Risks in Project Management
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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.
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.
Cite this Term Paper:
Risks in Project Management (2009, January 02) Retrieved January 25, 2021, from https://www.academon.com/term-paper/risks-in-project-management-110921/
"Risks in Project Management" 02 January 2009. Web. 25 January. 2021. <https://www.academon.com/term-paper/risks-in-project-management-110921/>