Projects within an organization, like a tree, has grown and flourished immensely as time has passed. The roots of project management are deeply embedded into almost every aspect of our way of life. Each distinctive branch of any given project has opened doors and paved way for new growth and new ideas to better improve our already solid foundation of basic concepts of project management. Can a tree grow too tall or wide? At some point, should a tree be trimmed or cut back, redirected because of its interference with its surroundings? Though projects have significantly enhanced the social dynamic, enterprise and business, there are times that with its advances come risks that can either be positive or negative that call for a trim so-to-say. Like a well-kept tree, the project can bear fruit and/or beauty. It is without the care that this fruit becomes rotten, spoiling the very essence of its nature.
risk management is an ongoing process that continues throughout the project’s lifecycle. A risk could either be positive or negative in its nature. The positive risks can be seen as opportunities within the project. These opportunities could lead to new growth with the organization’s market, or even possibly grow the organization into a new market as well. The adverse risks within a project could be seen as a threat to a project that could hinder the project entirely. As a project manager, it is necessary to make sure that the risk management plan is in place and tailored during the planning phase of the project. In scenario three of the risk identification scenario worksheet, we see that the project was assigned to the project manager to better improve the product for the telecommunication company.
The Research paper on Project Risk Management – Fluidity in Risk Planning Case Study
Professor Hurst Fluidity in Risk Planning – A Case Study One of the most important steps within a project is risk management because it plans for and responds to risks that impact the overall project deliverables including budget and timeframe. Risk management is used to mitigate risk in ways that align with each individual risk and its potential impact. During the risk management process risks ...
A risk management plan could mitigate the risks identified in this scenario by applying a risk management process. The risk management processes consist of planning, identification, analysis, monitoring and control. The risks that have been identified within the product improvement project include: ignoring ideas from the sales team, changes in technology, scope statement is not clearly defined, market demands shift, and project funds are not clearly defined. The approach that the project manager should take for the risk management plan is to follow the risk management methodical processes which include planning, identification, analysis, monitoring and control. While following this process, the project manager will can tailor a risk management plan with his project team to address the risks that have been identified. The project manager for the improvement of the product project can start with the right documentation of the risks defined in this scenario. The way the project manager can document these risks would be by having a risk register.
The purpose of the risk register is a tool used by project manager’s to identify the risks and includes the information such as risk probability, impact, counter-measures, and the risk owner. The risk register typically contains the following information: the description of the risk, the effects of the risk, the probability of the risk, a summary of the action to take if the risks occurs, and the steps taken in an proactive light to reduce the probability and/or impact of the event. This tool will allow the project manager for the improve for a better product project to identify the risks and monitor the actions to take either being proactive or reactive to make sure the risk is handled properly so the project will still be a success.
The Term Paper on Project Management For Information Systems
... project manager plays a central role to ensure that IS projects facilitate this need (Sumner, M 1999). Project Management Success requires excellent project management. ... The first step of any project plan ... cost and risk, with a possible harmful effect. Identifying radical changes ...
As we can see that within a the project to improve for a better project, the project manager most have a well document risk management plan to make sure the project is successful. The risk management plan will allow for the project manager to monitor and control the risks identified either being a positive or negative risk to the project. The project manager must follow the risk management plan methodologies to make sure that the actions are taken in a proactive approach to reducing the probability of the risk to occur. As you can see that projects within an organization, like a tree, has grown and flourished immensely as time has passed. The roots of project management are deeply embedded into almost every aspect of our way of life, but without having a plan to make sure the tree doesn’t become rotten or dead we most expect to be proactive to eliminate any opportunity or threat that would hinder the process.
