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Essay / Research Paper Abstract
This 3 page paper considers the subject of project risk management, looking at what it is and what is important, and justifying the need for a larger paper on the subject of project risk management. The bibliography cites 7 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEpriskstudy.rtf
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Unformatted sample text from the term paper:
the project on budget and a failure to deliver a project that is of the right quality and meets the goals set for it (Heerkens, 2001). This is true whether
it is a small low cost IT project in a single office or a multimillion dollar construction project. Where a project fails there are both direct and indirect costs, the
costs associated with putting right failures as well as the opportunity costs, which may include damage to reputation and lost sales or revenues. The range of risks faced by each
project may vary, but as with any practice of due diligence it is necessary for project managers to consider these risk and seek to minimise or mitigate their impact, or
where this is not possible to undertake contingency planning in case a risk is realised (Mintzberg et al, 2008). The concept of risk management has been accepted by many
scholars and practitioners as an essential part of project management, risk and risk management may be defined as "Risk is the threat that an event or action will adversely affect
an organisations ability to achieve its objectives and to successfully execute its strategies. Risk management is the process by which risks are identified, evaluated and controlled." (Shildon Town Council, 2008).
However the way that this is achieved in the context of project management can be complex and has been dealt with by a number of authors and models, which provide
different perspectives on the issue of risk, often focusing not on identifying, but on minimising risk. Risk is dealt with in both generally accepted international standard frameworks; PMBoK and
PRINCE 2. PMBoK; the Project Management Body of Knowledge, first published in 1987, was a publication of the Project Management Institute which had been founded 1967 with the aim of
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