project risk and quality management

Project Management 2

Project Management

Chaitanya Gangadhar Rao Polaki

Running head: Project Management 1

University of Cumberlands

Summary

The concept of project management involves multiple activities and multiple stakeholders who need to work together to ensure that the project gets completed on time. Further there are multiple uncertainties in the project, which include uncertainties on grounds of time, technical challenges, cost etc. (Edwards, Serra & Edwards, 2019). The week’s readings focused on project risks and how different stakeholders of the project manage the risks in the project.

Risk is defined as the uncertainty of an event that has a direct impact on one of the project objectives. Any kind of risk or uncertainty in the project can also lead to delays in the project or could impact the overall cost of the project. Generic classification of risks indicate that risks can either be generic risks or natural risks (Keers & van Fenema, 2018). It is important to assess the risks in the beginning of the project so that mitigation measures can be taken based on the risk.

Project stakeholders consist of internal as well as external stakeholders. Each project as procurement objectives, operational objectives or strategic objectives. The internal and external stakeholders of the project need to work together to achieve the end objective of the project. Different phases of project include delivery phase, operational phase and disposal phase. The process of implementation of project begins with ideation and concept development stage, from where it moves to the project development stage (Keers & van Fenema, 2018). It is important to understand the relationship that exists between multiple stakeholders of the project. The priority of stakeholders of the project must be defined so that the project manager can decide on the actions to be taken depending on priority of key stakeholders of the project.

Ans 1. Some examples of risks in the project include health risk, which could be due to working in unfavorable conditions, financial risk, which could negatively impact the cost of the project, management risk which could happen due to poor management, or technical risk which could happen due to technology failure in the project.

Ans 2. To identify the risk in the project, it is important to determine the level of certainty or uncertainty associated with any event or any activity in the work breakdown structure. Another way to determine risks in the project is by classifying activities into different categories and then determining the risk for each category (Nwangwu, 2018).

Ans 3. The four strategies for risk remediation include accepting the risk, transferring the risk, minimizing the risk or sharing the risk. The kind of mediation strategy to be followed for any risk depends on the priority of the risk. It also depends on the priority of activities to be carried out and cost implications of each risk type.

References

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

Keers, B. B., & van Fenema, P. C. (2018). Managing risks in public-private partnership formation projects. International Journal of Project Management, 36(6), 861-875.

Nwangwu, G. (2018). Boosting Investments in Nigerian PPPs through Better Mitigation of Project Risks. European Procurement & Public Private Partnership Law Review, 13(2), 103-112.