project Risk: 450+ Words Discussion And TWO(2) Responses With 100+ Words (Strict Only $10) With Responses.

Reflection and Discussion Forum Week 6

This week I reviewed chapters Project Complexity and Risk, and Political Risk. These chapters provided insights on introduction to project complexity an risk, the concept of complexity, relative complexity, uncertainty and project complexity, identify and mapping complexity, influence of complexity on risk management, complexity and mega projects, introduction to political risk, political spheres, dimensions of political risks, political stakeholders, managing political risks, in-house political risks, and more extreme political threat risks (Edwards et al., 2019).

Project complexity should be understood and explored by an organization as it can lead towards failure of the project in terms of time and cost overruns. Project complexity, project objectives, and risks are interrelated and interdependent. Critical risks should be identified using risk management tools and proper risk mitigation strategies should be used to handle the project risks (Edwards et al., 2019).

1. What is knowledge at risk?

Knowledge at risk is a measure of calculating possibility and severity of effects caused by activities that are engaged or related to the knowledge which could affect organizational functions at various levels. There are potential knowledge risks that an organization can face. As the organizational structure become complex, there are possibility of emergence of new knowledge risks.

2. What are the key challenges of knowledge management?

The key challenges of knowledge management are maintaining employee motivation, obsolete technology, and maintaining ease of access of information. There are several disadvantages of knowledge management when strategic goals of an organization iis not met from the information collected, technology becomes obsolete, and when employees are not sharing knowledge and information. For example, when executives have insufficient information about shift or change in market condition, they cannot make proper decision.

3. What are the advantages and disadvantages of knowledge management systems?

Knowledge management is important for organization as all managers have huge data to manage. There are several advantages of knowledge management such as: better decision making, growth and innovation, quicker problem-solving, improved operational activity, sharing of expertise, improvement in business processes, improvement in communication, and employee development and growth.

There are several disadvantages of knowledge management such as: knowledge management can be complex and the cost of training could be significantly high, if the knowledge management is not used correctly, it would be a waste of both money and time leading to operational problems, and if a project manager is not able to collect information on achieving organizational goal, then knowledge management usage can be inefficient or underutilized.

4. What is the impact of knowledge management in the modern world?

In the present world, knowledge management is vital in an organization as it enhances decision making ability. Knowledge management helps in creating an efficient workforce and increase in overall expertise that can lead to quick and informative decision making.

5. Explain the concept of standard deviation and provide a calculated example - what is the difference between 3 Sigma and Six Sigma?

Standard deviation is a mathematical formula that helps in measuring variation in a process. In a population or a data set, it is a common tool to measure variability. Here is an example of calculating standard deviation for sample.

x	x Bar	Difference	Difference squared
2.25	2.1	0.15	0.0225
2	2.1	-0.1	0.01

σ = √ ∑ (x - x̄) / (n – 1) = √ (0.15 – 0.1) / (2 – 1) = 0.2236

3 Sigma is used in a process whereas Six sigma consists of a methodology. In context of tolerance of defects, 3 sigma consists of higher tolerance than six sigma.

References

Edwards, P. J., Serra, V. P., & Edwards, M. (2019). Managing project risks (1st ed.). Wiley-Blackwell.