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Essay / Research Paper Abstract
This 4 page paper looks at risk in the context of project management, discussing what is meant by risk, how firms may identify it, who is responsible for its' management and the costs, the negative impact of risk assessment and the final part of the paper considered whether risk can ever be assessed unemotionally. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEprorisk.rtf
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Unformatted sample text from the term paper:
any project will have risks. Risk management involves assessing the potential risks and where the risk is unacceptable taking measures to reduce exposure to that risk, mitigate or compensate for
that risk. In IT project management there will be risks which are general to all or a large proportion of projects as well as risks which are specific to IT
projects. Identifying risk The first stage of risk management is identify potential risks. There are a number of ways that this can be achieved using different inputs from staff
or those involved in the project. Two modles which can be used are HAZOP and HAZIM models. HAZOP and HAZIM are short for HAZard and OPerability study and HAZard
and IMplementation study. These can be used to identify and work around different factors. These are similar models, one looks at the risks of a projects operation and one at
the implementation (TNO-MEP, 2003). The system of HAZOP was first introduced in the 1970, when it was used by ICI engineers in the UK (TNO-MEP, 2003). The method used with
HAZOP is to study a project, usually the design of a facility, and the impact of deviations from the design, but can be used for any project. A team is
put together with experts from a range of disciplines that will have knowledge of some part of the project. The system is then one which is similar to guided brainstorming
(TNO-MEP, 2003). The leader of the group will make use of key words (nodes), on which any deviations from the given values will be considered for the impact that
the deviation will have. To have these the members of the team will need to understand the process as it has been described and the normal parameters within which it
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