Project Risk Management Report: Project Lifecycle Shortcomings

This report provides an analysis of project risk management, focusing on the shortcomings within the project management process that can lead to significant project risks. The report examines the project lifecycle, including conceptualization, planning, execution, and termination stages, highlighting how risks can arise at each phase. It reviews literature that identifies various sources of risk, such as uncertainties in performance, quality, and reliability, as well as complexities related to time, communication, and cost. The report further explores how the project life cycle helps in identifying these risk sources and the importance of proper planning, setting milestones, and coordination to mitigate these risks. The conclusion emphasizes the need for effective project management practices, including the implementation of objectives, to reduce uncertainties and enhance project outcomes. The report leverages academic sources to support its analysis and provides a comprehensive overview of project risk management strategies.

Running head: PROJECT RISK MANAGEMENT
Project Risk Management
Name of the Student
Name of the University
Author note

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Introduction
The main task is to perform reviewing of the literature named Risk-management
perspective on the project lifecycle article. The analysis is required to be done on the
shortcomings 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 source
of project risk
From the respective article, it can be analysed that the shortcomings in the project
management process can be major source of the project risk. The respective paper highlights
the different risk sources and places them in life cycle of the project. From the article, it has
been 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 the
conceptualization stage, the risks can be identified at the earlier stage itself before the major
commitments are being made in the later stage of PLC. The elaboration of characterisation of
the four phases of Product Lifecycle into more eight steps assists in highlighting the sources
of the process risk. However, the proper identification of the drivers, constraints along with
degrees 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 level
along with the quality along with reliability of the works. Risk management is treated as the
threat wherein it is not dealt in a structured manner. From the article, it can be reviewed that
there 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 the
project and these are considered as the main risks to the project as well (Gmelin & Seuring
2015).

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Furthermore, Fundamental uncertainties in projects and the scope of project
management article has helped in understanding the different uncertainties that included
variety of sources wherein there is uncertainty in the project parties along with uncertainty in
the estimates as well. Furthermore, it has been seen that there are different kind of uncertainty
included in the product life cycle stages as the products are not designed effectively and this
caused huge issues in the PLC as well.
Usage of Project Life Cycle in highlighting sources of project risk
In the article, it has been seen that there are different stages in the project life cycle
that includes and highlights the sources of the risks included in the project. It has been seen
that in the concept stage, the major sources of risk can be identified at the early stage itself
along with the benefits that is required to be delivered as well. Furthermore, in the planning
stage, the risks can be identified by designing and evaluation of the design as well. In the
stage of planning, the development of the criteria of the performance has to be identified and
the queries can be solved in this stage itself (Ward and Chapman, 1995).
Furthermore, while executing the plan, the proper kind of control is required as the
modification can be done after identifying the project risks along with evaluation of the
project that has to be delivered. The basic kind of deliverable verification is essential in
nature to modify the criteria in an appropriate manner (Elkington and Smallman, 2002).
Lastly, in the stage of termination the reviewing and support is essential to be adopted
wherein development of the review and evaluation of the review is required in order to
support the evaluation efficiently.
Lastly, the objectives have to be identified as the key part of managing the different
projects. The entire project management needs to clarify along with manage the different kind
of trade offs between objectives and multiple kind of performances. The project risk

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management has to be reduced in an appropriate manner by implementing the objectives as to
identify the uncertainties and solve the issues with associated kind of responses. Furthermore,
it has been identified that proper and good kind of practice is required to be adopted in order
to reduce the risks in PLC through proper planning, setting milestones along with
coordination as well.
Conclusion
Therefore, it can be concluded that there are different sources of project risk due to
the shortcomings in the process of project management. With the help of project life cycle,
there are different kind of issues and identification of the sources of the risk in the project.
However, there are different kind of planning that can be done as to reduce such risks and
uncertainties as well.

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References
Elkington, P. & Smallman, C., 2002. Managing project risks: a case study from the utilities
sector. International Journal of Project Management, 20(1), pp.49-57.
Gmelin, H. & Seuring, S., 2014. Achieving sustainable new product development by
integrating product life-cycle management capabilities. International Journal of Production
Economics, 154, pp.166-177.
Ward, S. & Chapman, C., 1995. Risk-management perspective on the project lifecycle.
International Journal of Project Management, 13(3), pp.145-149.