Project Management and Control

Discuss the process of risk management with reference to a project software development and implementation on enterprise

In implementing a project in either big or small organizations , it has to undergo a thorough process or a step-by-step analysis of the activities that has to be done to accomplish the project

All organizations should always be willing to take all the risks if they want to do well in the business world . Risk is all about the possibility that either a positive or negative event is going to happen . To avoid danger in

experiencing risks , proper management of such should be done

Generally , we tend to focus on the negative risk that may come out in project development . This is true for all cases because positive risk brings good to the company

Risk management is all about the approach on how to manage uncertainty in any project development (http /en .wikipedia .org /wiki /Risk_management , no year ) The following are the steps on how to perform risk review /management

Generate a list of risks /problems that can impact your project (David V Tennant ,http /divisions .asme .org /management /projectmanagement /REProject Management .pdf

The management or the project team leader should always anticipate the possible problems that they can encounter . This is done so that when such problems arise , they wouldn 't have a hard time looking for ways on how to solve these and they can immediately stop the problem from affecting the entire project

Assign a probability and impact rating (David V Tennant ,http /divisions .asme .org /management /projectmanagement /REProject Management .pdf

After listing down the possible problems that the management might encounter , it is best to identify the probability of occurring these problems and how big the impact is it can bring to the company . This is advisable so that the management may already have an idea as to the effects of these problems to the organization

Prioritize the risk with the most serious at the beginning of your list (David V . Tennant http /divisions .asme .org /management /projectmanagement /REProjectManageme nt .pdf

Listing down the possible problems that might be encountered is not enough to counter-attack these . It is best to prioritize those most serious problems and those which bring the greatest impact to the organization

Develop strategies to minimize or eliminate risks

For the organization to encounter lesser problems , it is best for them to develop and formulate strategies on how to lessen , if not eliminate the possibility of experiencing risks that might cause bigger dilemma to the management

The above-mentioned risk management steps should be done in one of these times

At the beginning of the project

When the project goes through a shift from concept to planning to implementation to close

Anytime you have a gate review scheduled

Anytime a major risks event that you have identified is triggered (David V . Tennant http /divisions .asme .org /management /projectmanagement /REProjectManageme nt .pdf

The results of a risk review should be able to help the organization meet its objectives...