Project Risk Management
Project Risk and Procurement
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Risk Management
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Dr. Kevin Kane
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Assignment 2
Hanson Ifeatu Nnadi
@00345526
Submission: 8th March 2013
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Total number of pages: 12
Word count without references: 2664
ABSTRACT
The aim of this paper is to investigate risk management as a basic stage in project management. The concept of risk is also examined how it is defined in today’s businesses. We will consider the traditional method of approaching risk and study Long-Term Capital Management (LTCM), Heathrow terminal 5 and Wembley stadium case examples to observe where risk management has been a success and a failure. Further more, we study the human factors that must be considered by decision makers and risk managers while dealing with risk to successfully achieve organization’s goals.
INTRODUCTION
Ask anyone in the street if they understand what risk and you’ll find out they have a very good understanding of it. If you ask for a definition you will get an answer stating risk as a possibility that anything could go wrong. Unless you happen to be a thrill-seeker, risk has a distinctly negative aspect that people would rather avoid. Mostly, we would feel more positively inclined towards risk if we could see a bright side. People are always in arguments about what could happen in future events but to be practical it is all a matter opinion because the future is unknown. Like it or not we are surrounded by risks in our everyday lives and we have accepted risk as part of it as well. We may decide to minimize risk by tackling the particular ones we see but then the ones we don’t see we just ignore and get on with life. Wouldn’t be more rewarding if we could perceive all possible risk before they could
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Risk Management
-------------------------------------------------
-------------------------------------------------
Dr. Kevin Kane
-------------------------------------------------
Assignment 2
Hanson Ifeatu Nnadi
@00345526
Submission: 8th March 2013
-------------------------------------------------
Total number of pages: 12
Word count without references: 2664
ABSTRACT
The aim of this paper is to investigate risk management as a basic stage in project management. The concept of risk is also examined how it is defined in today’s businesses. We will consider the traditional method of approaching risk and study Long-Term Capital Management (LTCM), Heathrow terminal 5 and Wembley stadium case examples to observe where risk management has been a success and a failure. Further more, we study the human factors that must be considered by decision makers and risk managers while dealing with risk to successfully achieve organization’s goals.
INTRODUCTION
Ask anyone in the street if they understand what risk and you’ll find out they have a very good understanding of it. If you ask for a definition you will get an answer stating risk as a possibility that anything could go wrong. Unless you happen to be a thrill-seeker, risk has a distinctly negative aspect that people would rather avoid. Mostly, we would feel more positively inclined towards risk if we could see a bright side. People are always in arguments about what could happen in future events but to be practical it is all a matter opinion because the future is unknown. Like it or not we are surrounded by risks in our everyday lives and we have accepted risk as part of it as well. We may decide to minimize risk by tackling the particular ones we see but then the ones we don’t see we just ignore and get on with life. Wouldn’t be more rewarding if we could perceive all possible risk before they could
References: Bandyopadhyay, K., Peter M., Mykytyn, K. (1999). A framework for integrated risk management in information technology. Management Decision, 37(5), 437 – 445. Bharwarni, S. (2012). Risk identification and analysis in the hospital industry: Practitioner perspective from India. World wide hospital and tourism themes, 4(5), 410-427. doi: 10.1108/17554211211277851 Douglas, Mary Eloff, J.H.P., Labuschagne L., Badenhorst, K.P. (1993). A comparative framework for risk analysis methods, Computers & Security, 12(6),597-603. Kliem, L., Ludin I. S. (1998). Project Management Practitioners Handbook. New York: AMACOM Lichtenstein, S Loosemore, M., Raftery, Reilly, J., Higgon, C. (2006) Risk management in Projects 2nd ed. New York: Taylor and Francis Group Lubka, T Project Management book of knowledge (1996) Project management Institute. Newtown sqaure Raftery, J Risk Management Standard AS/NZS 4360 (1999) Risk Management Standard AS/NZS 4360, Standards Association of Australia, Sydney. Slovic, P. (2000) The Perception of Risk. Earthscan, Virginia. Tversky, A., Kahneman Webb, A. (2003) The project manager’s guide to handling risks. Burlinghton: Gower Publishing Williams, T