It 205 Assignment Week 8

Risk – A risk in a health and social care setting is when there is a strong possibility of harm occurring through a hazard.

Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It

* A single decision has business value when added with all the other decisions made in the company

A risk factor is a particular person, thing or place that increases the probability of an individual developing a disease or injury.

a) Risk: A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action.

Risk: Risk is the chance high or low that an event/hazard will occur or may prevent the Trust from achieving its objectives.

A risk is if a person has a change that they will be harmed due to a hazard. Factors that can affect the risk are; how much the person has been affected by the hazard and how severe the effects were.

a. Risk – the probability of a negative/harmful effect from a hazard or hazardous situation or the potential for the recognition of undesirable adverse consequences from future events.

IT project managers face multiple challenges and issues in today’s unpredictable and global economy. To stay competitive in the demanding IT market, project managers are frequently adopting the latest cutting edge technologies to improve efficiency, products, and increase returns on investments. This increased technology/resource initiative has generated extraordinary demand for highly talented and skilled project managers capable of leading, organizing, and implementing critical projects activities with grace and professionalism. This report will focus on four key areas where project managers face the most challenges, while also providing strategies to mitigate/reduce the issues from occurring in the future.

1. Risk- An uncertain event or condition that, if it occurs has a positive or negative effect on CLIVE 2.0‘s objectives. It’s measure of the inability to achieve overall objectives within defined requirements and constraints and has

According to Kendrick (2009, p. 17), roughly 75 percent of projects fail when project teams refuse to adopt some form of risk monitoring and control. Ken Black (1996), an associate professor of decision sciences, published an article listing twelve factors that contribute to the failure of projects. The article highlighted risks, as one of the factors that can negatively affect project constraints (Black, 1996). A risk, as defined by Kendrick (2009, p. 1), is an event or series of events that occur due to the level of uncertainty associated with the project outcome. If a risk occurs, it threatens the success of a project because it can halt or prolong the project’s constraints.

Moreover, it demonstrates the project risks which might affect the project period, cost and quality.

The key to prosperous project management is to anticipate the needs and problems of customers and to set accurate and realistic expectations through customer education and communication tactics. “Project management software can help make your business process more efficient and effective”. (Lim, 2012) It takes the guess work out of project management; everything is at your fingertips no matter where you, your team or your customers are located. Utilizing common features like budgeting and costs, document, and collaboration management will allow you to stay on track, on budget and evaluate any risk factors and manage the risk accordingly.

Risks are intrinsic in all projects, and there is no way to eradicate the risk no matter how carefully an individual might plan a project. Some risk factors can be anticipated with plans to minimize their effect, such as, in the project itself; business; scheduling; and resources. Other risk factors can be unpredictable: such as, a loss of key project players, a publicized sentinel events, or a natural disaster in the area. Hall, Skipper, Hazen, and Hanna (2012) stated that an individual can take steps to decrease exposure to the risk and develop

Risk is defined as an incident that has a possibility of happening, and could have either a good or bad influence to a project. A risk may have one or more reasons and impacts. If there is an uncertain event occurs, there may be an impact on the project cost, schedule or performance. All projects assume some element of risk, and it’s through risk management where tools and techniques are used to monitor and control those events that have the potential to impact the results of a project. Risk management is an ongoing processes that carry on through the life cycle of a project or an event. The risk management processes include planning, identification, analysis, monitoring and control. These processes are always needed to update throughout the project lifecycle as new risks can be traced when the project is ongoing. The main reason of risk management is to decrease the negative probability and impact to the project. On the other hand, any event that could have a positive impact should be exploited.