Risk Paper

Topics: Risk management, Project management, Risk Pages: 3 (681 words) Published: February 28, 2013
Robert L. Turner
Risk Paper #2

Concern with uncertainty is a big part of the life of a project manager. Practicing project managers have long known that managing uncertainty is important to risk management. Uncertainty of a project reduces with time, as more knowledge in the hiding process is uncovered. The focus is on thinking about how the project might be performed by the competing tenderness, and the implications for tender evaluation and selection procedures (Dale F. Cooper, 2005). As part of the bidding stage of the procurement process, risk assessment can show how the semi quantitative priority setting approaches and indicators of the likelihoods and consequences can be extended in their application to tender evaluation.

Under the evaluation process there is a basic assessment structure. This structure has a phrase 1 and phrase 2. Both are closely related but phase 1 is concerned with establishing a baseline against which tenders can be assessed, prior to bids being received. Phrase 2 compares each submitted tender offer with the baseline, to develop a comparative risk assessment for each one (Dale F. Cooper, 2005). Neither phase can uncover all risk but what they try and do, is provide a comparison between the tender responses and proposed methods for fulfilling the contract.

The writer feels that phase two really offer a more detail and accurate assessment of identifying risk in more cases. The reason for this is that during the phase 1 process the output details in establishing the risk assessments are based on assumptions. In the phase 2 process, risk is assessed based on assumptions. In the phase 2 process, risk is assessed based on firm tender documents that helps produce a detail list of risk factors for each tender comparative risk assessment.

Since by definition risk is associated with uncertainly, we are generally unable to...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • risk Essay
  • Risk Management Essay
  • Essay about Business Risk
  • Risk Management Questions Essay
  • PM 586 risk paper
  • School Papers
  • Essay on Mba/540 Risk Analysis
  • Security Risk Management Essay

Become a StudyMode Member

Sign Up - It's Free