Project Risk Management
Template
Journaling helps collect and synthesize ideas from multiple sources as a vital resource for study.
| Quote | Comment |
| Due Date: Month Day, Year Keywords: Quote “Quoting a peer-reviewed source.”
(Author; Year; page #) | Each session of the class will have prescribed reading and opportunity for researching peer- reviewed articles. Each session will be marked by the due date in the first row of that session; subsequent sessions will continue to build upon the same journal. Keywords help to tag/code the quote for later reference. Keywords will likely be re-used when related information is discovered. When quoting the work, ensure a citation is placed at the end with a page number. This provides a means to go back to the source if needed quickly. Later, when authoring a paper, it will be more accessible to synthesis the information from multiple sources by finding the related keywords within the journal. This also adds strength to any arguments. As for comments, expand your thoughts based on the quote as it relates to personal lived experiences, analogies, events, correlations with other research, etc. This will provide additional substance to demonstrate critical thinking. |
| Keywords: Quote “Quoting a peer-reviewed source.” (Author; Year; page #) | Subsequent rows for the session would not have a due date. For each author, ensure that the bibliography at the end of the journal is updated. At a minimum, one page of journaling for each chapter/section read. Append subsequent future journal sessions to the end of the initial journal. Simple re- submit the same journal with the new entries. |
Project Risk Management
| Quote | Comment |
| Due Date June 17, 2020 Keywords; Project management, risk management, corporate risk maturity, technique selection, knowledge creation. Quote “Today, effective risk assessment is a vital factor of a project’s effectiveness due to higher exposure to the volatility of real output, time, and expense performance compared to that predicted as a result of increasing demand on time and cost reduction. It has been shown that failure to address risk is a major cause of exceeding budgets, falling behind schedule, and lack of performance goals.” (Cagliano et al. 2015, 239). | There is a clear need for risk assessment and monitoring at all project stages. A variety of concepts and methods have contributed to different perceptions, behaviors, and criteria. To be more precise, risk management processes and supporting techniques were developed and implemented extensively in both literature and practice. The present work develops a theoretical taxonomy supporting the selection of risk management techniques. The classification is based on the significant features of the context of analysis derived from the study of literature about project and risk management. The phase of the risk management process, stage of the project life cycle, and corporate maturity towards risk. |
| Keywords; risk management, IT project success Quote “The risk management contribution to project success is indirect since the collected information is used in future projects. The management approach considers risk management as a management tool that collects and analyzes information in order to support the decision-making process in a specific project.” (De Bakker et al. 2010, 494) | You can be prepared to respond by strategy for unforeseen events should they occur. Successful project managers understand that risk management is essential because achieving the aims of a project relies on planning, scheduling, objectives, and assessment that lead to the achievement of strategic goals. |
| Keywords: project sustainability; project management; knowledge management; project risk Quote “Making sure efficient and effective development in post-project processes, in particular by post-implementation program review and gathering a collection of suggestions for improvement for future project management, offers the functional basis for the application of the concepts of information management and project management.” (Doskočil, & Lacko, 2018, 20). | It leads to improving awareness about how to handle unpredictable incidents and, in addition, to enhance the risk information management mechanism to help risk management systems to achieve the benefits anticipated. Although the risk is a crucial issue for innovations, it has not been explicitly examined and thus requires further attention. Sophisticated risk mitigation and project knowledge utilization are vital aspects of sustainable development projects |
| Quote | Comment |
| Due Date; June 24, 2020 Keywords: risks and risk dependencies
Quote “Task threats aren’t always autonomous, but existing risk management strategies aren’t specifically handling risk dependency. Project managers will be able to develop better risk management strategies to make more informed risk planning decisions if relationships can be clearly defined and evaluated.” (Kwan & Leung, 2011, 639) | Project risks aren’t always autonomous, but current approaches for risk management aren’t unique to handling risk dependency. Risk management aims to identify potential issues before they arise so that risk-handling measures can be prepared and used if appropriate throughout the product or project existence to minimize adverse impacts on achieving goals. |
| Keywords; risk management strategy, corporate risk management Quote “Corporate risk management refers to all methods used by a company to minimize financial loss. Risk administrators, directors, line managers, and middle managers, as well as all staff, carry out procedures to avoid risk detection by internal human and technical controls.” (Merna & Al-Thani, 2011, 24)
