Reference no: EM1336912

Risk management is a major component of successful project management. From our in class discussion I learned that risk managers alone is at a huge increase in demand because of the importance to companies. The risk management factor can majorly affect a projects success. Both internal and external factors need to be addressed as well as the probability and impact that certain risks could have on a particular project.

Organizational structure and culture has a very large bearing on project organization and planning. The organizational structure has a major influence on how the project will be most efficiently run. Is it a large company with many layers, or a smaller company with a reduced amount of layers and many having the ability to make decisions. We learned that the best structure balances the needs of the project with the needs of the organization. This can often be challenging when PM's get tunnel vision or management doesn't understand the unique need that the organization has for a particular project.

The final significant factor I am going to touch on is scheduling resources and costs. This in depth process can take a team of individual's weeks with many factors in laying out the plan of shared resources, budgets and time constraints. We have to remember that estimates are not a budget but are helping the project manager plan. As well as the resources are not a schedule until they have been assigned tasks