Project Risk Management

This document discusses the risk assessment, risk identification, risk assessment, risk response development, leadership, managing project teams, and lessons learned in project risk management for holiday trip planning.

Running head: PROJECT RISK MANAGEMENT
Project Risk Management
Holiday Trip Planning
Name of the Student:
Student ID:
Name of the University:
Author’s note:

1PROJECT RISK MANAGEMENT
Table of Contents
1. Risk Assessment..........................................................................................................................2
1.1 Risk Identification.................................................................................................................2
1.2 Risk Assessment....................................................................................................................3
1.3 Risk Response Development.................................................................................................3
2. Leadership....................................................................................................................................4
3. Managing Project Teams.............................................................................................................5
4. Lesson Learnt...............................................................................................................................5
Bibliography....................................................................................................................................7

2PROJECT RISK MANAGEMENT
1. Risk Assessment
The project of Holiday Vacation Planning would be developed for the planning and
listing of effective information management. The planning of the holiday vacation would include
the assessment of the beginning and end time, scope identification, and alignment of the
successful information management. The risk assessment would be done for ensuring the
alignment of the innovative analysis of the works. The completion of the risk assessment would
be responsible for the implication of the effective work alignment and management. The
followings sections would identify the risk, assess the impact of the risk, and develop responses
for the identified risks. The completion of the risk assessment would be done with the allocation
of the information and utilization of the risk assessment form. The form would provide an insight
of the risk event, its probability, impact, and mitigation strategies.
1.1 Risk Identification
The risk identification of the project of Holiday Vacation Planning would be done based
on the factors of financial, operational, and procurement. The risks can be related to procurement
and human also as the work has diversified range of accomplishment. The identified risks of the
project include lack of information, delay in completion, and shortage of resources. Moreover,
the alignment of the information would be developed with the implication of the innovative and
implied project development. The human mistakes is another possible risk that can result in the
major issues with the completion of the project. The procurement of the resources with the
developed alignment would be helpful in aligning resources. However, the issues in procurement
would result in formation of the procurement issues.

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1.2 Risk Assessment
The identified risk factors would be formed with the alignment of the innovative work
development and formation. The risk assessment is the process of analyzing the influence of the
factors for the risk formation and their impacts. The probability is measured for the risk factors
and the allowed simplification management. The impact analysis analyzes the changes that
would occur in the execution of works. The identified project work development would change
with the continuation of the allocated analysis. The impact analysis would manage the works and
form the supporting in the utilization of the effective work completion. The identified risk
assessment would be done for aligning the management of the improved listing management.
Risk Event When Likelihood
(Probability
)
Impact Detection Difficulty Risk Value
Lack of
information
1/12/19 3 3 Medium 9
Delay in
completion
2/24/19 5 2 Medium 10
Shortage of
resources
3/11/19 4 5 High 20
Human
mistakes
3/28/19 2 4 Medium 8
Procurement
Issues
4/11/19 2 3 Medium 6
5 Delay in
completion

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4 Shortage
of
resources
3 Lack of
information
2 Procurement
Issues
Human
mistakes
1
1 2 3 4 5
Impact
1.3 Risk Response Development
The development of the risk implication would be formed with the continuation of the implied
for the formation of the risk assessment. The risk response development has been given below,
Risk Event Description Likelihood
(Probability
)
Impact Risk Value Mitigation
Lack of
information
Information
lack would
result in the
information
shortage
3 3 9 Information
from external
sources
would be
collected
Delay in
completion
Delay in the
information
processing
and
completion
5 2 10 Time
Management
Plan would
be used

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of the works
Shortage of
resources
Lack of the
resources is
very crucial
for the
alignment of
the
information
4 5 20 Resource
Management
Plan should
be deployed
Human
mistakes
Mistakes by
the humans
would be
resulted
2 4 8 Training and
learning
process
should be
implied
Procurement
Issues
Procurement
issues would
be resulted
when the
2 3 6 Procurements
management
and contract
building
2. Leadership
Effective leadership management would employ the use of the leadership skills,
communication, motivation, and management of the work division. The laissez faire leadership
would be helpful for ensuring that the project is completed in the estimated time. The group
members would sit together and decide the decisions to be taken for the completion of the works.
The leadership would focus on effective communication and motivation of the employees for the
work execution. The completion of the project management would be responsible for the
implication of the effective work alignment and management. The completion of the project
management would be done with the allocation of the information and utilization of the project
management form.
3. Managing Project Teams

6PROJECT RISK MANAGEMENT
The project of Holiday Vacation Planning would be developed for the planning and
listing of effective information management. The planning of the holiday vacation would include
the assessment of the beginning and end time, scope identification, and alignment of the
successful information management. The project management would be done for ensuring the
alignment of the innovative analysis of the works. The form would provide an insight of the
project works execution, its probability, impact, and processing strategies. The completion of the
project management would be done with the allocation of the information and utilization of the
project management form.
4. Lesson Learnt
The study of the information project management and planning was eased with the
deployment of the improved work execution. The study had helped in enduring the
understanding of the project risk management and utilization. The alignment of the information
for the implication of the project management works had been successful with the continuous
information management. The understanding of the concept of effective management of the
works and developing understanding of the work completion. The project management
implication had been helpful for compiling the management of information and the utilization of
the innovative work alignment. It was important for developing the smart formation of the works
for the project and the concept of effective plan development, resources management, and
synthesis of the works for forming the management of the improved innovation and
development. The completion of the report had helped in easing the understanding of the
information processing. It would help effective documentation and the project procurement by
mitigating the risk factors.

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8PROJECT RISK MANAGEMENT
Bibliography
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to planning,
scheduling, and controlling. John Wiley & Sons.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach.
Routledge.
Walker, A. (2015). Project management in construction. John Wiley & Sons.
Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and
technology. Routledge.
Heagney, J. (2016). Fundamentals of project management. Amacom.
Fuller, M. A., Valacich, J. S., George, J. F., & Schneider, C. (2017). Information Systems Project
Management: A Process and Team Approach, Edition 1.1. Prospect Press.
Verzuh, E. (2015). The fast forward MBA in project management. John Wiley & Sons.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.