Key words: risk, risk management, projects, risk mitigation. JEL: G3 Introduction Risks are threats to project success. Risks that are both possible and probable must be identified and analyzed to fully understand what can happen, what is likely to happen, and if the
Some of the projects don’t work as they are planned, some don’t achieve their targets or some don’t even finish ever, risk management helps in managing the risk properly and on time to for making the project run smoothly, finish on time and to achieve the desired results in Information system projects. It is very important to assess the risk, to identify it and then to prioritize it in a project. By using different methods according to the probability of risk and by assessing its impact on the project the risks can be managed. It is very important to make a risk management plan which can come handy from the starting stage of the project to finishing stage. Risk monitoring should be done in all stages of project to supervise the carrying out of the information system projects to examine new and old risks and for checking that which risks can cause negative impact on the information system
As a leader or project manager, when problem arise involve worker he or she should have the sense of responsibility to take care every employee. Besides that, project manager should responsible to driving the project to success (Edum-Fotwe and McCaffer, 2000). • Time Management. The time is vital aspect in the construction field. If project manager did not manage the time properly, it can lead the construction project become delay and thus result in additional cost.
from the inception to the completion of the project. The project sponsors, project manager and the project team members together develops a risk register that helps them to identify, assess, quantify, prepare a response to, monitor, and control project risks. The extent to which project risk management is done depends to an extent on the total cost of the project. The project risk management helps the project team in several ways like it gives ability to the project team to focus time and effort on highest priority risks. It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks.
Purposes of Project Risk Assessment Project risk assessment is the process whereby hazards are identified, the risks associated with the hazards are evaluated and appropriate ways are determined to eliminate the hazards. The purpose of project risk assessment is to identify potential problems or risks before they occur so that risk-handling activities may be planned and invoked as needed across the life of the project to mitigate adverse impacts on achieving the objectives. In addition, it also serves as a purpose to remove hazards or reduce the level of risks associated by adding precautions and control measures. Potential Project Risks Every single project has its own risks, whether it is a large construction project which produces artefact,
Having said this, it is important for the company to have some flexibility in order to accept minor changes to its original plan. 6.3 Design monitoring and evaluation systems for the implementation of a strategy plan in an organisation Monitoring and evaluating a strategic plan is as important to Sweepro as creating the need for one. Monitoring and evaluation periodically is essential for the company in order to make sure no deviation is made from the intended plan, unless absolutely necessary. There are a number of ways Sweepro will be able to monitor progress of the strategic plan. While the Gantt chart will serve as a time keeper, it is important that the various groups also set mini deadlines for completion of their tasks, ahead of time, if not on.
The important specification needed during hazard analysis documentation will be; The links between risky situations, hazards and potential source and control dimension should be shown clearly. The information should be fully incorporated and logic in order for the operator to make decision on following steps that need to be taken for safety case development. The document should be accessible to renew the awareness of hazards, particulars of hazard, events, control depth and lessons learned from threatening disaster. Electronic system should be use in managing the documentation for the easy progress of the records. “What if?” analysis This analysis is conducted by two person and the group size will be more when the assessment complexity increases.
The linkage between project management and how it can affect the success on one project. Design /methodology/ approach This paper offerings and explain the foremost concepts which explain the important matters to project management philosophy and the management of big projects plus with success, aspects and project management playing a big part of a effective project. Findings Findings of this paper prove the important features for success in project management as well as the using proper information system management (ISM). Project management playing a big role in any organization how it planned and output on every decisions. Originality / value The outcome of this paper is project management process in information system management, or the success of using project management process, it remains as an important stage that require organization to practically as their everyday ,day to day routine.
According to (Hadley:2013) the first and main challenge in understanding/conducting risk analysis from project managers point of view is to nail (understand clearly) the definition of risk analysis. International standards like ISO 9001for quality and deming prize are means to an end. Risk analysis and assessment as mentioned before refers to the evaluation of project security and control standards, and their adequacy and their impacts to pose certain threats on the project, project managers, and project members as well. The golden rules for project risk analysis that efficient project managers must follow includes making risk management a critical part from their projects, identify risks as early as possible in their projects, communicate about risk with all organization members and team members, planning and implementing risk responses, track different types of risks and assign critical tasks, and finally considering SWOT analysis in terms of considering project strengths, weaknesses, opportunities, and threats. Trends in project risk analysis can be expressed in the following
It is a very important process in projet management. To execute the project, its scope is broken down into manageable tasks by making a work breakdown structure(WBS). WBS is a hierarchical and incremental decomposition of the project into phases, deliverables and work packages. Steps to prepare WBS: 1. To achieve project success identify necessary final project products.