What is the most important aspect of project risk management for your project? group of answer choices establishing a quantitative risk analysis plan. establishing a quality assurance surveillance plan to measure quality to manage risk. risk management planning. risk response planning. project risk identification.
Risk management planning
Business organizations sometimes find themselves in trouble inspite of a carefully planned project.this is due to unexpected turn of events in and around the business.business organisarions ,therefore employ and execute project risk management to counter attack potential risk.the important aspect of risk management is risk maangemnt planning.risk maangemnt planning not only identify potential problems but also analyse their behavior.they help to take remedial actions to prevent risks and minimize unexpected avoidable risks.
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Many different professions contribute to the theory and practice of project management. Engineers and architects have been managing major projects since pre-history. Since approximately the 1960s, there have been efforts to professionalize the practice of project management as a specialization of its own. There are many active debates around this: Should project management be a profession in the same way as engineering, accounting, and medicine? These have professional associations that certify who is legally allowed to use the job title, and who can legally practice the profession. They also provide a level of assurance of quality and discipline members who behave inappropriately.
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Poor implementation risk
Equipment failure risk
The new process implementation will require capital expense. There is high risk that the new packaging is not accepted by the customers. There can be quality check required to ensure that new packaging is not compromising quality of the product. There can be demand decline risk as the new packaging is rejected by the customers then the company can loose large amount of revenue. There will be heavy cost incurred for the extension of existing plant but if the implementation and management is poor then the new packaging will not be up to the mark and this may hit the brand reputation.
The first phase of a comprehensive project risk assessment should be "to make sure the project is well defined, including all deliverables, statement of work, and project scope".
A comprehensive risk management framework (RMF) has been established and adopted to better manage the task risks by utilizing a well-defined mechanism in modern changing environment. Many ventures have been studied to determine the reasons of their failure and the risk components.
The RMF composed of six stages; identification of programs, risk analysis, risk evaluation, reaction development, contingency planning, and implementation and control. That procedure must be adapted to the unique circumstances of the task and the agency which undertakes it.
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