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Significance of Managing Risk in Project Management

   

Added on  2020-04-07

9 Pages2581 Words37 Views
Leadership Management
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Project, Risk and Quality management
Significance of Managing Risk in Project Management_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Changing perspective about project management.......................................................................1Significance of managing risk in project management................................................................2Risk management strategies and quality management................................................................2Modern developments in project management and its implication in future..............................3Actions to be taken to ensure the success of project...................................................................5Preventive measures for ensuring viability and completion of project.......................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
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INTRODUCTIONProject management is the approach which involves the applications of varied tools,skills and knowledge which are needed to attain project objective (Leimbach, and Goodall,2017). In today’s scenario this technique has gained greater importance as it allows managers tocomplete their task within the given specified time limit. In the present report discussion will becarried out on different concepts such as project, risk and quality management. In this regard, thereport will showcase the implications of modern developments in the future of projectmanagement. Furthermore, at the end recommendations will be suggested to ensure the successof project. Changing perspective about project management The concept project management has been into the practice for more than 50 years. Thus, ithas evolved very much till this time. In this regard, many studies have been done by researchersupon project management and hence have found out several perspectives about the concept.Herein, the study conducted by Kerzner state that earlier project management was seen as thetype of career path. This mean that previously project manager see this concept as anotherdesignation in their career path (Kerzner, 2010). However, now days the thing has completelychange as now project management has gained strategic importance. At present, manager usesthis technique for the purpose to complete their task within the given specified time limit andhence gain core competency. In addition to this, manager’s view about project management has also changed in relationto the training. Earlier project managers used to receive general organizational behavior trainingwhich assist them in their task completion (Carvalho and Junior, 2015). However, now projectmanagers are given number of specialized training which is related to the topics of managingdiversity, virtual team and relationship management etc. This indicates that at present projectmanagement has become internal and the most important part of any business. This is because, itis with the help of given method only, manager will be able to complete its work withinparticular time frame and thus earn high profit and sales. Furthermore, previously companiesused to see all their undertaken projects alike. However, this thing has changed and thus projectsare segregated in the form of complex and non complex category. This type of segregation has1
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