Risk management component of successful project management

Assignment Help Project Management

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

Reference no: EM1336912

Questions Cloud

Proportions of debt and equity financing : The required return on debt (before taxes) is 7.5%, the required return on equity is 15%, and the cost of capital is 10%. What are the proportions of debt and equity financing?

Government places a price floor on milk which is below : The government places a price floor on milk which is below the current equilibrium price of milk. The number of children who drink milk and the number of farmers who produce milk increase at the same time.

Define a flowchart and a pseudocode for the program : After designing the class, design a program that creates an object of the class and prompts the user to enter the name, type, and age of his pet. This data must be stored in the object. Use object's accessor methods to retrieve the pet's name, typ..

Data mining : How might a retailer use data mining?

Risk management component of successful project management : Risk management is a major component of successful project management.

Personal jurisdiction issue for websites : Why is personal jurisdiction an issue for those who post Websites? What are some reasons that a website owner might be concerned with whether a court is able to obtain 'personal jurisdiction' over them?

Components of capital structure : Critically discuss and describe the three major components of the capital structure of enterprise.

Supply demand analysis to elucidate how prices of untaxed : Supply demand analysis to elucidate how the prices of untaxed consumption items can be affected by the retail sales tax even though they are not subject to taxation.

The relationship between variables : Regression model which will estimate the relationship between variables.

User Account

All Pages