This website uses cookies to ensure you have the best experience. Learn more

Risk Management In Projects Essay

3771 words - 16 pages

Table of Content

1. Introduction 2

2. Project Management 3

2.1 Definition of Project Management 3

2.2 Advantages and Disadvantages in Project Management 5

2.3 Success Factors in Projects 6

2.4 Control Project Progress 7

3. Project Risk Management 8

3.1 The Risk Management Process 8

3.2 Definition of Risk 10

3.3 Managing Risk 10

3.4 Identify Risks 11

3.5 Risk Quantification 14

3.6 Plan Risk Response / Methods 14

3.7 Risk Monitoring 18

4. The Organization of an International Conference in Paris, France 19

4.1 Project Identification 19

4.2 Classified the Project 20

4.3 Identification of Risks and measures to minimize the risk 21

...view middle of the document...

2. Project Management

2.1 Definition of Project Management

Before we can define what Project Management is, we have to define a project.

It is a temporary group activity designed to produce a unique product, service or result. A project is temporary it has a defined beginning and end in time, and consequently defined scope and resources. Also a project is unique because it is not a routine operation, but a precise set of operations designed to accomplish a singular goal.

Project Management, then, according to PMBOK is “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project Management is accomplished through the application and integration of project management processes of initiating, planning, executing, monitoring and closing.”

It is a strategic competency for organizations, enabling them to the project results to business goals and thus, better competes in their markets.

Project Management knowledge concentrates on nine areas: Integration, Cost, Human resources, Scope, Quality, Communications, Time, Procurement, and Risk Management.

(Figure 1: Project Management Areas)

Within the nine knowledge areas, we can find the process groups, or the lifecycle of the project. These five PMBOK Process Groups outline and organize the project from start to finish.

The initiating phase is where the project is defined and approved by management. The inputs to this phase can be a declaration of the work to be done or a contract given by the project sponsor. The output of the initiating process is a Project Charter and a Preliminary Project Scope Statement.

The inputs during the planning process are the Project Charter and the Preliminary Project Scope Statement that were the outputs of the initiating process. In the planning process, the project team will refine the project objectives and then plan the steps to achieve those objectives. The output of the planning process is the Project Management Plan.

During the executing phase, the team will use the Project Management Plan as an input. The appropriate outputs of this process are the project deliverables, any changes, preventive actions, and performance information about the project.

The monitoring and controlling process group is responsible for checking the project in order to confirm that it is on time and within budget, while still producing the intended deliverable. Any updates to the Project Scope and Project Management Plan are reviewed and approved. This is the phase where the final deliverables of the project are confirmed.

After all the deliverables of the project are created, the closing process group will provide the deliverables to the customer. Administrative and contract closeout procedures are used in order to formulate the formal acceptance of the product or service.

2.2 Advantages and Disadvantages...

Other Papers Like Risk Management In Projects

Foreign Exchange Risk Management In Banking Sector

7675 words - 31 pages whole project. By developing in iterations, software projects can limit effort wasted to a single iteration. Outsourcing could be an example of risk reduction if the outsourcer can demonstrate higher capability at managing or reducing risks. For example, a company may outsource only its software development, the manufacturing of hard goods, or customer support needs to another company, while handling the business management itself. This way, the

Overview of Risk and Quality Management in Health Care Worksheet

589 words - 3 pages University of Phoenix Material Overview of Risk Management and Quality Management in Health Care Worksheet The purpose of this assignment is to gain a broad perspective of risk management and quality management as applicable to all health care organizations, rather than focusing on a specific segment of the health care industry. Conduct research on the health care disciplines of risk management and quality management and

Risk Management Still at Rudimentary Stage in Nigeria’

1992 words - 8 pages Risk Management Still at Rudimentary Stage in Nigeria’ Deputy Governor, Financial System Stability, Central Bank of Nigeria (CBN), Dr. Chiedu K. Moghalu, recently spoke on “Risk-Ability: Risk Management Knowledge and Infrastructure for Nigeria’s Financial Services Industry,” at a Chief Risk Officers’ retreat. Obinna Chima, who was there presents the excerpts: Financial Crisis From the tulip mania in Holland in the mid-1630s to the

Risk Management: Role in Justice and Security Organizations

720 words - 3 pages Risk Management: Role in Justice and Security Organizations Introduction Risk, as it applies to justice and security organizations means “the uncertainty of financial loss, the variations between actual and expected results, or the probability that a loss has occurred or will occur” (Broder, 2006, p. 3). Businesses and organizations all across the country have risk management programs in place to help minimize losses. Risk most often is

