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MGT210 Project Management

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MGT210 Project Management

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Course Code: MGT210
University: University Of The Sunshine Coast

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Country: Australia

Write a Litrature review on Project Risk Management.

According to the Project Management Institute’s PMBOK, risk management is the aspect which is included in one of the top ten knowledge areas in which it is necessary for the project manager to remain competent. Project risk could be defined as the events which are uncertain and have a great impact on the whole project. For a project manager it is important to evaluate the strategies with the effect of which project risk could be mitigated and assurance could be made that the project will get completed in a smooth manner and within the time frame decided by the manager. The report will be developed with the effect of which content related with project risk management will be availed to the target population. It is necessary that to deliver proper information related with the research topic, researcher should analyze all set of scholarly papers and should determine the factors which could help in mitigating the risk aspects which could affect the project process.
Literature Review
Literature review is the section of the research in which various scholarly papers will be studied and knowledge will be delivered to the target population with the effect of which they will make a decision so as to manage and mitigate the risk (De Jong, & Ferris, 2016).  In several years it is evaluated that the industry was severely affected by various set of violent incidents which are affecting the industry as well as the projects which are initiated by them. Risk aspects or the uncertain incidents have a huge impact on all set of economic activities as a huge investment is being made by the organizations on the new projects. Due to the risk factors companies have to face huge losses hence, it has become important for the companies to develop the strategies with the help of which these risk factors could get mitigated and work related with the project could be processed in a smooth manner (Labbi, 2014).
The Risk
It is being seen that the thematic of the risk management is not new, but it is the aspect which is not being studied in the proper way (Lawless, 2010). Many of the people do not consider the risk factors as they focus more upon the projects and the targets which are set by them. Risk is available in almost every activity of the project and it is required that corrective measures should be taken by the organization to mitigate the risk.
According to Bart Jutte there are 10 golden rules of to manage the project risk and it is necessary that all these rules should be taken into consideration with the effect of which a step could be taken by the organizations to manage the project risks in an effective way (Levine, & Waters, 2012).
Ten Golden Rules to Manage Project Risk
Ensure That the Risk Management Could Become a Part of The Part
For a project manager working on the project it is important that he should indulge in the practices of adopting risk management as the project part. Habit should be developed with the effect of which manager could ensure to merge the project practices with risk management. Risk management aspects will help in assuring that the project will be completed in a smooth manner and within the required budget and time (Budzier, 2011).
Identify Risks In the Initial Time of Project Process
Identifying the risk factors in initiation stage of the project will provide a support to mitigate all set of future risks which could occur in the project (Nakayachi, 2014). Forecasting method is the method which will help in predicting the future risks and analyzing the ways which could support in mitigating the future risks whose possibilities of occurrence are more in the project. Risk register should be prepared by the project manager.
Communicate About Risk
Project manager should ensure that all the risk factors should be communicated effectively to all the team members indulged in the project. One of the effective methods to communicate about the risk is kick of meeting. Project manager should call each and every team member and organize a Kick-Off meeting and assurance should be made that all the team members should remain present in the meeting (Straussman & Tiwari, 2015). With the help of the Kick Off meeting an assurance will be made that the risk which could incur in the project should be known to every single member working on the project.
Consider Both Threat and Opportunities
It is important that both threat as well as opportunities should be taken into consideration by the project manager while working on it (Gladden, 2012). Considering the threat and opportunities will ensure to provide the direction to the company with the effect of which risk will be mitigated. Threats which could impact the future processes of the project should be done, than a plan should be made to insure that these threats could be overcome by the company.  Project manager should keep eye on the opportunities and should try to grab them as soon as possible.
