Project Risk Management - Choosing the Right Techniques

This assignment delves into the critical field of project risk management, emphasizing the selection of appropriate risk management techniques. The study highlights the need for effective risk management, especially given the pressures of quality, reduced costs, and shorter timelines in project execution. The assignment references a research paper that proposes a theoretical framework for selecting the most relevant risk management techniques based on managerial and operational scenarios. The literature review is focused on categorizing risk management techniques, covering the project lifecycle, risk management process, and the maturity of the organization in handling risks. The assignment also highlights the use of taxonomy in the selection of risk management techniques and the integration of knowledge management processes with risk management. Finally, the assignment stresses the need for further research to refine the framework before testing its practical application. This assignment offers valuable insights into risk analysis, frameworks, and mitigation strategies, making it a crucial resource for project management students.

Running head: PROJECT RISK MANAGEMENT 1
Project Risk Management
Student’s Name
Institutional Affiliation

PROJECT RISK MANAGEMENT 2
Project Risk Management
There is a need in choosing the best project risk management technique, especially with
the rise in pressure for quality products with reduced costs and time of production. Cagliano,
Grimaldi, & Rafele (2015) indicate that several models, as well as techniques, have been
established and applied in practice hence an urgent need to clarify on the mode of use on each
technique. Furthermore, risk management aids in effectively completing complex projects
(Cagliano, Grimaldi, & Rafele, 2015). The complexity of projects needs an effective and proper
risk management plan. Nonetheless, the creation of knowledge and communication could not be
considered easy tasks. They are even much harder when dealing with uncertainty since the
decision-making process is fragmented; hence, a complete opinion on opportunities; threats and
objective of the projects are missing.
The researcher in this article proposes a theoretical framework with the primary objective
of offering guidelines for the selection of the most relevant risk management technique while
basing on the relevant factors that characterize the managerial as well as operational scenarios of
a project (Cagliano, Grimaldi, & Rafele, 2015). Therefore, the literature review is done on the
criteria of categorizing risk management techniques. From the literature review, the authors
defined three dimensions. All the phases of the life cycle of the project, risk management
process, as well as corporate maturity while facing risks (Cagliano, Grimaldi, & Rafele, 2015).
Based on the documented application, the selection of risk management techniques is made by
the use of the taxonomy, the findings of the research help in integrating knowledge management
processes and risk management. However, the authors have emphasized the need for performing
further research in order to refine the framework before testing it.

PROJECT RISK MANAGEMENT 3
References
Cagliano, A. C., Grimaldi, S., & Rafele, C. (2015). Choosing project risk management
techniques. A theoretical framework. Journal of Risk Research, 18(2), 232-248.