Project Management: Risk Management, Methodologies, and Importance of Careful Completion

Project Management
Table of Contents

INTRODUCTION...........................................................................................................................1
A: Risk management........................................................................................................................1
Risk register............................................................................................................................1
B. Importance of Risk Management and need for careful, correctly managed completion of a
project..............................................................................................................................................8
C. Analysis and critique of methodologies......................................................................................8
Waterfall.................................................................................................................................9
Agile.......................................................................................................................................9
Prince 2...................................................................................................................................9
Conclusion and recommendation...................................................................................................10
REFERENCES..............................................................................................................................10

INTRODUCTION
The Risk management basically comprises of the process of effectively identifying,
assessing and controlling all the possible threats to an organization's or project related with its
capital and earnings. These threats, or risks, could stem from a wide variety of sources, including
financial uncertainty, legal liabilities, strategic management errors, accidents and natural
disasters (Wu and et. al., 2021). On a wider sense the risk is divided and incudes three main
categories i.e Business Risk, Non-Business Risk, and Financial Risk which are mainly faced
while undertaking an investigation. The current project comprises of a discussion about risk
management along with a risk register. Further, explanation of the need for careful, correctly
managed completion of a project and analysis and critique of methodologies (Agile, Waterfall
and PRINCE2) is also included in current project.
A: Risk management
With respect to current project that is based on tiered seating that can be retracted,
together with acoustic panels on the walls to make it a better teaching space which supports
improved and better availability of the spaces for business students through effectively managing
and ensuring the refurbishment and redevelopment of the London/Birmingham/Manchester.
Risk register
For effective assessment and identification of possible risk use of following risk
assessment task is made in order to effectively determine the hazardous factors and potential
threat and cause of harm that might impact the efficiency level of the current project (Guertler
and Sick, 2021). Risk is a vital and most effective project management tool that allows better
analysis and determination of potential risk the main purpose of which is to record and mitigate
all possible risk in an effective manner.
Severity prior to mitigations Severity after mitigation
Proba
bility
Imp-
act
Rat-
ing
Mitigation Proba
bility
Imp
act
Rati
ng
Contingency Statu
s
Own
Health and Safety Risk
1.Electric
shock Risk
2 3 3  ensure that
during the
project all the
1 2 1  Make a call on
112 or
emergency
Acti
ons
appr
Proje
mana
1

tools, plugs and
cables are safely
deigned.
 Effective use of
main voltage
operated tools to
reduce the
chance of
electric shock
during the
project and
construction.
 Provide
effective
training to staff
and employees
about the subject
of electric shock
on site.
number for help.
 Provide first aid
to the victim.
oved
2. Risk of
Fire
1 3 3  Proper fire risk
assessment
should be
carried out at
construction and
project site
 Availability of
facility of fire
extinguisher
 Adequate staff
should be
effectively
1 2 2  Pull off and
raise the alarm
and call for help
in 999 or 112.
 Start the
evacuation of
the building as
soon as possible
 Use Fire
extinguisher to
control fire
Acti
on
Appr
oved
Proje
mana
2