Purchase Solution

Project Management: Risks and Drawbacks

Not what you're looking for?

Ask Custom Question

Why should all projects include risk in their project planning?

What are some of the drawbacks if risks are not considered?

What does project risk management mean in the context of project management?

Describe project risk management as a component of the project management process.

Purchase this Solution

Solution Summary

This solution first provides a definition of a project and the keys to a successful project. It then thoroughly answers questions concened with why all projects should include risks in their project planning; the drawbacks if risks are not considered; and also what project management means in the context of project management. Note, the solution is adequately referenced.

Solution Preview

Before I begin to assist you with answering these questions, let me remind you of the definition of a project and why it is important to plan projects. According to Meredith (2003), a project is defined by the Project Management Institute (PMI) as, "a temporary endeavor undertaken to create a unique product or service." He further states that, "a project in its broadest sense is a specific, finite task to be accomplished. Whether large- or small-scale or whether long- or short-run, it is not particularly relevant. What is relevant is that project must be seen as a unit." You may also want to note that, "the key to a successful project is in the planning. Creating a project plan is the first thing you should do when undertaking any kind of project. Often project planning is ignored in favor of getting on with the work. However, many people fail to realize the value of a project plan in saving time, money and many problems."

Not only is it important to plan projects, but also, all projects have an element of risk; hence, conducting a risk analysis at the start of the project will help one to predict the risks that could prevent his/her project from delivering on time or even failing. One writer wrote that, "Even in the best-planned projects there are uncertainties and unexpected events can occur." The first question requires you to explain why all projects should include risks in their project planning. In answering this question you may mention that due to the fact there are uncertainties and unexpected events that may occur while the project is in progress - it is best to plan ahead so as to prevent the unexpected from happening or know what ...

Purchase this Solution


Free BrainMass Quizzes
Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking