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Project Risk and Procurement Management Assignment

   

Added on  2020-05-08

6 Pages708 Words167 Views
Running head: PROJECT RISK AND PROCUREMENT MANAGEMENTProject Risk and Procurement ManagementName of the StudentName of the UniversityAuthor Note
Project Risk and Procurement Management Assignment_1
1 PROJECT RISK AND PROCUREMENT MANAGEMENTTable of Contents1. Top ten risk identified in Wedding..................................................................................22. Risk management Strategies............................................................................................23. Controls for the top ten risk.............................................................................................34. References........................................................................................................................5
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2 PROJECT RISK AND PROCUREMENT MANAGEMENT1. Top ten risk identified in WeddingRisk is a situation that involves exposure to danger, harm or loss. It can be defined as afuture uncertainty about deviation from the expected outcome. It further implies the probabilityof different threat, damage, injury, liability or loss due to the eternal vulnerabilities that can beavoided through preemptive action (Aven 2012). The top ten risk associated with the projectwedding are listed below- 1. The major risk associated with a wedding is the risk of over budget. 2. Another risk associated with the project wedding is large number of unexpected guests.3. Power failure in the venue of marriage is another significant risk. 4. Unexpected expenses that may creep in due to some unexpected situation is anothersignificant risk.5. Risk of last minute arrangements that might be required during the wedding days 6. The risk of mishaps that includes fire or accident 7. Unexpected natural phenomenon such as rain or storm8. Another risk associated with the wedding is the risk of theft of wedding jewelry9. Improper invitation postage is counted as a major risk of wedding as well 10. The reception site is small considering the number of guests appeared for wedding 2. Risk management Strategies
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