Managing Project Risk In Project Planning

Cons • One problem with observation is that it can be very resource intensive. It might involve great amounts of time and energy, which can be a problem if those resources are not available in adequate quantity. If there is less time for the research to be carried out it might lead to hurried observation which dilutes the quality of the data collection process and thus has an adverse impact on the analysis • Since observation is being carried out by a human being, there exists a risk of observer bias. It is not necessary that the observer will always be unbiased and thus there will always be a question mark over the sanctity of the data collected. • Another problem with observation is the effect of the observer on the behavior of those being

The procedure proceeds with risk reaction arranging, planning to maintain a strategic distance from, decrease, exchange or acknowledge dangers and an adproject, improve, offer or reject openings, with possibility (time, cost, assets and strategy) for dangers which can't be overseen proactively. The last stride is the usage of concurred reactions. The entire procedure is iterative. For instance, evaluation or reaction arranging can prompt the identification of further dangers; arranging and actualizing reactions can trigger a requirement for further examination and so on. It is additionally essential to recognize and oversee behavioral impacts on the risk procedure, both individual and gathering, since these can significantly affect risk management

threat source, vulnerability, etc. ), and risk model along with the assessment and analysis approaches. - Step 2 is conducting the assessment. In this step, identification is made of the threat sources, possible threat events produced from the sources, and exploitable vulnerabilities from those sources and events. Step 2 also determines the likelihood of the sources initiating specific events and the likelihood of success, the negative impacts that could result from exploiting vulnerabilities by sources of threat, and security risks that result from the likelihood of vulnerability exploitation and the impact of

Communication intelligence yields a lot of information for intelligence analysts. It is difficult to analyze such information effectively, as it requires a lot of time and analysts. This means that finding valuable information using this approach might be difficult or even impossible. The use of encryption and other secure forms of communication can restrict access to data. A change in the communications protocol, for instance, adopting another mode of communication can also lead to loss of access.

But, it is not always true that Triangulation offers the solution to the limitations of the two methods (qualitative and quantitative research methods. ), because they need not necessarily complement each other in every way. There are limitations with Triangulation in terms of it being time consuming again and also the need for additional resources, thus making it more expensive as well. There is a need for academic experience in order to use Triangulation appropriately and in a balanced

However re-planning is perhaps not always possible due to project constraints such as being too far into the project to make changes and having a strict timeline to adhere to meaning any change results in a delay and expense . External dependants such as companies involved in a project rely on an accurate time line and incorrect prioritising can create risk to the overall delivery of a project. Understanding the severity of project decisions in relation to risk and then prioritising risk based decisions on a project can help to mitigate downtime or loss on a project (Thomset, 2010). When a challenge presents itself it is at the discretion of the project manager to handle it in relation to the critical effect to the project with continuity of the project being at the forefront. Project managers must have a good understanding of the principles and practice of prioritising work regardless of challenges (Newton, 2013).

The selection of cost drivers may be problematical. Even with this method, some indirect costs remain difficult to assign to products, such as the chief executive's salary for example. These costs are then unallocated and called ‘business sustaining’. The ABC system is not the perfect solution to allocate every single overhead cost. Some of them remain hard to identify and assign to an activity within the company.

A major downfall of the idea lens is adaptive tension. High level of control is likely to reduce ideas from employees. The more intensive the top down control is the less probability of innovation. Innovation emerges when there are adequate orders to make things happen but not when there is rigidity of control as to prevent such innovation. Additionally, ideas formulated are not of fully formed, but rather imperfect and prone to errors.

In this way, the plan contributes to managing potential threats that make it difficult to achieve project objectives and how to exploit the opportunities for better project performance. To make it more effective, the risk management plan includes specific roles and responsibilities team members assume towards handling the threats. Also, the plan also details the responses to be employed once the anticipated threats occur as well as the opportunities. The risk management plan is a course of action for the better management of project threats and exploitation of its

PLS has some advantages over covariance-based approaches. First, covariance-based approaches yield very unreliable results for theory building studies, called factor indeterminacy. Because, these approaches produce more than one solutions which are mathematically proper but without determining which of the several solutions relates well to the underlying hypothesis. Additionally, covariance-based approaches can support numbers of statistically equivalent models by the same data and thus, it leads a difficulty to justify causality in the models. Therefore, covariance-based approaches are appropriate for empirical validation in well-established theories.