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"If you want to know your past life, look into your present condition; if you want to know your future, look into your present action." - Kamakshi

Risk Management

  • Date Submitted: 02/21/2014 12:34 PM
  • Flesch-Kincaid Score: 58.3 
  • Words: 1183
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Article Citation
Cervone, F. H. (2006). Project Risk Management. Retrieved from ProQuest website: http://search.proquest.com.ezproxy.bellevue.edu/pqcentral/docview/209773500/9B0AB309B5134A4APQ/24?accountid=28125
Harrington, S. E., & Niehaus, G. R. (2004). Risk Management and Insurance (2nd ed.). McGraw-Hill.
Main Issue of Article
The main issue of this article is to understand what risk means to projects and how to determine risk in general.   The article explains that all projects need to understand risk management and how it could affect a project.   All projects have some sort of risk.   The first step is trying to identify risks pertaining to the project, and then come up with a method of how likely the risk might take place.   This article helps project managers understand issued related to project risk and how to avoid them which will help their project become a success.
When you are on a project, you need to identify any risk so you can hopefully mitigate or avoid it.   But risk is something that might or could happen.   For example, all projects have a risk of a weather disaster occurring to where employees cannot get into work.   Now the chances of that ever happening are very slim, but it could happen.   Another risk is someone on the project not being able to complete it by illness. It’s something you ask yourself “what could happen while on this project and how do I avoid it”.   All projects need risk management so they aren’t blind-sided or surprised if something were to happen to delay the project.   Risk can be eliminated, transferred to other areas, absorbed, or avoided by simply planning for them.   Risk can be avoided by putting quality control practices and procedures into place (Cervone, 2006).   It is easier to plan for something that might happen versus trying to fix something quickly. The most common risk factors to a project are not having top management committed to the project.   If employees see top management ignoring or not interested, then...


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