Project Risk: 450+ Words Discussion And TWO(2) Responses With 100+ Words (Strict Only $10) With Responses.
Week 7 - Reflection and Discussion
Michael Kirk
University of the Cumberlands
BADM-627-A01: Project Risk & Quality Management
Professor Michael Hitson
June 13, 2021
Chapter 15 explains that opportunity risk is normally a neglected part of project risk management. Protecting project objectives against the unknowns of threat risks is understandably a top priority. The demands of dealing with threat risks leave most risk management practitioners with little or no time to examine chances to surpass project objectives or earn potential value for future projects. Rather of being reactive, good opportunity risk management is proactive. It searches for possibilities to improve project outcomes or organizational performance by looking for them in project conditions. (Edwards, Serra, & Edwards, 2019)
Strategic risk management in chapter 16 is concerned with the ‘how?' rather than the ‘what?' of project processes and is always in favor of accomplishing objectives. Organizational change, organizational culture, and technological change are all factors that impact strategic risk management for projects. Its goal is to raise risk awareness among employees and encourage good project risk management practices. (Edwards, Serra, & Edwards, 2019)
Chapter 19 says that every project-driven organization should strive for greater risk awareness. Better risk knowledge management and risk communication are the only ways to achieve this. The significance of excellent communication cannot be overstated. Risk management will fail if risk communication fails. (Edwards, Serra, & Edwards, 2019)
Risk Owner
A risk owner is a person, usually a project team member, who is in charge of managing, monitoring, and controlling an identified risk, as well as putting the determined answers into action. The risk owner must be capable of managing the risk and possess the necessary expertise, resources, and authority. Choosing a risk owner typically entails thinking about the cause of the risk and finding the individual best suited to comprehend and carry out the necessary actions. The risk registry should include risk owners.
Risk owners are obliged to evaluate their risk and report the status of the risk to the project manager on a regular basis. Depending on the project, a separate risk register meeting may be necessary, or risks may be covered within the weekly progress meeting. During these sessions, the selected risk owners will offer updates on their individual risks. (Arumugam, 2012)
Project Constraints
The broad limits that limit a project or portfolio in a certain domain are known as project constraints. Time and resource constraints suffocate projects. Even the most experienced project managers struggle with project management constraints. To effectively handle project constraints, one must first comprehend them and learn how to deal with them. Because project restrictions are frequently interrelated, changing one will have an influence on the others.
It is important to understand that project constraints can never be eliminated and each project will have a different set of constraints. The only way to properly manage project constraints is by transparency, implementation of project management best practices, effective task management software, and maintaining control over your project. Constraints are an inherent part of project management, and you must provide outcomes while dealing with them on a daily basis. You must determine where you may make concessions on the scope, timeframe, money, or any other constraint that has been established. (Kiss Flow, 2021)
Works Cited Arumugam, M. (2012). Who Is A Risk Owner? Just Get PMP. Edwards, P. J., Serra, P. V., & Edwards, M. (2019). Managing Project Risks. Wiley Blackwell. Kiss Flow. (2021). Understanding and Managing Common Project Constraints.