Clarify Ownership Issues
Ownership issues must be clarified by the project manager; it means that the responsibilities as well as authorities must be effectively divided among the all the members of the team processing the project. Providing clarity will help in reducing the risk of clashes and will ensure that the internal decorum of the business could remain maintained (Yadav, 2017).
Priorities Risks
Setting risk priorities will help in gaining direction to choose the right track and will help the project manager to develop the strategies according to the priorities. This will also help the researcher in mitigating the risk in a proper as well as effective way.
Analyze Risk
Analyzing the risk will help in managing the things in a proper way. Risk analysis will ensure to provide a proper set of path to the project manager with the effect of which the risk will be mitigated and project will be processed in a proper way (Armstrong, et. al., 2013).
Plan and Implement Risk Reponses
Project manager have certain set of responsibilities attached with the project and one of it is to prepare a plans and implement it so as to provide proper response to the risk. Plan and implementation will ensure to provide a better set of support to the project manager to manage the project (Teller, Kock and Gemünden, 2014).
Register Project Risk
Development of the risk register will safeguard the interest of the manager. Recording all set of risks predicted by the risk management team will help in dealing with then in near future and taking the precautions to ensure that the project could get processed in a smooth manner.
Risk Tracking and the Related Tasks
Project manager and the risk team should indulge in the practices of tracking the risk and the associated tasks with the effect of which the strategies could be developed by the researcher to mitigate the risk factors. Tracking such type of aspects helps in maintaining the internal decorum and processing the work in a smooth and subtle way (Budzier, 2011).
After review of the literature and various other scholarly articles it could be concluded that the Managing Risks related with the project is the aspect which is to be taken seriously by the managers indulged in the project. All risk factors whose possibilities are more to incur in the project should be undertaken and consideration should be developed so as to manage the project and process the same in an effective way. Planning is one of the most important aspects which play a very vital role in managing the risk and mitigating the same. Planning and organizing Kickoff meetings will help the project manager to work on the risk and communicate all the risk factors which could affect the organization in near future. Hence, it could be said that more studies should be done so as to gather more proper as well as relevant set of information in relation with the risk and scholars should try to provide more concrete information related with the same. This will help the organizations in developing the strategies with the effect of which risk will be mitigated and project will be processed in a proper as well as effective way.
Armstrong, J., Rhys-Jones, M., & Dresner, D. (2013). Managing Risk (1st ed.). Hoboken: Taylor and Francis.
Budzier, A. (2011). The risk of risk registers – managing risk is managing discourse not tools. Journal Of Information Technology, 26(4), Pp. 274-276.
De Jong, P. & Ferris, S. (2016). SM Bonds-A New Product for Managing Longevity Risk. Journal Of Risk And Insurance. Pp.122-133
Labbi, A. (2014). Handbook of Integrated Risk Management for E-Business (1st ed.). Boca Raton: J. Ross Publishing Incorporated.
Lawless, C. (2010). Managing Epistemic Risk in Forensic Science: Sociological Aspects and Issues. Sociology Compass, 4(6), Pp. 381-392.
Levine, E. & Waters, J. (2012). Managing Risk at the Tucson Sector of the U.S. Border Patrol. Risk Analysis, 33(7), Pp. 1281-1292.
Nakayachi, K. (2014). Examining Public Trust in Risk-Managing Organizations After a Major Disaster. Risk Analysis, 35(1),Pp.  57-67.
Straussman, J. & Tiwari, A. (2015). Managing Disaster Risk: An Integrative Essay About Governance, Capacity, Fragility, and Vulnerability. Risk, Hazards & Crisis In Public Policy, 6(4), Pp. 344-366.
Budzier, A. (2011). The risk of risk registers – managing risk is managing discourse not tools. Journal of Information Technology, 26(4), pp.274-276.
Gladden, R. (2012). The Project Risk Maturity Model: Measuring and Improving Risk Management Capability. Project Management Journal, 43(5), pp.101-101.
Yadav, N. (2017). Risk And Risk Management Techniques Of Banks: A Detail Study Of Basel Accord. Journal of Management Value and Ethics, 7(1), pp.138-139.
Teller, J., Kock, A. and Gemünden, H. (2014). Risk Management in Project Portfolios Is More Than Managing Project Risks: A Contingency Perspective on Risk Management. Project Management Journal, 45(4), pp.67-80.

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