Project Management Risk Management Essay Example | Topics and Well Written Essays - 1500 words

Project Management Risk Management - Essay Example It is further argued that the project managers ignore the issues like risk management associated with the projects because they want them to kick start the process as soon as possible ignoring the issues of great importance which can have the powers to seriously hamper the progress of any project. A good project manager would continue to assess what could go wrong with the project and exactly define which of the risks are important and which are not and based on that assessment, clearly identify the strategies to be implemented for guarding against those risks and then continuously monitor those strategies so that an effective control can be maintained over the project. Our proposed risk template identified fifteen (15) risks associated with the project and based on their relative importance have assigned a definite probability or likelihood of occurrence of such risk. These risks are however, identified after taking into account certain assumptions which were based on our historical experience as well as theoretical knowledge. Further to that we have also outlined our response to each of the risk identified. The overall structure of the risk template is simple however it attempted to identify clearly what are the risks that we may face and what will be their impact on the overall project and how project managers can devise their response to the overall risks associated with the project. Following section will discuss the risks identified, their likelihood and a detail summarization of the scores. Risk of vendor being taken over by other firm This risk is important in the sense that a takeover may halt the progress of the project and the project may not be completed timely due to lack of synergy between the two firms. I have assigned a score of 2(May occur) to it because there is a remote possibility of the same. I have to this result because vendor firm, in order to be more competitive can go for the same. In order to safeguard against this risk, firm must improve upon its contract writing and should develop mutually agreed contract which covers the same. Vendor does not have the requisite manpower to perform the tasks This risk is important in the sense that at the procurement stage, project managers may overlook this aspect. Vendors apparently tend to camouflage facts about them and may prove useless for the project once the project actually goes into action. In order to safeguard against this risk, we need to develop our in-house capabilities also. An overall score of 3 (moderate chances of occurrence) has been allotted to this risk. Vendor goes bankrupt It is unlikely that a vendor goes bankrupt however considering this risk, we have assigned a risk rating of 1 ( least likely to occur) to this risk and attempt to meet the risk through our in-house personnel as project managers would be working hand in hand with vendor Unlikely hood of the software being imported in the country It may be possible that the software required for the completion of the project may not be available in the country and due to legal complications; same may not be

Customer Inserts Essay Example | Topics and Well Written Essays - 500 words - 3

Customer Inserts - Essay Example Problems (including company’s capital analysis, the return on investment, the gross margin percentage, the break-even point,) should be manipulated by manual labor, through use of paper and pencil and desk calculators, or by electronic computers (Navarro, 2005). Math skills also make feasible the construction and conducting of experiments. Able to handle large amounts of data rapidly, they save researchers days or weeks in the search for information. They permit the compression of many years of marketing experience into a brief period. Without the ability to identify main indexes and accounting coalitions, the MBA degree can be used in a limited number of business spheres. Through this approach can be subjected to manipulations in a manner that would be impractical or impossible in an actual business. For example, changing prices abruptly, altering products, or introducing different delivery or service policies could drastically affect a company. If such departures could be simulated and the operations on the model could be studied, then their consequences in the actual business situation might be inferred, without interrupting operations and incurring possible rebuff. Preferably, information should be gained and problems should be solved analytically if these can be done readily (Navarro, 2005). Often math skills become necessary where alternative policies that affect growth, profitability, and market position are being evaluated. Actual marketing situations are frequently too complex to be handled by available ma thematical models or mathematical analysis. Essentially they are training devices that add new dimensions and greater emotional involvement on the part of participants; hence, they are good motivational devices and teaching tools (Navarro, 2005).