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Project Risk Management - Doc

   

Added on  2021-06-18

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Running head: PROJECT RISK MANAGEMENT Project Risk ManagementName of the StudentName of the UniversityAuthor note

PROJECT RISK MANAGEMENT1Introduction The main task is to perform reviewing of the literature named Risk-managementperspective on the project lifecycle article. The analysis is required to be done on theshortcomings in the process of project management that can be huge source of project risk. Analysis of how shortcoming in the process of project management can be major sourceof project risk From the respective article, it can be analysed that the shortcomings in the projectmanagement process can be major source of the project risk. The respective paper highlightsthe different risk sources and places them in life cycle of the project. From the article, it hasbeen seen that there are four stages of project lifecycle that includes conceptualization,planning, execution and termination. The article described that when the project management process is in theconceptualization stage, the risks can be identified at the earlier stage itself before the majorcommitments are being made in the later stage of PLC. The elaboration of characterisation ofthe four phases of Product Lifecycle into more eight steps assists in highlighting the sourcesof the process risk. However, the proper identification of the drivers, constraints along withdegrees of freedom has to be analysed and identified as to reduce such constraints effectively.In the respective article, has identified the uncertainty about the performance levelalong with the quality along with reliability of the works. Risk management is treated as thethreat wherein it is not dealt in a structured manner. From the article, it can be reviewed thatthere are different kind of complexities in the project management process such as time,communication and cost overhead that the companies cannot afford and this affects theproject and these are considered as the main risks to the project as well (Gmelin & Seuring2015).

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