Share
Explore BrainMass

Project Management: Risk Management

Risk management is a critical aspect of project management. The supply chain decisions that are made have risk involved like any other project decision. Comment on two examples of risks that can occur in the supply chain that can affect a project. What can you do as a project manager to reduce or eliminate the risks that you defined? Provide professional examples, if at all possible, from a project you have managed or of which you have been a team member.

Solution Preview

Risk management is a critical aspect of project management in order to successfully complete a project with minimal interruption and expense. One example of risk that can occur in the supply chain is relying on the wrong vendor. This vendor may be effective in selling their services or products but unable to deliver in a timely manner. At times vendors promise delivery of products that are beyond their control, due to their own supply chain issues. One time, during the production of a machine, my company contracted part of the interior mechanism to an outside vendor. His company was chosen very carefully and included site visits and much research. However, he failed to deliver in a timely manner, thus causing delay and work stoppage on our end. After many phone calls and emails assuring us that the mechanisms were on their way, we ...

Solution Summary

This solution gives examples of risks that can occur in the supply chain and affect a project. It also gives ways a project manager can reduce or eliminate risks. Examples are provided and APA reference.

$2.19