Term Paper on "Project Management: Managing Risk"
Term Paper 3 pages (1198 words) Sources: 1+
[EXCERPT] . . . .
Project Management: Managing RiskProject management is defined as "a set of activities which has a defined start point and a defined end state and pursues a defined goal" (Slack, Chambers, Harland, Harrison, & Johnston 1998, p. 589). The challenge of project management is to ensure that the project achieves the defined goal. The major problem of project management is that there is a lot of uncertainty involved in getting from the start point to the end point. Project management means getting from point a to point B. successfully, but there is never a clear path to point B. The project manager has to manage uncertainty to make it most likely that point B. is reached. One source describes this effective saying,
The role of project management is to assist in turning uncertain events and efforts into certain outcomes and promises. If this is the case, then the primary process associated with project management should be that of risk management (Focused Performance 2005).
This shows how risk management is a key part of project management. The processes of risk management will now be discussed further.
Risk management is a process that involves measuring risk, assessing risk, and finding ways to manage identified risk. Before anything can be done about risk though, it is essential that risk is first identified. The alternative is that you assume that the project is going to proceed smoothly. However, while these kinds of false assumptions can initially make a project seem simpler, they only make the outcome harder to reach when problems do occur. In short, to prepare for and minimize risk, you first have to know about the risk. Daf
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The next consideration is how risks can be identified. This can start with a simple process of considering a project and listing everything that could be a barrier to its completion. This can be a starting point, but may not ultimately be useful. After all, there are an unlimited number of things that can theoretically prevent a project from proceeding effectively. It is not feasible to suggest that every possible problem can be prepared for. Another way to manage risk is to consider all the steps necessary to successful completion of a project and then determine what can prevent each step from proceeding. In a complex project, this can also mean determining the steps of a project that are the most critical to a… READ MORE
Quoted Instructions for "Project Management: Managing Risk" Assignment:
The paper must contain examples of your personal experiences and thoughts throughout the paper. Do no wait until the end of the paper and throw in a summary of your own. Each relevant point brought up during the paper should also contain a personal reference from you the author.
This paper must be project management ***** - below is a list of possible topics (pick any of them)
o Risk Management
o HR Management
o Team formation/development
o Project Management Data Base/Information System
o Communication Management
o Activity and Cost Estimation Techniques/Issues
o Project Selection
o Quality Management
o Project/Product Methodologies
o Maturity Models
o Project Manager skill set requirements
o Stakeholder Analysis
o Scope Management
o Time Management
o Cost Management/EVM
o Procurement Management
o Conflict Resolution
o Portfolio Management
o Critical Chain Scheduling
o Strategic Outsourcing
o Integrated Change Control/Configuration Management
o Schedule development mathematical analysis techniques (CPM, GERT, PERT) and simulation
o Managing virtual teams
How to Reference "Project Management: Managing Risk" Term Paper in a Bibliography
“Project Management: Managing Risk.” A1-TermPaper.com, 2005, https://www.a1-termpaper.com/topics/essay/project-management-managing-risk/451110. Accessed 5 Jul 2024.
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