Project Risk Management Implementation in SMEs: A Case Study from Italy
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Added on 2023/01/20
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This article discusses the implementation of project risk management in SMEs through a case study from Italy. It explores the main issues, techniques used, and contribution of PRM in SMEs.
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Running head: PROJECT RISK MANAGEMENT PROJECT RISK MANAGEMENT Name of Student Name of University Author’s Note
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1PROJECT RISK MANAGEMENT The article is named as “project risk management implementation in SMEs: A case study from Italy”, the authors of this particular article are Priscila Ferreira de Araujo Lima and Chiara Verbano. The article had been published in the year of 2018, the volume number of the article is 14 and it consists of 10 pages. This article reflects of the findings of ISO 31000: 2009, it states that risk could be defined as a particular effect, in the aspects of optimistic or damaging nonconformity from the product that has been expected and resulted from the uncertainty on the objectives that have been targeted. Main issue Among numerous issues, the main issues that was identified in the article is strategic risks, these issues impended a particular user adoption that is effective in nature. Along with various organizational risks such as operational risks, there were strategic risks as well, the leaders could not sort our whom to assign with which tasks, there were numerous experts having similar skills but there limited tasks relevant to that particular skill (Lima & Verbano, 2019). This ad created an issue in the project, people were assigned with tasks in which they did not have any expertise. Due to this various tasks were to be performed by unskilled employees and hence reduction of the effectiveness of the project had taken place. One more risk among the category of strategic risk include the inability to creation of a risk register. The team members had a casual approach towards the creation of the risk register, this had resulted in inability to identify other risks within the project. One more strategy that had failed in its usage include risk prioritization. This strategy was not used in the project which had resulted in minimum effectiveness of the efforts of the project. Techniques used For the purpose of risk identification as well as analysis, the techniques that have been used include context analysis, analysis of stakeholders, identification of opportunities and
2PROJECT RISK MANAGEMENT risks. Some more techniques were brainstorming, interviews with numerous expert, technique of 5 Whys, SWOT analysis. The technique that was commonly used include technique of 5 Whys along with a cost benefit analysis, gaining a particular qualitative estimation of various risks that have been identified (Lima & Verbano, 2019). This techniques had helped in detecting the user adoption as a particular risk along with the evaluation of team members. Some more techniques that had been used include risk mitigation as well as risk transfer. Contribution This particular article contributes in reflecting in the fact that the dispersion of project risk management has been made restricted to the hugebusinesses. This usually rends to leave a lack of empirical evidence which addresses the medium or small sized organizations. This paper contributes in analysing the way by which PRM could be adopted in SMEs along with a cost benefit ratio that is positive in nature with the phases of risk management help of considering the phases of risk management, tools of activities, instruments, organizations aspects including numerous procedures which help in enabling the proper implementation of PRM in SMEs.
3PROJECT RISK MANAGEMENT References Lima, P. F. D. A., & Verbano, C. (2019). Project Risk Management Implementation in SMEs:ACaseStudyfromItaly.Journaloftechnologymanagement& innovation,14(1), 3-10.