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Essay / Risk Management in Projects - 2278
In recent times, risk management has become one of the most important aspects of project management due to the current pace of financial crises and natural disasters in the world and the rate of increase in expectations. from the stakeholders of an organization. But first, the project involves risk management, so what is a project? A project can be defined as a group of people working in a unique way over a period of time to achieve a specific goal. And to achieve that project management is implemented, project management is in accordance with (PMBOK 2004) “the application of knowledge, skills, tools and techniques to project activities to meet the requirements of the project ". Project management involves estimating, planning, and tracking events that occur during the duration of a project. In cases where things have gone wrong, it appears that risk management is extremely necessary in projects these days because many factors affect projects, such as cost estimation, performance, and schedule, in this recent era of the world. In this essay I will discuss about risks in a project, necessities of risk management in a project, ways to solve the problem of risk management and techniques of managing a risk in a project which include risk identification, risk assessment, risk response planning. , as well as risk control and monitoring. Risk is defined as the possibility of an event in a project, which could have a negative or positive impact on a project. Even in the decisions we make in our daily lives, a number of risks are involved. inside. For example, while going down the stairs in our house, an unexpected incident may happen, like we trip on the stairs, which was not expected and there are some types of risks that you actually know...... middle of paper.... ..003) Project management: a systemic approach to planning, scheduling and control. 8th edition. John Wiley and Sons. New Jersey. ISBN 0471-22577-05. Gary L. Richardson (2010) Project Management Theory and Practice ISBN 978-1-4398-0993-36. Candle, James and Yeates Donald (2004) Project management for information systems. 4th edition Prentice Hall ISBN 0-273-68580-57. Clifford F. Gray and Erik w. Larson (2003) Project Management; The managerial process. 2nd Edition Higher Education McGraw-Hill ISBN 0-07-249392-58. Darren Dalcher and Lindsey Brodies (2007) Successful IT Project ISBN: 13; 978-1-84480-69979. http://www.brainyquote.com [Accessed January 8, 2011]10. http://www.risk-services.com [Accessed February 11, 2011]11. http://www.skymark.com [Accessed February 11, 2011]12. http://www.adviceonmanagement.com [Accessed February 11 2011].