Managing Project Risk and Opportunities

Topics: Project management, Risk management, Management Pages: 2 (492 words) Published: November 27, 2010
Running head: Managing Risks

Managing Risks
Phase 1 Discussion Board 2
Patrice Strong- Register
Colorado Technical University
Professor Nancy Brennan
October 10, 2010

Managing Risks

In every team there will be different interpretations of information that is presented. This is why it is important that we meet and share our thoughts and ideas of how a project is determined, managed and executed. In the subject of risk management, we all must know what the definition of risk is and how it pertains to our business and or project. Risk is defined as anything that is uncertain that has been defined (Barkley, 2004, p.1). The concept is simple, yet often not looked at as a vital part of planning a project or program.

Risk is any uncertainty in a plan that you can potentially control, or at least track (Barkley, 2004 p.3), therefore we must identify them especially the critical ones which could potentially bring a program or project to a halt or cause major issues. Risk can be an opportunity as well. By using a SWOT analysis (strengths, weaknesses, opportunities and threats), it can help us to do a risk analysis and other outputs that support identifying risks in a program or project that could help us see where we may be able to improve our techniques and in addressing our customer’s needs, which give us a more competitive edge and market share and growth.

Risk management is a part of the project management processes. The nature of project management means the processes may be used throughout the project life cycle. For example executing a risk response triggers to identify the risks process to evaluate the impact (PMbok, 2008). The process of a risk management plan is to identify the risk, analyze those risks and monitor and control those risks. The objective is to decrease the probability of a negative event and make sure that they don’t wreak havoc on a program or project. We need to be proactive in our approach to...
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