Project Risk Management

Essay by robinmercerUniversity, Bachelor'sC, June 2008

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Project management is a process of guiding a project from its beginning, through its performance stages and onto its closure. Before work can commence, the project must be planned, timeframes and budgets have to be allocated, and each phase has to be detailed. Initially, the Project Scope is defined and the appropriate methods for completing the project are determined. Projects serve a purpose to achieve results in a business and are (or should be!) short term but as most projects have unexpected challenges such as delays and changes to plan.

A project is a systematic operation and has 5 procedural steps which cannot change-•Conception of idea•Definition of project, develop it•Start, team formation•Perform the work•Closure of projectWe all use project management every day without recognizing it, planning a dinner party? This would be a project, and if the reader thinks about that, using the five steps above, a correlation can be made.

Even making a cup of tea is a project, simple as it sounds but it is, again using the above steps the reader knows that a cup of tea can only be made in a particular way, it is a systematic project!.

A project is created for a specific need, it would have been initiated by the person who highlighted the need or a concept in the first instance that could be anyone with influence, upper managers, dept heads or even the MD himself, and it is this which gets the ball rolling, so to speak. Of course failure has to be mentioned in this report, if a project is planned correctly however, then the risk of failure diminishes, therefore an actual plan is vital to success. The plan has to be a formal, approved document used to guide both project execution and project control. In project terms what...