| A risk management policy offers a systematic and cohesive framework for the definition, assessment, and control of threats. This operates in a cycle whereby the evaluation is regularly updated and checked based on new findings or actions taken. Risk management aims to identify potential issues before they arise so that risk-handling measures can be prepared and used if appropriate throughout the product or project existence to minimize adverse impacts on achieving goals. |
| Keywords; risk mitigation, project performance Quote “A risk mitigation strategy can influence defining and assessing potential risks that could hinder the initiative, the approaches you can use to mitigate the danger and the consequences of unforeseen risks.” (Rabechini Junior, & Monteiro de Carvalho, 2013, 6) | Risk assessment programs lead to project performance by identifying internal as well as external threats. Low-risk incidents usually have little or no effect on expense, timetable, or performance. Moderate risk triggers specific cost increases, schedule delays, or efficiency loss. Risk management aims to identify potential issues before they arise so that risk-handling measures can be prepared and implemented as appropriate throughout the product or project existence to minimize adverse impacts on achieving goals. |
| Quote | Comment |
| Due Date: June 30, 2020 Keywords; project portfolio, risk Quote “Risk is among the most fundamental aspects that need portfolio-level management. … The incentives for each project should be quantified against our portfolio’s established targets to determine how much each project will add to achieving the overall portfolio goals.” (Teller et al. .2013, 73) | Risk management of projects aims to reduce the likelihood of project failure. … Furthermore, risk management at the project level is more critical for R&D-dominated project portfolios, whereas the integration of risk information is more critical, with high levels of turbulence and portfolio dynamics. The risk management of portfolios is used to monitor the risks associated with investment portfolios. These portfolio risks include risks from the market, interest rate, inflation, and credit. In a risk register, they are summarized and balanced with guidelines for governance risk and reserves for portfolio management. |
| Keywords; risk management systems. Quote “Managing risk is a process that identifies, analyzes, and responds to risk factors throughout the project’s existence and in the best interests of its objectives. Suitable risk assessment involves tracking potential future accidents and is proactive rather than reactive.” (Yaraghi, & Langhe, 2011, 563) | Variables that influence the organization’s propensity and readiness to upgrade RMS; variables that are important during the development and use of RMS in an organization and can have a significant impact on the success of the RMS program and its execution. Factors which are significantly imperative to run, maintain and administer RMS effectively after the RMS undertaking has been concluded |
| Keywords; organization structure, enterprise risk management Quote “Risk assessment is a term used to describe the overall process or system of recognizing dangers and risk factors that can cause harm (threat identification). The risk associated with this hazard (danger identification and risk assessment) is measured and assessed.” (Zhao et al. 2013, 1204) | The top six significant CSFs are “Management and Corporate Management Commitment,” “Risk Perception, Assessment and Reaction,” “Objective Structure,” “ERM Possession,” “ERM Inclusion in Business operations,” and “Enough Money.” some of these variables that influence risk mitigation include top management engagement and encouragement, connectivity, philosophy, information technology (IT), organizational framework, preparation, and confidence. Because risk management is an integral part of the financial industry, effectiveness is vital to increase project success. |
References
Cagliano, A. C., Grimaldi, S., & Rafele, C. (2015). Choosing project risk management techniques. A theoretical framework. Journal of risk research, 18(2), 232-248.
De Bakker, K., Boonstra, A., & Wortmann, H. (2010). Does risk management contribute to IT project success? A meta-analysis of empirical evidence. International Journal of Project Management, 28(5), 493-503.
Doskočil, R., & Lacko, B. (2018). Risk management and knowledge management as critical success factors of sustainability projects. Sustainability, 10(5), 14-38.
Kwan, T. W., & Leung, H. K. (2011). A risk management methodology for project risk dependencies. IEEE Transactions on Software Engineering, 37(5), 635-648.
Merna, T., & Al-Thani, F. F. (2011). Corporate risk management. John Wiley & Sons.
Rabechini Junior, R., & Monteiro de Carvalho, M. (2013). Understanding the impact of project risk management on project performance: An empirical study. Journal of technology management & innovation, 8, 6-6.
Teller, J., Kock, A., & Gemünden, H. G. (2014). Risk management in project portfolios is more than managing project risks: A contingency perspective on risk management. Project Management Journal, 45(4), 67-80.
Yaraghi, N., & Langhe, R. G. (2011). Critical success factors for risk management systems. Journal of Risk Research, 14(5), 551-581.
Zhao, X., Hwang, B. G., & Low, S. P. (2013). Critical success factors for enterprise risk management in Chinese construction companies. Construction Management and Economics, 31(12), 1199-1214.