Risk management all over the world has been considered the most beneficial aspect of combating uncertainty in the organizations. Therefore, it has bee proven that if the pursuant of the project risk management is able to pin point the uncertainty in the project then more resources can be allocated to them if they pursue it in a proactive manner. This is usually attained by opportunity seizure which usually is spotted when injecting the project with the aim of reducing the threat that is found within the project. These aspects are responsible for early delivery of project; on the budget and the kind of quality results that are expected by the sponsors are achieved.
When there are no urgent threat that arises in the course of project implementation, the team members are generally happy, this is would however been not the case if all threats had not been neutralized on the first stages. When injecting project risk management in a project there are ten golden rules that have to be aligned with for the best result, they follow the following set up for the best of the project. This assignment is going to centralize it main function on addressing the three research questions part 1-3.
The following are the process factors that I believe are effective and efficient project risk management process
When trying to induce risk management into the project then one should consider this, it is essential to foster and adapt risk management into the project, from this approach all the benefit that are intended are gained with full effect. This will basically articulate the idea that is generally fostered by the adaptation of risk management in the project. The purpose for this adoption is basically to assess the limiting factors that may halt the whole process, nowadays even the opportunity side is assessed so that one can incorporate the opportunity into the process for more result in the future. This also helps to eliminate the threats within the organization, if the adaptation is not advised it eventually result to several flawed approach.
After applying risk management into the project then I would try to identify the threat in the early part of the project. The focus here is mainly to deal with any forthcoming threats that may occur in the future; this usually is acquired through keeping keen interest on the subject. The two main source of risk identifiers are people and paper as the charge that can root out risk. For the project to fully materialize every member in the project has different capability and expertise while combating threats and conducting the project. If one decides to outsource then the best candidate to get the advice from would be qualified experts that have track record with the kind of project or work load that is present.
The threats that have been identified within the project they generate various numbers of documentation which are electronic. They usually do not have names but an intellectual will read between the lines and prune them out. In this sense the best start approach is usually obtained in the commerce case, planning of the project and planning of the resources. However, there are other line that also need addressing this would root out any threat that may have been omitted these include back dated project plans, specific websites and intranet that is within the business scope.
The third part is to be very prepared when dealing with the big issues that the risk outlines missing this point would usually result to great loses. Risk communication usually minimizes this if the project manager practices it well. Risk communication is usually the most important keys aspects while carrying out the project and is considered the best approach of carrying out this task. Project risk should be the first priority in any team conference, this has proved to be very essential than addressing this as the last agenda. The project managers are allowed to give their team ample time for discussion and focus on new threats which should be aligned with the best approach.
The forth agenda that I would address when applying risk management into the project would be considering threats and opportunity, this is as this factors usually bring about further jeopardy to the project is usually referred to as the dreadful guys, this usually form the most pessimistic connotation and if not addressed becomes a big threat to the project. However, as the technology has continued to take an approach forward it has incorporated and considered positive risk as another line of consideration for greater opportunities. Positive risks are considered as uncertain events which form a beneficial factor to the project and this will resolve to the best outcome for the business.
The fifth agenda I would articulate into risk management would be ownership clarification issues which most project mangers views that after they have allocated and listed threats in the project that they are through. However, this is usually the starting point, the next step which usually entitles clearly understanding the risk and the cause, this usually underlies within the scope that if the risk is not mitigated then there is bound to be some one who will actually have to face the music. However, the right simple trick when addressing this issue remain in the fact that after identifying risk peg a risk owner in every one that have been identified. In this case the risk owner is defined as a person in the team that is qualified and is responsible for risk optimization for the project.
The sixth agenda I would inject also into risk management is addressing risk prioritizing; this is where most modern project managers usually treat all risks equally. They articulate that if they do this they are making the project life to be really simplified. However, this attributes usually don’t bring about the best result that would have been expected, this is because some risk have high impact than others.
The seventh element is analyzing of risks, so for pursuant of risk analysis to fully corporate and execute the scope of the threat, this is only achieved through prerequisite sense of best rejoinder to the threat. Therefore, it is advised that it is important to fully scrutinize and take time in analyzing individual risks, and is advised that one should not without knowing the intense of the risk involved jump to conclusions.
The eight element that is essential to the risk management is implementing and planning risk response, this usually form all the factors that are essential to adding significance to the project are most dependent on the proper injection of threat combating, this is usually implemented so that the threat occurrence and its negative roles maybe neutralized for the long run.
