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Good project risk management depends on supporting organizational factors, having clear roles and responsibilities, and technical analysis. Chronologically, project risk management may begin in recognizing a threat, or by examining an opportunity. For example, these may be competitor developments or novel products.
3. Better Productivity. Project management is important because it ensures there’s a proper plan that outlines a clear focus and objectives to allow the team to execute on strategic goals.
Project risk management must be considered at the different phases of acquisition. At the beginning of a project, the advancement of technical developments, or threats presented by a competitor's projects, may cause a risk or threat assessment and subsequent evaluation of alternatives (see Analysis of Alternatives).
Moreover, according to the Project Management Institute, a risk is "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives". [1] Risk is inherent with any project, and project managers should assess risks continually and develop plans to address them.
Currently, the Project Management Institute (PMI r) has a team of SMEs working on a Practice Standard for Risk Management. This team has identified one very good tool: the Risk Breakdown Structure (RBS). The RBS helps the project manager, the risk manager, and almost any stakeholder to understand, and therefore be able to identify and assess risk.
It typically fits into a larger risk management framework. Diligent risk analysis helps construct preventive measures to reduce the probability of incidents from occurring, as well as counter-measures to address incidents as they develop to minimize negative impacts on the organization. A popular method to perform risk analysis on IT systems is ...
Kendrick's coverage of risk, and more prominently uncertainty, is complete in a general fashion focusing a majority of his discussion on risk in projects due to poor planning and change management processes. He uses a collection of project elements from various projects his clients have conducted.
The risk management processes of corporations worldwide are under increasing regulatory and private scrutiny. Risk is an essential part of any business. Properly managed, it drives growth and opportunity.
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