Project Management: Risk Assessment, Mitigation, and Planning

This project management assignment, prepared by a student, focuses on identifying and mitigating various project risks. The assignment includes a detailed risk assessment table, outlining potential threats like budget risks, schedule risks, reputational risks, information security risks, and emotional risks. For each risk, the table specifies the likelihood, impact, priority, and preventive actions. The student emphasizes the importance of proactive project planning and risk mitigation strategies, particularly given the team's limited project management experience. A risk matrix is also provided to categorize risks based on severity and probability. The assignment concludes with a comprehensive bibliography of relevant academic sources, demonstrating a solid understanding of project management principles and practices.

Running head: PROJECT MANAGEMENT
Project Management
Name of the Student
Name of the University
Author Note

1
PROJECT MANAGEMENT
Risk Assessment
S.N
o
Security
Threat/Risk
Description
Likelihood
Impact
Priority
Preventive Actions
1. Budget Risk High High High 1. Proper feasibility Analysis and planning
the project according to the available
budget.
2. Seeking additional fund from state
government by showing a full proofed
project plan.
2. Schedule Risk Medium High High 1. Scheduling the events of the project prior
to the initiation of the works associated
with the event
3. Reputational Risk Low High High 1. Implementation of the project in a
controlled environment so that it reduces
the probability of project failure
4. Information
Security Risk
Medium High Medium 1. Ensuring proper data protection and
enforcing access control
5. Emotional Risk Low Mediu
m
Medium 1. Proper planning of the event and make it
a huge success.

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PROJECT MANAGEMENT
The table above represents the critical risk associated with the project and the preventive actions
of each risk. The preventive actions are the risk mitigation approaches that are needed to be
undertaken in successful management of the events. Since all the three friends have very little
experience about project management, it is necessary to develop a proper project plan before the
initiation of the project. The risk assessment will be done at the initial stage of the project.

3
PROJECT MANAGEMENT
Risk Matrix
Severity
Negligible Marginal Critical Catastrophic
Probability
LOW Emotional
Risk
Schedule Risk
MEDIUM Informatio
n Security
Risk Budget Risk
HIGH
in the past
Reputationa
l Risk

4
PROJECT MANAGEMENT
Bibliography
Alexander, K. ed., 2013. Facilities management: theory and practice. Routledge.
Besner, C. and Hobbs, B., 2012. The paradox of risk management; a project management
practice perspective. International journal of managing projects in business, 5(2), pp.230-247.
Bowers, J. and Khorakian, A., 2014. Integrating risk management in the innovation
project. European Journal of innovation management, 17(1), pp.25-40.
Burke, R., 2013. Project management: planning and control techniques. New Jersey, USA.
Christoffersen, P.F., 2012. Elements of financial risk management. Academic Press.
Cleden, D., 2017. Managing project uncertainty. Routledge.
Haimes, Y.Y., 2015. Risk modeling, assessment, and management. John Wiley & Sons.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach.
Routledge.
Heagney, J., 2016. Fundamentals of project management. AMACOM Div American Mgmt
Assn.
Heagney, J., 2016. Fundamentals of project management. AMACOM Div American Mgmt
Assn.
Hopkin, P., 2017. Fundamentals of risk management: understanding, evaluating and
implementing effective risk management. Kogan Page Publishers.