Risks in Project Management

Paper Summary:

The paper explains the elements of the project risk management process that aims to minimize project risk and discusses the value of a detailed and concise risk register. The paper then discusses the importance of breaking down risks and categorizing them as to their impact and likelihood in affecting project completion and identifies four ways to handle risks. The paper looks at the positive outcome of risk management and concludes by answering the question posed at the start of the paper, namely, to what degree is it possible to meaningfully manage risks in project management. The paper asserts that one can manage risks to the degree the project manager and the project team prepared their project management plan to the minutest detail possible.

From the Paper:

"When there is an absence of threat or vulnerability, it is said to be risk-free. In project management, the astute project manager endeavors to mitigate the risks involve in implementing a project but doing so goes only as far because there is no such thing as a risk-free project. Risks are typically unforeseen events, which can cause adverse impact to any project. Risks can happen to any one of the major parameters of a project namely its schedule, scope, resources and quality. (Smartworks, 2003) The best way to humor the existence of risk is to always think about Murphy's Law, "If anything can go wrong it will!" Thus, a prudent project manager will always perform risk management and analysis in all aspects of the project life cycle whether it is in the initiation, planning, execution, monitoring and control, and closeout phases. This is not to say that the project manager is being paranoid but rather he or she is performing due diligence to ensure that the project will encounter risk that is no more than necessary."

Sample of Sources Used:

• Kindinger, John P. & Darby, John L. (2000, Sept.). Risk factor analysis--A new qualitative risk management tool. [Online] Retrieved Feb. 22, 2008 from the Website: http://www.lanl.gov/orgs/d/d5/documents/risk-fact.pdf.
• Mulcahy, Rita. (2006). PM crash course: Premier edition. Minneapolis, MN: RMC Publications, Inc.
• Orr, Alan D. (2007). Advanced project management: A complete guide to the key processes, models and techniques. Philadelphia, PA: Kogan Page US.
• Project Management Institute. (2004). A guide to the project management book of knowledge: PMBOK guide. (3rd ed.). Newtown Square, PA: PMI Publications.
• Smartworks. (2003, Oct. 14). Managing risks in your project - A practitioner's approach. [Online] Retrieved Feb. 22, 2008 from the Website: http://www.smartworks.us/datasheets/managerisks.pdf.

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