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Essay / Research Paper Abstract
A 4 page paper. Risk management is something every project manager needs to know about. This essay defines risk and discusses the importance of having a risk management plan. A method for quantifying risks is provided. The steps in a risk management plan are identified and discussed. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PGrskmg9.rtf
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Unformatted sample text from the term paper:
they may be major risks that will cause the project to fail. While risks cannot be eliminated altogether, the manager needs to develop a plan for identifying and managing those
risks that may occur. Risks also need to be quantified so the manager and the team will known how much any given risk will cost if it happens. This
essay defines risk and discusses the importance of having a risk management plan. A method for quantifying risks is provided. The steps in a risk management plan are identified and
discussed. Risks and Risk Management Business in and of itself involves risks every day. Organizations are challenged with both internal and external risks, some can be managed, some
can be minimized and some may be prevented. There are tools to estimate or gauge the degree of risk with any action. This is an important step in risk management
because it leads to insight about prioritizing known and unknown risks. A risk is defined as "the perceived extent of possible loss" (Mind Tools, 2007). Carbone and Tippet (2004) report
that risk is defined as "an uncertain event or condition, that, if it occurs, has a positive or negative effect on a projects objectives" (p. 29). Since risk is based
on perception, a difference of opinion may exist regarding a specific type of risk or its importance. The more complex the project is, the more risks it will be
challenged with. Krigsman (2009) commented that complicated, complex systems are far more likely to break down than simple ones. This is also true with any project. He also commented
that changes increase the probability of failure (Krigsman, 2009). This would suggest that it is crucial to plan these kinds of projects very well, to identify the possible risks involved
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