EPM5740 Project Risk Management

Running head: EPM5740 PROJECT RISK MANAGEMENT
Epm5740 Project Risk Management
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1EPM5740 PROJECT RISK MANAGEMENT
Executive Summary
Risk culture can be defined as the values, knowledge, beliefs, attitudes and lastly proper
understanding of risk. It is shared by common group of people that have a similar purpose.
Effective risk culture is the one that helps in reward of individuals and groups that take a risk in
informed way. To improve the risk culture, an organization needs to have a proper understanding
with respect to top-down and bottom-up approaches. An organization can look down for
improving risk culture by focusing on some specific business and function. It is mainly done
operational focused approach.

2EPM5740 PROJECT RISK MANAGEMENT
Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Risk attitude influence risk culture or vice versa.........................................................................3
Need to build a good Risk Culture with your project team.........................................................5
Good risk culture look like..........................................................................................................6
Conclusion.......................................................................................................................................7
References........................................................................................................................................9

3EPM5740 PROJECT RISK MANAGEMENT
Introduction
Risk management can be defined as the contribution of business and overall success of
the project. It mainly focuses on addressing any kind of uncertainty in proactive way for
reducing the overall threats (Hillson and Murray-Webster, 2017). It focuses on improving the
opportunities and proper achievement of objectives. Risk culture can be defined as the values,
beliefs, knowledge, and attitude along with an understanding of the risk that is shared by a
common group of people (Short and Sikora, 2016). It is applied to all the organization inclusive
of private organization, public bodies and government and lastly not for profit. A proper risk
culture helps in enabling and rewarding of individual and groups that make use of right task in
proper way.
In the coming pages of the report, an idea has been provided with respect to risk culture
and risk attitude that can have effect on the overall outcome of the risk management. The effect
of risk attitude along with influence on risk culture has been provided. The last section of the
report deals with good risk culture within the project team.
Discussion
Risk attitude influence risk culture or vice versa
Organization around the globe have made significant progress in the proper development
of rules, frameworks processes and lastly standardization of managing the risk. In many cases,
rules can be misunderstood and misapplied (Murray-Webster and Hillson, 2016). Missing link
helps in understanding how the given risk can be balanced along with rewarding the decision
making. Every organization comes up with a unique risk culture. The question is understanding
whether the culture is effective support along with understanding the long term success.