StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Project risk management - Essay Example

Cite this document
Summary
PROJECT RISK MANAGEMENT Name Tutor Institution Course Date Part 1 Project risk management is an essential aspect of project execution. Risk management is among the ten knowledge scopes described in PMBOK. Project threat can be described as an unexpected event or action that can impact the project's development, result or effect in a constructive or unconstructive way (Barkley, 2004, Pg…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER95% of users find it useful
Project risk management
Read Text Preview

Extract of sample "Project risk management"

Download file to see previous pages

Projects are regard the planning and execution of beneficial transform. This positive change may engage the creation of a preferred physical asset or some less physical organizational change. In either case, the quest of opportunities is an intrinsic central concern. There are various approaches used to tackle project risk management. In this paper, we analyze the key features of Performance Uncertainty Management Process (PUMP) approach. PUMPs have designed broad or specific processes facilitate its functions.

One of its key features is iterative nature. Performance uncertainty management processes’ (PUMPs), designed to elucidate uncertainty, opportunity and threat in all types of organizations and projects. The importance is the strategy shaping phase of the venture lifecycle, precisely shaping the expansion of project execution and delivery approach plans. This feature allows it to do a cyclic process of the risk management (Barkley, 2004). It process iteration organization and has a plan-criterion structure comprehension.

It has four broad phases that ensures the implementation of the twelve stages. A twelve plan categorization of the lifecycle offers a framework for contemplating the purpose of a PUMP at dissimilar stages in the lifecycle, when unlike performance contemplations operate. The fundamental PUMP offers a structure for uncertainty control, but the defined purpose, scope and factor of analysis done in each PUMP stage will rely upon the function context. There is no one outstanding approach for all circumstances.

The essential phase of the basic Performance Uncertainty Management Process is concerning acclimatizing the basic procedure to the precise project context and lifecycle phase of instantaneous interest. The PUMP approach deals with the identification of all applicable sources of uncertainty and reaction options in a tightly coupled way; in part since unidentified reactions are a basis of vagueness. In PUMP approach, consequences or effects observed in qualitative stipulations are element of the bond between responses and sources.

For instance, some sources entail potential consequences that require a useful reactive response, but others require an efficient preventative response, and others require both. Considering projects allied to a single deliverable asset or institutional change, a comprehensive description of the asset/transform lifecycle and the actions involved in each phase of the lifecycle is obtainable (Kendrick, 2009). Uncertainty around and in a project account, utilizes a 12 step nominal structure that distinguished variant features of the four essential life cycle phases of conceptualization, execution, planning and delivery also utilization of the change or asset delivered by a venture.

This lifecycle supposed structure offers a structure in which indecision management can be organized in any suitable framework for fastidious contexts. An instant insinuation is that the extent and nature of the procedure used to administer project uncertainty must be driven to areas where the lifecycle is situated, to efficiently address the questions pertinent to that stage. In conceptualization phase, the idea of the project is shaped also gateway for the project implementation is set. Shaping involve making best decisions on how to proceed with project

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Project risk management Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
Project risk management Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from https://studentshare.org/management/1477451-project-risk-management
(Project Risk Management Essay Example | Topics and Well Written Essays - 2500 Words)
Project Risk Management Essay Example | Topics and Well Written Essays - 2500 Words. https://studentshare.org/management/1477451-project-risk-management.
“Project Risk Management Essay Example | Topics and Well Written Essays - 2500 Words”, n.d. https://studentshare.org/management/1477451-project-risk-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Project risk management

Project Risk Management Paper 1

Running Head: project risk management project risk management Managing and Planning for Risk Type your name here project risk management We can define risk as the likelihood of a loss (Why project risk management, pg 2).... The process of project risk management involves the identification, analysis, and planning of prospective risks that would have an impact on the project.... We can define the process project risk management into several steps, however, organizations usually combine the steps according to ease of use and utility....
5 Pages (1250 words) Essay

Critical approach in project risk management

CRITICAL APPROACH IN project risk management [Your name here] [Name of university] [Due date of paper] 1.... In this regard, development of an appropriate risk management plan is considered imperative for any company, business, or organization.... 1) states, “companies that do perform a risk management process on a fairly typical multi-month project (no longer than 12 months) will identify and manage possibly five to ten easily recognized project risks”....
16 Pages (4000 words) Essay

Theories that Underpin Project Risk Management Techniques

This paper "Theories that Underpin project risk management Techniques" focuses on the fact that digital services are meeting new expectations of the government to promote new governance in the system.... risk Identification To make the judicial system digital, necessary infrastructure needs to be built upon; it means technical platforms are needed to be put in place for the data systems (software, equipment, networks, and standard services)....
8 Pages (2000 words) Term Paper

I.T. Project Risk Management

project risk management Currently, knowledge has been earmarked as an indispensable ingredient to innovative companies and to their overall objective of maintaining a competitive advantage over their rivals.... Therefore, it would be imperative for IT managers constantly to embrace the holistic view of IT project risk management rather than just focusing only on financial issues.... project risk management, (California Technology Agency, 2011, Haney, 2009, Talet, Zin &Houari, 2014, & Texas Tech University, n....
1 Pages (250 words) Research Proposal

IT Project Risk Management

The paper "IT project risk management" attempts to unearth all aspects of project risk management and their application to IT project risk management.... Senior managers to make have effective initiation of projects ought to learn and practice this typology of project risk management.... nbsp;… The paper is structured into phases that outline how project risk management typology can be achieved effectively....
16 Pages (4000 words) Term Paper

Contemporary Approaches to Project Risk Management

The paper "Contemporary Approaches to project risk management" discusses that the control of risk in modern organizations can be characterized as a challenging task.... 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....
8 Pages (2000 words) Coursework

Construction Project Risk Management

"Construction project risk management" paper examines a construction project for a small apartment building in a residential area.... It gives clear directions on how to go about risk management.... The roles of stakeholders and their responsibilities in the management of these risks are outlined below.... On the same, research on managing risk in the construction industry is not adequate.... The risk source, which is an obstacle that can cause a variation in what is set in this case the output of the construction project, should be clearly identified....
12 Pages (3000 words) Coursework

IT Project Risk Management

This paper is about IT project risk management.... Therefore, it would be imperative for IT managers constantly to embrace the holistic view of IT project risk management rather than just focusing only on financial issues.... project risk management, (California Technology Agency, 2011, Haney, 2009, Talet, Zin &Houari, 2014, & Texas Tech University, n.... ), there is still little empirical research on how effective IT risk management can be handled at the time of executing projects....
15 Pages (3750 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us