0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is the meaning of managing risks?
In Project Management Terms: Risk Management is a process dedicated to identify, analyze, and respond to project risks.
What types of risks are inherent in a project?
Some risks that are inherent in projects include: delayed completion, over priced projects and the possibility of employees failing to work as a team. Project managers must consider all these risks and develop plans to overcome them.
Why does risk management fail?
The only reason for risk management to fail is if the risks weren't adequately identified and inproper management at the beginning of the project.
What are the strengths and weaknesses of risk management process?
The strengths are that a risk management process gets you thinking about the potential risks that may affect your project, so you can start thinking about mitigation's and taking proactive actions to help prevent them happening or try to limit the impact they may have on your project. You may never be able to completely limit risk. Another major strength out of risk management, is that it often allows you to think of opportunities to help improve your project. Risk goes hand in hand with opportunity. Some of the weaknesses of risk management are that people often only do it once at the start of the project and then forget about it during the project. They think that because they have followed the process their job is now done, and any future risk was unforeseeable and thus not their fault. A process is only as good as the people using it, and if you don't continue to use it, then it is not that effective. If not done appropriately, then you may be focusing your efforts on the wrong risks. You will never capture all the risks on the project, and assuming you can is misguided and you may feel that the risk management processes didn't help you and Project A, so why use it on Project B.
What are the theories of school finance?
Finance theory includes the study of money and assets, to manage and profile of the project risks, managing and control of assets, science of money managing. The theory of finance also means provision and allocating of funds for specific business or project.
What is the difference between business risks and project risks?
Business risks are more general than project risks. Business risks affect the whole business, while project risks may only affect the project. Note the "may" here, as business risks can (and usually are) risks to the project, but the opposite is not necessarily true.
What are the risks in risk management?
The question probably should be rephrased. Risks are not generic, they're different for every project. Usually in the risks are compiled during Risk Analysis.
What does prioritization provide through task analysis?
Prioritization provides a list, or knowledge of, tasks or activities in the most desirable order they should be performed.
What is the meaning of managing risks?
In Project Management Terms: Risk Management is a process dedicated to identify, analyze, and respond to project risks.
What kind of prioritization is done on time constraintS?
simple prioritization
How you can identified the risks at various stages of the project?
The "risks" shouldn't vary during a project or suddenly appear out of nowhere. By definition, any project is a risk. You take risks in order to generate profit. Your "risk" should be identified at the beginning of the project and hopefully it is a financial risk rather than say, a code or OSHA violation or substituting wood for steel... Financial risk is defined in your project pro forma. Job site risks that put people in danger are illegal and should be avoided. Risks taken to violate the code and fool construction inspectors are also ill-advised in that at any time during the construction process, you will be obliged to correct defects and illegal construction whether the inspector passed it or missed it.
Importance of project contingency plan?
The importance of a project contingency plan is that it allows the Project Manager to deal with known risks with more confidence. Contingency planning prevents the "panic mode" situation when we face risks, as it incorporates risks into the schedule.
What information from subsidiary plans should be included in a project management plan?
-How risks will be managed -How human resources requirements will be met
Can you classify risks based on the Project Objective a risk would impact?
Yes. we can also classify risks based on the Project Objective a risk would impact. They are: a. Scope Risks - Risks that are related to changes to the Project Scope (Ex: Scope Creep) b. Quality Risks - Risks that are related to the Projects Quality Standards (Ex: Missing Quality checks) c. Schedule Risks - Risks that are related to the Projects Schedule (Ex: Missed Delivery dates) d. Cost Risks - Risks that are related to the Projects cost (Ex: Budget Overruns)
How do you monitor risks to the project and mitigate them?
You can monitor risks by conducting inventory of all the factors that are internal in nature. Then, you can evaluate your likelihood of risks occurring.
What is the definition of the word 'prioritization'?
Prioritization is the act of determining the order or importance of tasks, goals, or responsibilities based on their relative significance or urgency. It involves making decisions about what should be done first and allocating resources accordingly to maximize efficiency and productivity.
What are known risks in project management?
Known Risks are those risks where the Risk is Clear and there is no unknown information about the risk. In other words No Uncertainty Exists
