ITPM 619 American InterContinental Risk Management Tools Paper

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Business Finance

itpm 619

American InterContinental University

ITPM

Description

For DB assignment prompts with a Part One and Part Two, Part One should be addressed and is achieved with 3–4 strong paragraphs for each part addressing the same questions below from different respectives.

Along with techniques, assessments, and rankings, there are risk management tools, both computer-based and handwritten. Describe how risk management tools are used, either individually or as part of a larger project management software system.

  • In view of the fact that there is a preponderance of computer-based tools, do you think that project managers can get lost in the software and miss particular risks within a project? Why or why not?
  • How useful are these tools at monitoring, controlling, scheduling, and risk management?

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Explanation & Answer

Attached.

Running Head: RISK MANAGEMENT TOOLS

Risk Management Tools
Student's Name
Institutional Affiliation
Date of Submission

1

RISK MANAGEMENT TOOLS

2
Risk Management Tools

An individual who consents to an idea that anything can go wrong in a project is an
effective project manager. Risk is an essential part of project planning and should be included in
the planning process of any project as it is a preventive cause of action. In particular, problems
will inevitably arise during project completion and thus a good project manager needs a
mitigation strategy in place to ensure that risks are identified and managed before they can ruin
the successful implementation of a project. Therefore, project risk management is a critical
aspect in project management and denotes the process of identifying, examining, and reacting to
any risk that may arise in the life cycle of a project to ensure the project remains on track and
meet its objectives and goals. Risk management should not only be reactive but also be part of
the planning process to recognize risks that might occur if they happen. A risk is anything that
can substantially affect the project's performance, timeline, and budget, and thus so many tools
have been developed to address such risks. Risk management can include extensive detailed
planning for each risk to ensure that elimination strategies are developed and implemented if
such issues arise in large projects. On the other hand, in small projects, risk management might
encompass a simple prioritized list of the low, medium, and high priority risks. Some of the risk
management techniques comprise the SWOT Analysis, Capital Asset Pricing, cost risk
identification and management system, Risk AoA, Probabilistic Risk Assessment (PRA), and
Reference Class Forecasting (Cervantes-Cabrera & Turrent, 2018).
In light of the numerous existing risk management tools, unfortunately, many project
managers do not fully understand the concepts of the fundamental risk thereby utilizing incorrect
techniques in preparing and executing risk management plans. In some cases, project managers
have been overwhelmed by the software which has made such managers miss out on some risks

RISK MANAGEMENT TOOLS

3

within a project, a factor that has significantly resulted in the failure of many projects. I...


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