Project Risk Management Research Paper, management homework help

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Business Finance

Description

Subject: Information System - Project Management 

Research topic: Project risk management 

Research on:

  • how to identify and predict risk/ unexpected incident
  • evaluate risk 
  • risk response planning 
  • risk register 
  • & any other topics related to project risk management 

Also utilize this example in the research paper: planning a field trip for CSSA (Chinese Student and Scholar Association)

**Requirement: 10 pages (includes cover page & bibliography page), APA style, minimum three sources. 


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Explanation & Answer

Running Head: PROJECT RISK MANAGEMENT

Project Risk Management
Name
Instructor
Institutional Affiliation
Date

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PROJECT RISK MANAGEMENT

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Introduction
Risk is defined as any situation that entails exposure to danger. It can also be defined as the
possibility and likelihood that something bad will happen. An occurrence of risk is hazardous
and can cause negative impact. Many companies are vulnerable to risk occurrence and some of
these risks can be controlled and prevented while others cannot be prevented. Controlled risks
are those risks that can be managed and prevented: they include chemical threat, explosion, cyber
attacks and power service disruption. Uncontrolled risk also known as natural hazards are the
types of risks that occur naturally and can neither be controlled nor prevented. These risks
include; hurricanes and storms, floods, earthquakes, damaging winds, drought, tsunamis, hail and
tornadoes among others. Therefore, in order to manage the occurrence of such risks (especially
the controlled risks), companies and institutions engage in the risk management process (Hillson,
& Simon, 2012).
Risk management is a process that entails the identification, evaluation, assessment and
avoidance or minimization of risks. Companies can use various techniques when implementing
the risk management process and these techniques include; risk assumption, risk retention, risk
avoidance and risk transfers. Companies have their set goals and objectives that they are
planning to achieve after a predetermined duration of time. In this case therefore they engage in
the risk management process because it enables them identify the potential risks and manage
them before they cause hazardous effects (Hillson, & Simon, 2012). Risk management enables
companies to plan their projects by identifying and listing external and internal risks and also
effectively use their resources.

PROJECT RISK MANAGEMENT

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Project risk management is a key element of project management. Project risk refers to an
uncertain condition or event that, when it occurs, has either negative or positive effect on a
project’s goals. A good project risk management is subject to organizational factors, such as
technical analysis and clear and defined roles and responsibilities. This management process
often starts with identifying a threat or an opportunity. It is also possible in some instances to
start an analysis of alternatives, creating cost and development measurements for potential
solutions (Team, 2014).
Risk Analysis
Risk Analysis entails various components that entail risk assessment/evaluation, description, risk
management, risk communication, and issues, procedures and policies associated with risk. Risk
assessment encompasses risk identification, evaluation and measurement of the severity of risks.
Risk management on the other hand entails the measures put in place to minimize and/or prevent
the occurrence of risk. Risk analysis can come in two forms, that is; qualitative or quantitative.
Quantitative risk analysis entails the process of calculating and measuring numerical variables
and likelihood over the probable effects, and qualitative risk analysis entails the use of words to
defined and evaluate risk and present them in a written format.
Qualitative risk analysis
Qualitative risk analysis is a project management method that entails defining the probability of a
risk situation occurring and the consequences the risk will have in the event it occurs. All
different types of risk have probability and impact. Impact refers to the implication of the
impacts of the risk event. Impact basically affects some parts of the project constituent, such as;

PROJECT RISK MANAGEMENT

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the project budget, schedule, deliverables, resources, quality, costs, performance and scope.
Probability on the other hand is defined as the chances that a risk incident will occur.
Qualitative techniques
There are various types of methods that can be used when performing risk analysis in order to
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