The ninth element that would be to register all the risk in the project, this element actualizes in book keeping, this is in the sense that so that the pursuant does not forget a risk or two, and also for the purpose of viewing of the progress they have to maintaining a risk log. This usually assists the project manager to in the future have back up for any threat that may be present in the future.
The tenth element that I would consider is the tracking of the risk and the associated task in the project; this is as usually threat tracking and upholding of threat are complimented by the creation of a registry that centralizes the threats detected in rule number nine. The requirement of a project managers allow then to have knowledgeable sense that it is the daily activity that allow integration of threats into daily activities through task tracking.
Comparative analysis
Threats within the organization are rampant are they are bound to be encountered, and this is because of the result of several flawed approach. There are those projects that usually use no approach in any way while tackling risk management. This is usually deemed to be out of ignorance, if this is their first project or they have confidence in that there would not arise any risk within the scope of the project(this usually do occur in most cases). Another error that most of the pursuant of the risk management do commit is that they tend to blindly commit all their trust into the project manager, this they usually do so by the physical appearance of the individual, especially if he is well build tough looking character like a war veteran, whom for several decades has been in the trenches
While injecting a new project it is good to outsource, this is mainly that the person with a lot of expertise will inject a great amount of knowledge and point out threats that might have crossed the eyes of the project team members. However, for one to articulate and discover the various threats that may arise, the most advised method is through interviews while executing group works conferences. Paper here there is differentiation of theories and approach.
The threats that have been identified within the project they generate various numbers of documentation which are electronic. They usually do not have names but an intellectual will read between the lines and prune them out. In this sense the best start approach is usually obtained in the commerce case, planning of the project and planning of the resources. However, there are other line that also need addressing this would root out any threat that may have been omitted these include back dated project plans, specific websites and intranet that is within the business scope.
The principle managers that are in the high seat have to form a very critical form of information communication while they are executing the project with the team players. The skills which are enforced by communication usually are centralized on the threats which have been discovered this is to not later come as a shock to the customer or the executives. Also allowed is the fact that the sponsor should always be the one that makes top risk decision, this is usually because some of the matters may be out of the jurisdiction of the project managers.
However, majority of the project teams usually have hard time in completing the task, this usually do occur because of staff being overloaded with work that is urgent and having very little time. This usually creates a project dynamic that only centralizes on the negative risk matters only and the positive one is left out.
The appropriate measure here is basically outlined by the fact that quality is created and injected into opportunities that are present within the project; this is usually affected and considered even if it only takes a short period of time for analysis. At this moment the chances of observing and creating new opportunities which would prove to have high paying returns which does not require in time or resources very big investment.
From this aspects the result are usually considered to be positive effects, this has brought about the realization that people harbored and felt uncomfortable knowing that they are the one responsible for certain risks, however as time advances they actually are able to perform their task by decreasing threats and by doing this and sticking to this etiquettes the enhance opportunities adding value to the organization they are employed to.
On the next level which discuses ownership; this is viewed in the sense that if a threat should as eventually they do, then there ought to be some one who will settle the bills. This is just common sense and appears simple however, this has to be addressed earlier before the risk is spotted or occurs. This is usually an issue if there are various suppliers, departments and business units are in the project, these raises out the issue of who should bear the sole responsibility and has to part with some cash to cover the expense incurred.
The important factor of elucidating the risk ownership is that it makes the project managers to be very much careful and attentive on the project, this usually occurs when the stakes involves very large amount of cash. The most aligning point between the opportunities that are within the project is usually the issue of tenure. If the management have long lasting activities complimented with good approaches this attributes would make unexpected revenues to arise.
Elements application on risk management projects
Therefore, it is advised that one should mostly centralize most resources and energy on the risk that can create major losses or gains. Therefore, it is advised that one looks out for any show stopper that may derail the process of the project, if this are located then they should form the first priority on the list of attributes that should be tackled.
Conscious feelings that are prioritized within the project can be addressed using various set of criteria, these criteria are injected to execute any threat that is detected in the project, and this is usually executed through consideration of the associated threat effect and the future threat occurrence estimation. However, usually it is considered that whichever criteria that one uses it has to be consistence and align itself being focused on the big risk which is present at that particular moment.
