Risk Management Essay

Length: 4 pages Sources: 3 Subject: Business - Management Type: Essay Paper: #65796345 Related Topics: Risk Assessment, Virtual Team, Tactical Planning, Risk
Excerpt from Essay :

¶ … project team disaster/failure is unfortunate overall preparation. When impracticable goalmouths are set, generating a disordered working environment there is nothing but absolute disappointment in the immediate future. Generally one may experience two causes for team project botches; outstanding/neglected time standards, and going over budget concerning set financial strategies. With the understanding of day-to-day foundation risk valuations into team advanced developments, there is a more representative set of procedures put in place. The definition of a risk assessment states, it is the documentation, assessment, and approximation of the levels of hazards involved in any circumstances, their evaluation against standards or criterions, as well as determination of a reasonable level of risk. Through set risk valuation practices, one can further eliminate all conceivable liabilities or future happenings within the project team.

An indispensable part of having a fruitful project management team, is employment of tactical risk management methods. Development within a project team should consist of excellent communication as well as a strongly recommended innovative mindset, thoughtful of the various questions and possibilities all involved in planning potential risks occurring through the team process. There are numerous clarifications of project team processes in regards to failure, including: lack of communication, poor team dynamic, misinterpreting of collective facts, and undistinguishable stations/roles of team members. (Kloppenborg, Nkomo, Fottler & McAfee, 2012). Deprived of clear commands between a project team, it is practically unmanageable for teams to have fruitful clear-minded outcomes. Without open sharing of evidence between...

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Two orientations to assessments can commonly be identified: top-down and bottom-up, and prescriptive and diagnostic. Combinations of these orientations favor different types of assessments. The choice of orientation can be related to uncertainties in prediction and taking action, in the type of adaptation and in the degree of system stress. Adopting multiple viewpoints is to be encouraged, especially in complex situations (Jones & Preston, 2011, p. 296).

2.

A risk plan assists in bringing together all stages of engineer within the project managing team. The benefits of having and implementing a risk plan is so it can allow for all staff and personnel to become aware of any possible failure modes that could occur through a program. This includes any hazards within their work environment or job responsibility. It is meant to help ensure the overall success of the objective/mission by enabling better or increased awareness as well as better management skill within the personnel team.

Additionally, continual observation and monitoring of potential risks, and communication within the team members of any impending or necessary updates can enable an increased progressive and quality assured status involving risk management and objective support. Simply put, a risk plan can help keep teams on track in continuing to develop and properly execute the aims of any project.

Aside from the benefits brought on by having a risk plan, it can also alleviate problems often typically associated with risk management such as time management and routine upkeep. It is meant as an instructive aid in teaching students, for instance on how to run satellite project within in industry. Student satellites thus provide a means of formation of tools that can help in teaching the process…

Sources Used in Documents:

References

Jones, R., & Preston, B. (2011). Adaptation and risk management. Wiley Interdisciplinary Reviews: Climate Change, 2(2), 296-308. doi:10.1002/wcc.97

Kitces, M. (2013). To Justify the Value of Financial Planning to Clients, Consider Saliency.Thinkadvisor.com. Retrieved 26 November 2014, from http://www.thinkadvisor.com/2013/08/30/to-justify-the-value-of-financial-planning-to-clie

Kloppenborg, T. (2012). Contemporary project management (2nd Ed.). Mason, Ohio: South-Western Cengage Learning.

Lo Nigro, G., & Abbate, L. (2011). Risk assessment and profit sharing in business networks.International Journal of Production Economics, 131(1), 234-241. doi:10.1016/j.ijpe.2009.08.014


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