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Running head: PROJECT RISK MANAGEMENT
Project Risk Management
PROJECT RISK MANAGEMENT
Project risk management aims to reduce the likelihood of failure of the project. A risk is
defined as an uncertain condition or event that can have negative or positive impacts if it occurs.
Although all projects are intended to succeed and have positive outcomes, various risks may
arise, as a consequence of the project, or risks that may occur from project implementation. The
level of project risk management within an organization is a key factor determining the success
and performance of a project. Organizations, therefore, need to have an established risk
management team to manage the various risks and uncertainties that may occur throughout the
project life cycle. Many organizations have had their projects achieving different positive and
negative results, all of which have been attributed to project risk management. Project risk
management entails risk identification, the probability of occurrence, assessment on the possible
impacts of the risk, as well as identification of mitigation measures to reduce the likelihood of
occurrence and impacts of the risk (Cervone, 2006).This paper analyzes the risk management of
project Gigaton by Walmart Inc. as part of the organization’s sustainability, aimed at resolving
environmental and social issues in a manner that assists the society, while still strengthening
business activities in the process.
Walmart launched the project Gigaton, a sustainability platform which invites suppliers
to join Walmart in obligating to reduce the emission of greenhouse gas which results from the
suppliers’ operations and the entire supply chains. The project Gigaton entails issuing suppliers
with an emissions reduction toolkit with a target to slash one gigaton of emissions by the year
2030 (Galik, Murray & Parish, 2017). According to Walmart, achieving this target is equivalent
to getting rid of 211 million passenger vehicles from the American highways and roads in a
single year. This project can be a risky one for Walmart stores, given that it relies on other
companies on the supply chain, including manufacturers, distributors, and suppliers to function
PROJECT RISK MANAGEMENT
effectively. The success of Walmart i...