Project Risk Management

Paper Summary:

Using the ABI company as a case study, this paper explains that not all the potential risks on a project can be prevented; however, it is practical to implement audit checks to track the project's performance. The author points out that, during the project audit process, project managers should evaluate if the overall goal of the project was delivered, what worked and did not work, how well the project team functioned together and lastly what could be done differently on future projects. The paper relates that a project closure checklist, in addition to identifying outstanding issues, can present a forum to discuss lessons learned and can be used as the official notification that the team is being dispersed.

Table of Contents:
Management Responses
Weighing of Perceived Risks
Looking to the Future
Measuring Project Performance
Project Closure
Conclusion

From the Paper:

"A critical risk manifested in the second month of the implantation process of the Integra project. Employees who were assigned to the Integra project on a part-time basis had ignored their regular duties and missed several internal deadlines. The Integra project manager had the responsibility to manage the project but not the authority to manage the team members assigned. "Project managers are not typically assigned the authority or status to manage their team members, who will still be organizationally attached to functional groups elsewhere in the organization." The crisis was not avoided because leadership qualities that would have ensured both the normal duties and the project duties were being completed."

Sample of Sources Used:

• ACL Services LTD (2002). Mergers and Acquisitions. Retrieved October 11, 2006 from info@acl.com.
• Bourne, L. & Walker, D.H.T. (2004). Advancing Project Management in Learning Organizations. The Learning Organizations, 11 (3). Retrieved October 8, 2006, from ProQuest database.
• Business development capabilities in information technology SMEs in a regional economy: an exploratory study (2006). The Journal of Technology Transfer, 31 (1). Retrieved October 9, 2006 from from RDS Business Reference Suite database.
• Dudley, Edward M. (2000). Adventures in Mergers/Acquisitions & Joint Ventures. Retrieved October 11, 2006 from http://www.aicpa.org/pubs/cpaltr/apr2000/supps/audit1.htm.
• Gaudin, Sharon (2202). Network Security Risks of Mergers Too Often Ignored. Retrieved October 9, 2006 from http://itmanagement.earthweb.com/secu/print.php/1452681.

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