Re: Dq1 - Risk Management Deliverables

Topics: Risk management, Project management, Risk Pages: 3 (936 words) Published: March 30, 2013
There is no project without a risk (Philip G 2003). As said in the lecture note. Risk could be positive or negative based on the consequence it delivers at the end. By oxford dictionary definition that can go in line with that description a risk would be described as the possibility of an unaccounted event to occur (Oxford dictionaries n.d). Naturally when one thinks of risk it does drift towards a thought of a negative event. The ability of account for and manage this would be unaccounted/undesired event for define risk management on a shallow level. Risk management involves recognizing, understanding and resourcefully managing the known risks so as the increase the success possibility of an event. It is of necessity to effectively identify, comprehend and oversee the risk that could be possible in a project. Rita Mulcahy (2003) outlines that it is necessary to accept the possibility of a risk occurring rather than trying to prevent it, managing and containing it would be a better option. It was outlined that the reason for failure of most projects is that most managers fail to adapt their projects to a different or respective risk management processes. (Lecture note 2013). A risk management plan should be one designed for a specific project. Once a project developed it is imperative that risk management deliverables are developed. A project life cycle apart for containing the processes, resources, objectives and activities that should be undergone in a project, it should also contain included stages that would contain possible challenges and possible solutions to meet these challenges. Therefore in a project, a possibility of the risk that could occur should be identified. This helps in calculating the percentage or rate of success of the project and reasons for the results obtained. Author of software Engineering Risk Analysis and Management Robert N. Charette, describe risk assessment as a necessity. An activity needed to be done in a means to validate the...
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