Project Risk Management:On Projects and their Core Principles

Academic Paper from the year 2015 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, University of Sunderland, language: English, abstract: The following assignment demonstrates methods, tasks and participants of project management. The first part includes characterizations of projects and useful methods of project management. Concerning to a certain project, the scope, potential risks and methods are described. The second part of the assignment describes a project, its participants and methods used, to guarantee its success. In this aspect a special focus is laid on the project manager, as well as his tasks in project management. The scope of the project describes the work that needs to be done and includes the main objectives of the project. When planning the time and budget, the possibility of unexpected events are taken in consideration and additional resources such as time and people for team meetings are additionally added. Risk management deals with the analysis of potential risks and how you have to manage them. There is a wide range of potential risks, for example financial risks, which could be cost overruns or budget cuts. To identify risks, the first step is to assess the likelihood of every risk.