Critical approach in project risk management - Essay Example

Only on StudentShare

Extract of sample
Critical approach in project risk management

As Wrona (2010, p. 1) states, “companies that do perform a risk management process on a fairly typical multi-month project (no longer than 12 months) will identify and manage possibly five to ten easily recognized project risks”. This statement shows that doing comprehensive risk analysis regularly at each stage of the project can reduce the occurrence of risks and make companies able to respond properly to any type of project risk. Risk analysis is necessary to conduct to ensure completion of construction projects within time and available budget. As Flanagan and Norman (1993, p. 45) state, “attention to risk is essential to ensure good performance”. It is the responsibility of the risk management departments to perform risk management activities regularly in order to save time and budget. The risk management staff needs to be able to identify all types of project risks that a company may face in order to take effective measures to eliminate the occurrence of risks. 'In this paper, we will examine the way risk management approach changes with changes in each stage of construction projects. Along with this, the paper will also cover the way risk analysis can be used to drive project management decisions. ...
Download paper

Summary

CRITICAL APPROACH IN PROJECT RISK MANAGEMENT [Your name here] [Name of university] [Due date of paper] 1. Introduction In construction industry, risks are inevitable. No construction project can ever be free of risks (McDonald 2013). Design risks, fire risk, and acts of God risk always stay in frame for every firm related to construction industry…
Author : raoul18

Related Essays

A systematic stakeholder management approach in aviation construction projects
51 pages (12801 words) Dissertation
The quality of risk management in the Civil Engineering
28 pages (7028 words) Assignment
Kingdom Centre Tower in Riyadh
23 pages (5773 words) Essay
Project management for a building conversion
10 pages (2510 words) Essay
The quality of risk management in the Civil Engineering
8 pages (2008 words) Assignment
Risk Management
10 pages (2510 words) Essay
Value & Risk Management
18 pages (4518 words) Assignment
Got a tricky question? Receive an answer from students like you! Try us!