Project management principles and practices

¶ … intended to discuss the risks associated with projects and to provide information on how these risks can be managed. The targeted audience of the article is represented by project managers that must develop risk management plans, and by individuals that are interested in developing different projects, but do not have sufficient experience and knowledge in the field.

The importance of this article relies on the subject it addresses and its implications. In other words, the risks that most projects are affected by represent an important aspect that can influence their development. Therefore, specialists in the field recommend that project managers and their teams pay great attention to the step of the project that refers to identifying the project's risks. In addition to this, certain project managers are not qualified for identifying these risks. Therefore, they require numerous resources that are easily available in order to help them with this activity.

The writer starts with an introduction on project risks and their impact. This section allows readers to understand what these risks are and how they can affect the development of the project. The author provides several definitions of project risks. In order to help readers better understand the subject, the author provides simple examples.

The article continues with a section that discusses risk management planning. This section is also important because it presents the activities that must be developed in order to properly evaluate risks. These activities are represented by risk identification, quantification, response, monitoring and control. Certain individuals that develop projects are not aware of these steps, which means it is important to address such articles in the attempt of expanding their knowledge in the field. This article helps readers better plan their risk management, and take into consideration these activities. Some of the project managers probably prefer to rely on their own methods for planning these risks. In such cases, it is possible that they are not able to identify all the risks that might affect the project. Therefore, it is important to develop a plan based on the strategy established by experts and provided in this article. This helps project teams increase their efficiency (Turbit, 2011).

The article continues with sections that detail each of the activities associated with risk management planning. The risk identification section provides several approaches that project managers can use in accordance with the type of project they are developing. The writer also provides different methods and techniques that can be used in this situation. This section also provides a classification of risks, and what their impact can be.