Unit 305- Support Risk Management in Residential Childcare

3315 words - 14 pages Guided Learning Session Worksheet Item No….. Evidence generated from group discussion to support the knowledge Assessment Criteria Unit 305- Support risk management in residential childcare Outcome One. The Learner will understand requirements for health, safety and risk management in residential childcare settings for children and young people The Learner can - Assessment criteria 1. Summarise key points of the

The Role of Oil Futures in Risk Management

3654 words - 15 pages FInTHE ROLE OF OIL FUTURES IN RISK MANAGEMENT From: To: Senior Management - Airlines Company November 2011 0 University of Westminster - Westminster Business School International Risk Management COURSEWORK THE ROLE OF OIL FUTURES IN RISK MANAGEMENT Student: Student ID: Course: Word count: MSc. Finance and Accounting 2557/2617 1 EXECUTIVE SUMMARY In the world today, oil is being used as the main source of energy for a

Overview of Risk Management and Quality Management in Health Care Worksheet

729 words - 3 pages ------------------------------------------------- University of Phoenix Material Overview of Risk Management and Quality Management in Health Care Worksheet * The purpose of this assignment is to gain a broad perspective of risk management and quality management as applicable to all health care organizations, rather than focusing on a specific segment of the health care industry. * * Conduct research on the health care

Importance of Media in Risk Reduction and Management in Southern Africa

2921 words - 12 pages Q; Examine the significance of media in disaster risk reduction and disaster management in Southern Africa. In recent years a larger number of communities have had to bear the adverse effectsof hazards .The Southern part of Africa which is the study area of this script has experienced more frequent disasters most significantly droughts ,earthquakes ,fires and floods to mention but just a few.The media has however, intriguingly pulled an

Consumer Credit Scheme and Its Risk Management of Different Commercial Banks in Bangladesh: Implications for Ific Bank Limited Bangladesh

3244 words - 13 pages CONSUMER CREDIT SCHEME AND ITS RISK MANAGEMENT OF DIFFERENT COMMERCIAL BANKS IN BANGLADESH: IMPLICATIONS FOR IFIC BANK LIMITED BANGLADESH 1. INTRODUCTION AND BACKGROUND Credit is the means of investment made by the bank to the entrepreneurs and business community. Alternatively this is the way of channeling fund to the deficit units where various risks and uncertainties are involved. Therefore every decision on credit matter should be taken

Lab 7 Risk Management in It

752 words - 4 pages ------------------------------------------------- Project Project Title Transforming to an E-Business Model Purpose This project provides you an opportunity to assume a specific role in a business situation. You then apply the competencies gained in this course to develop a solution for a business problem related to an organization’s transformation to an e-business model. Learning Objectives and Outcomes You will be able to: * Gain an

Information Technology

1710 words - 7 pages Cooper, D. F., Grey, S., Raymond, G., & Walker, P. (2005). Project risk management guidelines: Managing risk in large projects and complex procurements. Hoboken, NJ: Wiley. Greenstein, M., & Vasarhelyi, M. (2002). Electronic commerce: Security, risk management, and control (2nd ed.). Boston, MA: McGraw-Hill. Marchewka, J. T. (2009). Information technology project management: Providing measurable organizational value (3rd ed.). Hoboken, NJ: Wiley

Related Essays

Risk Management In Projects Essay

3095 words - 13 pages RISK MANAGEMENT IN PROJECTS What Is Risk Management? Risk Management is the process of identifying, analyzing and responding to risk factors throughout the life of a project and in the best interests of its objectives. Proper risk management implies control of possible future events and is proactive rather than reactive. Proper risk management will reduce not only the likelihood of an event occurring, but also the magnitude of its impact

Using Engagement Through Change Management In Projects

2640 words - 11 pages Scott Metcalf OP-340: Prof Johnstone 6 August 2013 Using Engagement Through Change Management in Projects Change management is a process that manages modification of enterprise processes resulting from the project implementation. Subsequently, the change management process supports the acceptance, approval, and implementation of changes and process modifications. The change management process minimizes the impact of alterations, adds

Risk Management In Banking Essay

9309 words - 38 pages understanding so that it can be measured and mitigated. It also prevents an institution from suffering unacceptable loss causing an institution to suffer or materially damage its competitive position. Functions of risk management should actually be bank specific dictated by the size and quality of balance sheet, complexity of functions, technical/ professional manpower and the status of MIS in place in that bank. 1.2 INTRODUCTION Risk: the

Risk Management In Asia Essay

3996 words - 16 pages Risk Management in the Asian Banking Sector “What is the best strategy for the implementation of Enterprise Risk Management in the banking sector of the highly expansive but volatile Asian economy?” I chose to do an in-depth study of this area of risk management because as I am Australian, it is extremely important for me to start to fully understand the workings of our closest economic partner and the future of our economy which is driven