Student: Project Management and Risks Essay

Submitted By RodJackson
Words: 424
Pages: 2

Project Risk Management defines as many risks as possible in every phase of managing a project. There are many risks to a project including some not so recognized like weather, the economy and laws. Some others are delivery delays, misunderstanding of the requirements with the customer/stakeholders, lack of skills to respond to changes and miscalculating cost. Project Management can solve most of these problems or at least come up with a temporary solution. This is the reason why project planning is so important. It defines the scope, cost, time and is the methods by which success is measured in a project. The project manager relies on the monitoring these activities to improve the current situation so that a project stays on tasks within these measurements.
As far as HLR, the business units and IT managers are having a hard time understanding their roles and the value of project management to the organization. Another reason is that the IT projects have not been created within budget or on time. Business risks are always going to be present and most of the solutions are handled within the organization in order to utilize their existing accounting system from a previous year or a contingency plan. Project Risk Management starts with identifying and naming the potential risks. This may require creating or reviewing the standard project risk register for solutions. You need to look down the register to decide the type of project you are looking for and the type of risk in that category.
Risk in project management is often defined by looking at many of the common