Project and Risk
All kinds of projects need risk attention; however, projects that have a long duration of completion and are complex need more risk attention since the complexity increases the chances of unknown. Risk management differ depending on the types and size of a project like small projects have fewer risks thus less risk management, and big projects have a lot of complexity; therefore, the chances are more compared to those of small project. Risk assessment should, however, be done even if the project is likely to experience limited risks for the project to be successful or managers to be able to finish the project on time since they already prepared for any shortcomings that they may come across.
Risk management in projects is the process that project managers use to minimize any kind of problems that will negatively affect the scheduled time to finish a particular project (Marcelino-Sádaba, Pérez-Ezcurdia, Lazcano, & Villanueva, 2014). A project manager is a professional that is responsible for the procurement, planning, and execution of a project. The role of project managers in dealing with risks are; plan the project manager needs to plan on how to manage any danger that might arise in the project they are working on. The project manager also needs to identify risks that may occur at every phase of the project. It is also the project manager’s role to analyses the risks identified and decide which of the risks are worth consideration. Response to risks is also part of the project manager’s role by giving options and actions that will reduce the threats to a successful project. Monitoring and controlling the risks throughout the project and ensuring that an appropriate response plan is executed (Hilson,2017).
References
Hillson, D. (2017). Managing risk in projects. Routledge.
Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and controlling. John Wiley & Sons.
Marcelino-Sádaba, S., Pérez-Ezcurdia, A., Lazcano, A. M. E., & Villanueva, P. (2014). Project risk management methodology for small firms. International journal of project management, 32(2), 327-340.