Project Management Risk Management Essay Example | Topics and Well Written Essays - 1500 words

Project Management Risk Management - Essay ExampleIt is further argued that the project managers hack the issues like risk management associated with the projects because they want them to kick start the process as soon as possible ignoring the issues of great importance which can wealthy person the powers to seriously hamper the progress of any project.A good project manager would continue to assess what could go wrong with the project and exactly doctor which of the risks are important and which are non and base on that assessment, clearly identify the strategies to be implemented for guarding against those risks and then continuously monitor those strategies so that an hard-hitting control can be maintained over the project.Our proposed risk template identified fifteen (15) risks associated with the project and based on their relative importance view as delegate a definite probability or likelihood of occurrence of such risk. These risks are however, identified after takin g into account certain assumptions which were based on our historical experience as well as theoretical knowledge. Further to that we have also outlined our response to each of the risk identified.The overall structure of the risk template is simple however it attempted to identify clearly what are the risks that we whitethorn face and what will be their impact on the overall project and how project managers can devise their response to the overall risks associated with the project.Following section will discuss the risks identified, their likelihood and a detail summarization of the scores.Risk of vendor being taken over by other firmThis risk is important in the sense that a takeover may halt the progress of the project and the project may not be completed timely due to lack of synergy between the two firms. I have assigned a score of 2(May occur) to it because there is a remote possibility of the same. I have to this result because vendor firm, in order to be more competitive c an go for the same. In order to protect against this risk, firm must improve upon its contract writing and should develop mutually agree contract which covers the same.Vendor does not have the requisite manpower to perform the tasksThis risk is important in the sense that at the procurement stage, project managers may overlook this aspect. Vendors apparently tend to camouflage facts about them and may prove useless for the project once the project actually goes into action. In order to safeguard against this risk, we need to develop our in-house capabilities also. An overall score of 3 (moderate chances of occurrence) has been allotted to this risk.Vendor goes bankruptIt is unlikely that a vendor goes bankrupt however considering this risk, we have assigned a risk rating of 1 ( least likely to occur) to this risk and attempt to meet the risk through our in-house personnel as project managers would be working hand in hand with vendorUnlikely hood of the software being imported in th e countryIt may be possible that the software required for the completion of the project may not be available in the country and due to legal complications same may not be