Several journal articles have been published about the application of Risk Manag

Question

Several journal articles have been published about the application of Risk Management in business and industry. In this assignment you are to research and find an article that you are interested in or related to your current job.

For this assignment you are to write a three to four-page paper that summarizes the following in the context of risk management:

How is risk managed on this real-world project? ( /2 Points)

Define the inputs used in risk management. ( /2 Points)

Define how risk management benefits achieved. ( /1 Point)

Give 3 – 5 top tricks or tips in the article that you can apply to your current job or project. ( /1 Point)

What were the barriers or hurdles overcome using risk management? ( /1 Point) (Things that inhibit risk management effectiveness.)

Guidelines:

The paper should be approximately 3 to 4 pages, professionally written and presented ( /2 Points)

Double space

Include references (Citing) on a separate page

Articles can be found using the LTU Online or Onsite Library Services. http://www.ltu.edu/library

PMI Journal is also a good source of articles for this assignment. Review the resources labeled “PM Resources” in the Assignment Section of your Blackboard course for additional resources.

Note: I would recommend that you become part of the PMI organization (www.pmi.org) if you are not already a member of this organization. There are numerous benefits in becoming a member to assist you with your studying in Project Management and support your career path in this area.

Apply APA standards when writing and citing references. ( /1 Point)

Purpose:

The purpose of this assignment is to enhance your knowledge of some of the critical functions of risks in project management.

It is strongly recommended the use of charts, graphs, business processes, facts, etc., these tools shall form part of the above assignment requirements evaluation.

Explanation / Answer

1)Risk management:Risk management is the identification,assessment,and prioritization of risks follwed by the coordinated and economical application of resources to minimixe,monitor and control the probability and/or impact of unfortunate events

1.to maximize the realization of oppurtunities.risk management object is to assure uncertanity does not deflect the endeavour from the business goals.

2)Inputs Used in Risk management:

->Strategic asset requirement and project implementation basis.

->Asset or project scope

->Planninginformation

->Cost ,schedule,and resource information.

->Risk performance assessment

->Change information and contingency.

->Historical information.

Benefits used in Risk management:The speed and volatility of business means that downside risks last longer than upside risks and problems can be faster and longer for a relatively extended period of time whilst opportunities can come and go quickly.Therefore,an effective risk management program must be able to prevent or reduce the impact of downside risk ,while providing with the acumen and agity to seize the right opportunities at the right time.

1.Improved risk culture

2.Better risk appetite and strategy allignment

3.Stronger link between growth,risk and return.

4Enhanced management of interrelated risk.

5.Accelerated identification of risks

6.Increased transparency and traceability

7.Enhanced risk decision making

8.reduced operational surprises and losses.

9.Reduced cost and expenses.

10.improved capital management.

11.Improved opportunity management.

Tricks and tips appied in current job or project:

Smart working nature and communication between the employees in the organisation is well and good.Try to learn the new things to compete to achieve the goal in the organisation.To eloborate the project in an organisation and company .need,scope,importance,limitations of the particular project mentioned in detailed.

Barriers or hurdles overcome Risk management:To solve the problems and facing the situations in management situations.either the company bears the profit or loss occured in risk management.

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