with these activities which may influence a number of aspects including the project management process. Politics in an organization can dictate the undertaking of the project in so many ways especially where there is competition amongst the parties involved in the project. The political temperature can be so severe to extend that the whole process is rendered useless. The state of the economy of an organization and its financial muscles further dictate the type of projects that can be undertaken by such organizations.

1.0Introduction
Leach (2014) defines risk management as a systematic process of identifying, assessing, and taking actions in a company to help in protecting against any unforeseen occurrence. Albert and Hallowell (2013) define risk as the ability of future occurrence of the risk and such occurrences result in harm or losses to the company while at the same time resulting in opportunities. In most cases, risk management should be used specifically as preventive measures as opposed to reactive measures in a company. Most project benefits mostly through considering their risks when they are doing well in order to maintain growth and sustainability.