There are different levels that risk analysis usually occurs in, if it is individual level risk that one is pursuant to, and then the most critical angle to look at it from is the effects it harbors and the course that develops it. Being able to evaluate the threat the pursuant is bale to fully account for the damage that the threat has presented, and as time passes due to the remedy articulate for the threat then it becomes the principal effect.
The degree of outcome in a certain cause usually centralizes on category like expenditure, guide time or invention value and is mainly summarized in analysis in a clear manner. Another approach to focal point on procedures that outlines threats is by centralizing on the issues that makes them occur and previous threat causes. To incorporate this one should list the different causes and the situations that are more likely to promote or demote these courses.
Another echelon allocated in the analysis of threats usually underlies in the whole project scrutiny. Overall financial statement required or the project due date are actually the questions that the project managers should tackle and attempt to respond to. Taking risk into account one can be able to perform a simulation which would reveal to the project sponsor that it is possible to finish the chore on the given date or within the grace period that was agreed on, this would also apply as well in the scope of the project cost.
Insight within the scope of the project is usually contributed by the information that is obtained through amalgamated threat analysis, this usually supply the needed remedy that is essential for the foreclosure of the identified threats.
The key point here usually lies in the fact that total execution is the main option. The other rules outline are to be like instruction which concentrate on assisting in shaping, accepting and threat precedence. These usually assist the pursuant to fully integrate in big return focuses and assistance in making sound risk response plan in the future.
There are three option that present themselves when evaluating this rule this include threats recognition, threats reduction and circumventing threats. Risk circumventing usually is evaluated from the basis of organizing of the project in a way that diminishes any risk encounter in the near future. This usually outlines many factors like changing of the suppliers or adaptation of a new and very distinguished technology, however, in the situation that usually deals with occurrence of very fatal and sensitive risks, the most appropriate remedy in this case would be terminating the project all together. This is in the view that spending resources in a non fruitful or doomed project is in the view of business is very bad investment habits which usually leads to bankruptcy and poverty.
When the threats are upheld it is then that it is considered biggest class of retorts that reduces threats. There is a simpler method of minimizing and preventing the risk altogether, this is usually attained by influencing the causes or decreasing the unconstructive effects which usually result from this attributes. This usually underlies that the pursuant have properly injected and utilized rule seven which centralizes on the risk analysis, this create an many influential opportunities.
Then from this aspects the final stage that many of the pursuant never accept is the acceptance of the risk presence, this is usually in good term with the fact that it is considered best choice, this is in the effects on the project are viewed to be minimal or if there are difficulties in possibilities of influencing the project, or if it is time consuming or it becomes very expensive to maintain. The real question should be making sure that this is the conscious choice which can interpret certain kind of risk.
The response that is derived from the fact underlines in these rules accepts that for risk opportunities are usually one of the threats which have reversed. This rule will centralize it main focus on seeking risks, maximizing risks or ignoring them and this usually applies in the sense that the threat that this risk represent is very minimal or has no effect.
This is the perfect communication tool that enables good relation between the stakeholders and the project team sharing on information of the progress.
A proper authenticated risk log includes clarify the ownership issue like the rule five, describes risks and allows the pursuant to execute analysis regarding the causes and effects which is the main favor for rule seven. According to Flyvbjerg, (2003) project managers loathe administrative tasks however, injecting bookkeeping in the equation usually does pay off realistically, this is usually outline if the risk being addressed is very sensitive.
However, some project managers evade record risks, this they view is a way of leaving evidence in the case the project goes hay wire and they would be blamed for the shortfall. Because doing projects is taking risks, having the project down on record actually allows any recommendation and effective recommendation on a certain error that may be analyzed within the gap of implementation, this create a track record that even when risk happen they can be reconstructed because there are records showing the weak points, having the records is the best practices.
The most beneficial threat analysis aspects and threat detecting aspect that are complimented by risk tasks are further aligned with the choosing, executing and producing the best possible remedy to the threats.
Tracking risk is different to tracking task in the fact that, it simply centralizes on the current state of the risks. This arises two major question of the major risk that is bound to occur? And if there has been alteration in comparative magnitude of threats? After the project managers have analyzed this two question then they are able to pay adequate attention for the value of the project to the most sensitive risk.
Conclusion
The golden concepts that are instilled and are injected to the risk management project for the sole purpose of submission and acceptance of threat management are executed for the benefit of initial project implementation. All the rules are designed to take different approaches that project managers or any pursuant that may indulge in risk maximization and complete diminishing would want to articulate adapting this rules into their projects.
References
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