Managing Projects Essay

576 words - 3 pages

Deliverable 4: Risk Management

Table of contents

1. Introduction

2. Scheme Used for Risk Management.

3. Risk Management Strategies
3.1. Risk Register
3.2. Risk Treatment

4.Risk management incorporated as activities in project

5. Others

1. Introduction.
It should not surprise to anyone that the concept of risk and its identification, management and control risk will be one of the major forces the project stakeholders. We will need to collectively address and acknowledge by all the project stakeholders to the project all exist in an climate of change-and change brings with it one constant :risk.

The goal of risk management is to ensure that a suitable risk response mechanism is put in place to reduce the resulting consequences in the project.

2. Standard Used for Risk Management Process.
Standard "AS/NZS ISO 31000:2009 is used for this proposed project to mitigating ...view middle of the document...

Because projects manage change from the concept stage through to the finalisation stage, risk is not restricted to any particular stage in the project life cycle.

We have taken considerable actions to reduce the level of risk of this project. During the project cycle, we will have ongoing monitoring and management and actual treatment as and when necessary to eliminate the risk. Risk treatment will be included in “Standard operating procedures” and also assign responsibility appropriately. We have developed the mechanism to check that treatment actions are carried out throughout the project cycle.

4.Risk management incorporated as activities in project
Risk management is a life cycle perspective. Consider the changing make-up of the project team throughout the project. It is incorporated as activities in project. Given the increasing demands being placed on project personnel in most walks of life these days, it would be a wise project manager and/or stakeholder who assess this source of risk to the project throughout the life cycle. This action can be managed of the risk continually.

Project Manager and team have to communicate the risk to the stakeholder during every stage and never forget to experiment with the schedule by factoring in the risk consequences. Risk assessment and its management is a proactive step performed in advance of the reality hitting the project.

Ongoing risk management tasks using the range of tailored response or control basic strategies to enable Project manager to manage the risk. These will allow Project manager to accept, mitigate, eliminate/avoid, transfer or share the risk.

5. Others
The scope, magnitude and impact of risk are dynamic, may change throughout the life cycle of project. We have attempted to remove the subjectivity from both probability and consequence estimates. The management of risk have been assigned to authorised stakeholders to be managed effectively. We will review and possibly update the risk management strategies to the project throughout the life cycle.

Other assignments on Managing Projects

Hotel Manahement Essay

490 words - 2 pages forty years ago to facilitate establishment and determination of the most appropriate techniques of managing projects. Earned value also helped in determining the success of projects at their early stages. I would also assert that earned value management can also be used to track expenses incurred during implementation of projects as well as to communicate the status and progress of projects. Through earned value management, project managers are

Risk Management Essay

888 words - 4 pages “Risk Management on a Satellite Development Project” Case Study #3 Tammie Y. Harris Professor Dr. Mary Hair Collins Managing Human Resource Projects- HRM517004VA016-1128-001 December 5, 2012 1.) Suggest the issues that could have developed had the team not had a risk plan. The prime factor of project team failure is poor overall initial planning. When unrealistic goals are set, creating a chaotic working atmosphere there

Inner City Paint Corporation

335 words - 2 pages sales man because he feels that other employees can not be trusted. Having all these responsibilities he has been unable to detach himself from any detail of the operation and cannot properly delegate authority. Managing of the plant is the sole responsibility of a young man in his twenties who has very little experience. The only experience he has is that of a painter. He has no management skills other than the eight months he has been employed by Walsh. The biggest problem that Inner-City paint has is customers have reliability issues with them and lack confidence in them finishing big projects in

Essay1

529 words - 3 pages years are communication, presentation, leadership, and energy. I am a strong verbal communicator and enjoy working in teams. I am a natural leader and enjoy presenting projects and being part of a project from start to finish. I love being creative and have a think outside the box attitude. I bring energy to the team and am a catalyst. Having participated in a two different Charrette’s– collaborating with different students from around the world

