Research Proposal On Project Risk Management

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 following essay has been written by analyzing the risks associated from the construction managers/ project managers’ point of view. Citing the possible risks associated while working on international or varied geographical location. Risks are associated with almost all levels of the project life cycle and is mutually shared and mitigated by all parties employed within the construction industry. There are many evidences to state that poor risk mitigation leads to poor performance and hence establish risk management processes and practices are required to be adhered to in order to turn any project’s outcome into a success.

The paper is divided into three sections, the first of which will establish a timeline of events. This project background will serve as a case study for the analysis in the following section that will be structured such that each of the previously mentioned facets will be independently analyzed and contrasted with project management principles. Finally the paper will conclude with a summary of the analysis and recommendations based on

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

There are many risks that can occur during any project, this is why it is important for the project manager to be on top of the tasks at hand. In the Wilmont’s and Dronetech project combining two companies to make a brand new product can already be complicated enough. When the company sets more guidelines in the project like the budget, timeframe, and customer expectations can make it even more difficult to get the job down. This is why having a project manager and a worthy team behind them to get the job done within all the requirements.

Improvements are often possible, even when a project is to cost, quality and scope. (Shahu et al, 2012) This would be hard to prove, as repeated experimentation is rare due to the difficulty in creating exactly the same environment more than once. So a large-scale study would be needed. Until such a study has taken place, it is safe to assume that if project risk management brings benefits to projects, it would bring extra benefits to successful projects. (Shahu et al, 2012) This would be by being able to exploit and mitigate risks, issues and opportunities early, as well as increasing the accuracy of predictions which assist decision making.

Cooper, D.F., Grey, S., Raymond, G, & Walker, P. (2005). Project risk management guidelines. Retrieved from The University of Phoenix eBook Collection database.

The term risk has been defined in so many ways by many scholars. The term ‘risk’ itself is very broad to interpret. However, risk is often defined as a threat and it usually brings negative impacts to a person or an organisation. Hansson (2005) claims that many attempts have been made to define risk in a single meaning and eliminate other definitions which are futile and a form of ‘linguistic imperialism’. Since there is no exact meaning of risk, people describe risk based on their own perceptions and purposes. Perminova et al. (2008) and the Association of Project Management (APM) define risk as an uncertain event and exclusively negative (APM, 2006). Ward and Chapman (2003) recommend that project risk management (PRM) is categorized as project uncertainty management. Nonetheless, the term ‘uncertainty’ again brings confusion as there is no single meaning that can successfully define it (Perminova et al., 2008). On the contrary, Kaplan and Garrick (1981) define risk according to public’s risk perception. There are three criteria suggested by the authors such as the failure of that particular event, its tendency as well as the impact of the failure. Although there have been countless struggles to picture risk in a proper way, it is best that the focus should be diverted to a more important issue which is how to manage risk instead of defining it as time may not be on our side.

I am creating an office automation plan for the company EMD Chemicals who specialize in making pigments for paint. This company has been having problems relaying office information needed to accomplish basic task so that is why I am proposing my system.

Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements (Project Management Institute, 2008; Gordwin, 2012). When applying this knowledge effective management of appropriate processes is required. Risk Management is considered most critical and includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The purpose of the risk management plan is to establish framework in which the project team will identify risks and develop mitigation strategies to avoid, eliminate or convert to

Flyvbjerg, B (2006). From Nobel Prize to Project Management Getting Risks Right. Project Management Journal, 37(3), 5-15. Retrieved November 1, 2006, from ProQuest databaseJust, M.R., Murphy, J. P. (1994). T

Risk allocation is performed as part of the development of the project structure, which takes into account the distribution of responsibilities and risks during the planning, construction, financing and operating phases (Corner, 2006). The aim is to identify an efficient and effective structure that optimises the costs of the project and ensures that the risk occurrences do not damage the project (Delmon, 2009). According to Grimsey and Lewis (2007) risk allocation has two elements: optimal risk management and value for money. The first implies that the

This assignment is included in the 2014 session of the Risk Management module of the MSc in Project Management course at University of Aberdeen. The main purpose of the assignment is to demonstrate my understanding of the issues involved in Risk Management and how they are applied in my current Project environment. The assignment is split in to two questions as detailed below.

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 choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

The job title is used in construction, petrochemical, architecture, information technology and many different industries that produce products and services. The project manager must have a combination of skills including an ability to ask penetrating questions, detect unstated assumptions and resolve conflicts, as well as more general management skills. Key among his or her duties is the recognition that risk directly impacts the likelihood of success and that this risk must be both formally and informally measured throughout the lifetime of the project. Risks arise from uncertainty, and the successful project manager is the one who focuses on this as the main concern. Most of the issues that impact a project arise in one-way or another from risk. A good project manager can lessen risk significantly, often by adhering to a policy of open communication, ensuring every significant participant has an opportunity to express opinions and concerns.The study will be restricted to the role of project management in construction industry only. It is very much possible that some of the respondents may give the incorrect information.