Saturday, May 23, 2020

Risk Management Term Project - 1616 Words

Risk Management Term Project - CE 592 Dr. Jaselskis Spring 2015 Colby Meador Erik Messina Table of Contents 1. Introduction 2. Five Step Process 2.1. Risk Management Plan 2.2. Identifying Risks 2.3. Analyze Project Risks 2.4. Plan Responses for Project Risks 2.5. Monitor Risks 3. Significant Risks 4. Pros/Cons of Risk Managment 5. Triple Contrain 6. Topic Specific vs. All Inclusive 7. Conclusion 8. References 1. Introduction Risks are an inherent part of everything in life, but it is how we plan and prepare for them that determines the ultimate effect they have on us. We invest money in health insurance plans for when we get sick and invest time in preparing for exams should we encounter any difficult problems, so it definitely makes since to account for risk when it comes to construction projects. It is our endeavor to examine the topic of risk management from the construction viewpoint to gain a better understanding of its significance and what it encompasses. The realistic definition of risk is â€Å"any uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives† (Project Management Institute, 2008). Since risk is associated with uncertainty, it should be appropriately planned for in the early stages of the project. Risk is inherent with any project and should be assessed continually while simultaneously developing plans to address them. Different types of risk we expect toShow MoreRelatedTerm Paper on Project Risk Management14904 Words   |  60 PagesCHAPTER 1 INTRODUCTION 1.1 INTRODUCTION Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. Project risk management includes the processes concerned with identifying, analyzing, and responding to project risk. It includes maximizing the results of positive events and minimizing the consequences of adverse events. 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Although projects have built in to be successful there are some risks can’t be avoided and that may lead at the end to failure in the near or far future (Montequin, 2014). Introduction Project management provides reasonable scientific solutions in order to overcome difficulties and achieve success. Each project has a

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