Reference no: EM13320854

Risk-taking is an important aspect of the leadership role of a project manager. Unlike a leader who takes risks, a leader who is highly risk-aversive may not achieve project goals. This impact of risk-taking is applicable not only to project management but also to other professional positions. In the past, most project managers were risk-aversive. In today's world, the only constant is change and most projects often change drastically over their life cycles. The scope, budget, schedule, and quality requirements of a project may change often, possibly in a matter of days or weeks, for a year-long project. This is primarily because the market and business environment we live in has become fast paced. Project managers, therefore, should be ready to embrace change when it occurs, without being too risk aversive.

Embracing change requires risk-taking, which needs to be as calculated as possible and based on knowledge rather than mere guesses.

As a project manager, what is your opinion about risk-taking? Do you think the degree to which a project can take risks depends upon the project environment and organisational culture? Develop a scenario where you think there is no option for a project other than to take risks.