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

Reflection and discussion forum 6

Reflection

I found the week’s reading to be very important to my area of study. Regarding quality management, it is important to understand the knowledge for a better understanding of why quality management is important in project management and how it can be applied within an organization (Bobey, 2002).

Graduate-level response

1. Knowledge at risk can be described as evaluating the likelihood and severity of the adverse effects associated with any activity concerning knowledge that affects the functioning of the organization.

2. Knowledge management experiences several challenges which hamper its creation and application. The challenges include obsolete technology. Knowledge management requires the latest technologies, which can facilitate the organization’s ability to identify the knowledge needed, data storage, and embracing the technologies by the employees (Hillson, 2012). Without such technologies, the employees will avoid using the technology, it will be cumbersome to identify the needed knowledge, and it will be harder to store the information for longer.

Employee motivation is the next barrier to knowledge management. The quality of knowledge management is heavily dependent on the employee’s willingness to share. Therefore, a lack of employee motivation to share information they have will lead to poor knowledge management.

Availability of information and accessibility. The creation of information within an organization in itself does not translate to learning or knowledge management. The challenge to knowledge management is the accessibility and availability of the information within the organization to allow for learning.

3. The advantages of a knowledge management system include enhanced organizational agility, faster decision-making, quicker problem-solving, increased innovation rate, supported employee growth, transfer of specialist expertise, and improved communication. The disadvantages of a knowledge management system may include creating identification of efficient capture and recording of business knowledge, creating data besides harder to find addition. In addition, it is harder to motivate people to share and reuse the knowledge (Hillson, 2012). A knowledge management system also has the demerit of difficulty choosing the best strategy to use in the implementation of knowledge management.

4. the modern world is filled with many complexities in business. Knowledge management can bring efficiency to an organization in terms of decision-making (Hillson, 2012). knowledge management ensures that the decision-makers have adequate knowledge and understanding of the employees, expertise, and processes, which helps in decision-making.

5. Standard deviation measures the spread of a normal distribution. An example, when given the values 2, 1, 3, 3, 4 will be as follows;

Means of the sample

(2+1+3+2+4)/5 = 2.4

[Calculating variance [(2-2.4)^2+(1-2.4)^2+(3-2.4)^2+(2-2.4)^2+(4-2.4)^2]/5 =1.04

Identifying the square root of the variance

∫1.04 = 1.01

The standard deviation for the sample data will be 1.01.

3 Sigma refers to the process, unlike the six sigma, which refers to the methodology.

References

Bobey, K. (2002). Quality management for large software development programs. Paper presented at Project Management Institute Annual Seminars & Symposium, San Antonio, TX. Newtown Square, PA: Project Management Institute.

Hillson, D. (2012). Practical project risk management: The ATOM methodology. Berrett-Koehler Publishers.