How Project Planning Minimizes Risks: A Detailed Analysis

This essay explores the crucial role of project planning in minimizing risks within projects. It highlights how planning fosters accountability by assigning duties to team members, provides direction by clarifying project goals and processes, and incorporates lessons learned from previous projects to avoid repeating mistakes. The essay also emphasizes the importance of adequate resource allocation through planning to prevent project delays and failures, using a personal project experience as an example. Furthermore, it addresses current risk management practices, the importance of following a structured process for successful risk management, and the value of analyzing potential positive outcomes alongside potential negative outcomes in risk assessment. The document is available on Desklib, a platform offering study tools and resources for students.

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Running head: PROJECT MANAGEMENT
Project Management
Student’s Name:
Institutional Affiliation:

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PROJECT MANAGEMENT
Introduction
Risk refers to an uncertain situation or event which may affect your project. Planning of
project is very important to every project because it assists in risks reduction also in preparing
you to the risk and coming up with a better plan (Kendrick, 2013). Planning of project can assist
in overcoming problems as the resources that are not available or unplanned problems. Planning
of project has a lot of benefits; though its major benefit is to assist in risks minimization.
How project planning helps minimize risks and examples
Accountability: planning of project assists the project manager allocate duties to various
team members which makes the members accountable to their duties and hence introduces
accountability in the project. In case the project manager together with the members of the team
are aware of what they are supposed to do, it is easy to perform their duties (Kendrick, 2015).
Accountability also assists in measuring the progress of the project against a plan.
Direction: the main challenge in a project is failing to know how to go about it. In the
process of planning, the project team discusses what functions needs to be accomplished and the
process of planning assists in providing direction to the members of the team.
Lessons Learned: at the process of planning, the team concerned with the project also
refers to earlier projects outcomes, findings together with what went wrong and get to know their
mistakes and apply the better processes also eliminates their mistakes.
Adequate Resources: During a project often materials get finished prior to the
completion where it can bring effects to the project greatly, also result in project failure
(Kendrick, 2013). Planning helps the team in knowing what materials are required to accomplish

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PROJECT MANAGEMENT
the project in order to avoid a situation of having to stop the project because of lacking the
resources (Kendrick, 2015).
For example; a certain project in my projects which was a huge and complex project,
proper planning wasn’t done at the start where it resulted in project getting delayed because of
inadequate materials required in the project and hence it delayed the beginning in the project. It
also effected the team in terms of a direction they needed to follow as resources that were
available were idle. Before starting this project the team went over the lessons learned from prior
project that helped us in understanding the gaps and overcome the failures.

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PROJECT MANAGEMENT
References
Kendrick, T. (2015). Identifying and managing project risk: essential tools for failure-proofing
your project. Amacom.
Kendrick, T. (2013). The Project Management Tool Kit: 100 tips and techniques for getting the
job done right. Amacom.