Managing Project Risk In Project Planning

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I like this powerful citation: "Let us never negotiate out of fear, but let us never fear to negotiate. '' by JOHN F. KENNEDY. Any project, although considered ephemeral in its existence, intervenes in an environment that imposes constraints on it, or at least solicitations, which have an impact on the realization of this one. It is rare to encounter a project where everyone involved feels things are adequately under control. The very process of identifying project risks forces some discipline at all levels of project management and improves project performance (Erik W. Larson). Project risk has its origins in the uncertainty present in all projects. Known risks are those that have been identified and analyzing, making it possible to plan…show more content…
It is not uncommon for projects to lead to serious and costly (technical, financial or commercial) failures, to a degradation or questioning of their main objectives (costs, deadlines and performance), or even to their pure and simple abandonment. Managing Project Risks is so important that Governments and businesses take it seriously so they can reduce the cost of their infrastructure investments by more than $5 trillion by 2030 if they improve how they manage the risks inherent in large projects (Wyman, 2012). That is why Managing Project Risks has become important, even a major concern for many project managers in recent years. To carry out the project according to the forecasts, it is essential to set up a risk management in order to look for the weak points in order to think and consider the solutions to the actions to prevent the risks. Risk management attempts to recognize and manage potential and unforeseen trouble spots that may occur when the project is implemented (Erik W. Larson). So Risk management will be used to attempt to prevent destabilization of the project when unforeseen events occur. Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks (Hillson,…show more content…
All metrics are not the same because they do not have the same goals. Not mastering the use of metrics may lead to inappropriate conclusions. Some metrics may provide trend data that presage future project problems. The value of project metrics depends on what, and how much, is measured. One metric is not often sufficient to properly monitor the overall process because a project is most of time a complex system. The use of metrics is one way to control risks, but the inappropriate metrics can causes problems, as it states that when there are too many data, it is easy to overlook important information hidden in the jumble (Kendrick,

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