Eurolands

2666 words - 11 pages Rhine Rivers. The European Community directives called for any wastewater containing even minute traces of poisonous chemicals to be treated at the source and had given the companies four years to comply. This project is classified in the environmental category. The seven and eight projects deal with market expansions southward and eastward. Marco Ponti, managing director of sales recommended that the company expand its market southward to

Unit 16 Task 3

1556 words - 7 pages their own projects is produce a detailed report in which you assess the importance for them, of measuring and managing employee performance at work. In this report you must: • Make judgments about the value of monitoring and managing employees (give examples of businesses that do this well and not so well) • Contrast the benefits of performance management with the consequences of failing to manage performance • Explain the

Project Management

1846 words - 8 pages ) the "Critical Path Method" (CPM) developed in a joint venture by both DuPont Corporation and Remington Rand Corporation for managing plant maintenance projects. These mathematical techniques quickly spread into many private enterprises. At the same time, technology for project cost estimating, cost management, and engineering economics was evolving, with pioneering work by Hans Lang and others. In 1956, the American Association of Cost

Project Management In Public Sector

3603 words - 15 pages all project managers in today’s economy. Few projects anymore are carried out entirely with the resources of the organization completing the project. In our outsourcing happy world, we have to live with the reality of procuring external resources and managing vendors. The PMBOK does a nice job of laying out the core processes as I’ve summarized below, but I’d like to cover one of the most important soft skills every good project management leader

Project

1063 words - 5 pages Identify the common roles in a human resource project. Then, analyze these roles to typical human resource functions. Projects come in many different sizes depending on the requirements of the particulars needed to complete a project. There are small projects that require very little organization. Within a small project there may be a primary sponsor, project manager and a project team. Then there are larger projects, there is more

Asean Integration

1621 words - 7 pages 1995, Laos and Myanmar on 1997, and Cambodia on 1999. 3) ASEAN and its influence The ASEAN turns fifty (50) next year. Over its nearly fifty (50) years of existence, the ASEAN strives to reach its goals is through the creation of treaties or agreements. Multiple treaties have been signed and implemented. Among these are the following: (A) ASEAN industrialization Projects Scheme (AIPS), (B) ASEAN Industrial Complementation Scheme (AICS

Eurotunnel

3756 words - 16 pages implementation of projects. However large organisations such as the central bank of Brazil, Intel, Eurotunnel and many others have a lot of individual projects to implement in the organisation with limited resources. The process of managing this group of on-going, interdependent, related projects in a coordinated way to achieve strategic objectives can thus be called Programme management. Programme management has become a very important discipline because it

Similar Documents

Common Elements Described In Theories/Philosphies Of Case, Kouzes And Drucker

458 words - 2 pages . Experience in managing projects As the Staff Officer for (DISO-A), I was responsible for developing and managing the implementation of submitting the NATO Medal Award suspense roster. This would ensure all personnel authorized to receive the NATO Medal would be awarded it prior to departure from theatre in a timely manner. I also managed the weekly submission of the In/Outbound Roster to the DISO-A Chief, J1 Rear, and anyone else deemed necessary

Limpopo Teat Paper

420 words - 2 pages plan benefits management of projects. [10] b) Develop a WBS for a project in which you are going to build a bicycle. Try to identify all of the major components. [15] QUESTION 3 a) Explain what is meant by an integrative approach to project management. Why is this approach important in today’s environment? [10] b) Explain the mechanisms that are used to sustain the culture of an organization within the context of project management. [15] 2

Top Five Management Challenges Essay

871 words - 4 pages Project Management Office. This kind of innovative training method brings project managers and their teams into a classroom where they learn the process of managing projects and also immediately apply it to an actual project they are working on. 5. TRAINING OF PROJECT SPONSORS Training project sponsors on their role in ensuring project success helps the project manager and increases the likelihood of project excellence. This type of training

Project Managment Essay

288 words - 2 pages Managing Strategic Business Projects Case Study: Oilwell Cable Company A. Review Questions A.1. College of Business If Norm chooses to go ahead with the microprocessor conversion on the machinery without passing it by the team, what are the potential conflicts that might arise? What are the advantages of such a move? If Norm decides to put the decision to the appropriate production team, what are the potential problems? What would be the