Project Risk Management Project Management - 3143 Words

Project Risk Management Assessment Essay Student ID: 27465209 Word Count: 2997 MANG6143 Project Risk Management Prof Chris Chapman University of Southampton March 2015 Contents 1. Introduction 3 2. PART1: PUMP approach 4 3. PART2: Third phase in PUMP approach 9 4. PART3: Evaluation phase in PUMP approach 13 5. References 16 Introduction The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers c hoose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,Show MoreRelatedImportance Of Project Risk Management Project Management2916 Words   |  12 PagesWan The Importance of Project Risk Management Project management has become a really important aspect that companies have started to take advantage to have success in their projects. Within project management, there are ten areas that are specific to different parts of a project, such as communications, time, scope, and cost. This paper will focus specifically on one, known as project risk management. The reason why this area was chosen is because this area focuses on the risks that can occur outsideRead MoreProject Risk And Risk Management1412 Words   |  6 Pages1- Abstract: Project Risk is an undefined event that, if it occurs, has a positive or negative impact in the project’s results. There are two types of risks can affect the project, they are threats and opportunities. The first affects negatively and the second affects positively. These risks can be individual risks or overall project risk. The project risk management includes six process: 1- Risk Management Planning: Deciding how to plan and execute the activities. 2- Risk Identification: DeterminingRead MoreRisk Management Of A Project1504 Words   |  7 PagesRisk management to mitigate identified risks According to Pelletier Albright, 2010 (pp. 523-560), risk management in a project should create value by ensuring that the cost of mitigating the risk is less than the perceived risk. Also the mitigation process should already be a fundamental part of the organization. There is already a commitment to patient safety education as indicated in the Nurse Anesthesia trainee curriculum, however, the specific focus on near miss education and error managementRead MoreProject Risk Management1805 Words   |  8 PagesProject Final 1. Why should all projects include risk in their project planning? What are some of the drawbacks if risks are not considered? Technology projects worldwide are costing companies billions of dollars more than they budgeted for, and almost half don’t live up to the clients’ expectations (Kendrick, 2009). Newspapers and business trumpet few project successes, but a massive number of failures. As projects grow larger and more complex with every passing year, their outcome, bothRead MoreProject Management : Risk Management2441 Words   |  10 Pages1 Executive Summary Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to a project should that risk occur. Project managers should keep a watchful eye on all of the project s risks as they have a direct impact on a project’s cost, schedule, and performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are applied to monitor and track those events that have the potential toRead MoreProject Risk Management4330 Words   |  18 PagesPAPER ON :PROJECT RISK MANAGEMENT BY: DIPTENDU BASU PNR NO: 001 EXECUTIVE MBA (2012-14) ABSTRUCT Risk is everywhere. From driving a car to parachuting, risk is inherent in the activities we choose. Within a project, risks are unplanned events or conditions that can have a positive or negative effect on its success. Not all risks are bad, but almost all are seen as a threat. Even the most carefully planned project can run into trouble. No matter how well you plan, your project can alwaysRead MoreProject Risk Management - Holyrood Project5687 Words   |  23 PagesProject Risk Management | M3N313401-12-B | Group report    Jenna McCall : S1O21235 Adelle Kelly : S1023858 Angela Mitchell : S1034517 Luciano Farias : S1306729 Iaponaira de Abreu : S1306726 | Read MoreThe Role of Risk Management in Project Management1629 Words   |  7 PagesTHE ROLE OF RISK MANAGEMENT IN PROJECT MANAGEMENT Risk Risk is an uncertain event or a set of circumstances whose occurrence will have an impact on achievement of one or more of the expected project goal and objectives. Probability – A risk is an event that may occur. The probability of it occurring can range anywhere from just above 0 percent to just below 100 percent. Impact – A risk, by its very nature, always has a negative impact. However, the size of the impact varies in termsRead MoreRisk Management : Processes : Project Management780 Words   |  4 PagesRisk Management: Processes In project management, a ‘process’ is a series of steps taken to get from point A to point B while, ‘risk’ identifies issues that may arise and cause a project to fail. â€Å"Risk management is the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.† (Verzuh, pp. 99, 2012). Project managers need to take the lead when developing and training the team but, also chose wisely when planning, identifying, mitigating, andRead MoreProject Risk Management Plan1382 Words   |  6 Pagesï » ¿ Project Risk Management Plan PM/584 July 14, 2014 Project Risk Management Plan The purpose of the risk management plan is to identify any event or condition that may occur which could have a positive or negative affect on the project. Risks management is the process of identifying, assessing, responding to, monitoring, and reporting risks. The Risks Management Plan will define how risks associated with the Baderman Island Casino Hotel project will be identified, analyzed