Evaluation Of A Project On Risk Management

Working to understand the risks a project may endure along with the cost associated is critical in every project management plan. Understanding potential risks based on the project type, resources needed, timeline and budget still leaves gaps that creates uncertainty for actually predicating the outcome of the project. There is not a true way to predict when and where a project risk will occur but designing a plan to properly address and manage those risks will increase confidence while eliminating the element of surprise.

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

For example, a repair project that would better the environment could not occur for an extended period due to a delay.

Produce an environmental audit, and report assessing the potential environmental impact of the proposed project on the local Natural Environment.

In order to perform project risk management effectively, the organization or the department must know the meaning of the risk clearly. With regards to a project, the management must focus on the potential effects on the objectives of the project, for example, cost and time (Loosemore, Raftery and Reilly, 2006). Risk is a vulnerability that really matters; it can influence the objectives of the project

Definition: A Risk is an unwanted situation which might arise in an organization which might lead to negative impact on the desired result. Risk management plans involves the analyzing, managing and evaluating the projects risk and threats. It involves layout of the entire project i.e from the beginning during and after results of the project.

This project involved multiple parties with differing values, interests and opinions. A breakdown in communication, transparency, and collaboration delayed the project from the beginning. Each group fought for their own interests causing conflicts which hindered the progress of the project and negatively

might include whether or not the project is a mandate, the value it brings to the

Preparation of approval applications, project submissions and scoping documents in liaison with stakeholders including negotiation of service agreements; and

Mitigate: Work with drawings to make sure they are accurate and complete. Carry out necessary survey if needed. Intensify pre-qualification and selection or qualified designers and contractors.

Project Risk Management – identifies potential risks (good and bad) that can affect the objectives of the project.

Project Manager – Accountable for the planning of risk and ensuring the risk management plan is implemented and adhered to; identify key personnel to carry out risk manager roles; and be involved in the identification, analysis, responses, monitor and control of all identified risks; and further establish a framework for unidentified risks.

Furthermore, this informal initiation of the project may also affect the execution requirements and priorities are also taken into consideration in a very informal way by the organization. This leads to altering the priorities of resources which might negatively impact the execution of

involved, and IRB representatives who will consider the projects based on the overall goal, unbiased by the

These projects aim to provide development in the society. But they too, were under criticisms because of their negative effects on the environment.