Read And Reflect On The Assigned Readings For The Wee 991890
Read And Reflect On The Assigned Readings For The Week Then Post What
Read and reflect on the assigned readings for the week. Then post what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding in each assigned textbook chapter. Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion. Also, provide a graduate-level response to each of the following questions: What factors make a project high risk? What are the three types of project risk? How do you write a good project risk?
Paper For Above instruction
The chapter titled "Projects and Project Stakeholders" from the textbook "Managing Project Risks" by Edwards, Serra, and Edwards (published by John Wiley & Sons) provides a comprehensive exploration of the complexities involved in project management, especially focusing on stakeholder engagement and risk management strategies.
One of the most critical concepts from this chapter is the recognition of stakeholders' influence on project success. Understanding who the stakeholders are, their interests, influence, and engagement levels, is fundamental in managing projects effectively. The chapter emphasizes that stakeholders can be internal or external to the project, and their expectations must be managed proactively to mitigate risks associated with stakeholder dissatisfaction or resistance.
Another important aspect discussed is the identification and assessment of project risks. The chapter details various methods for identifying risks, including brainstorming, interviews, and historical data analysis. Recognizing that risk is inherent in all projects, the chapter advocates for systematic risk analysis to prioritize risks based on their likelihood and potential impact, which ensures that resources are allocated appropriately toward risk mitigation and contingency planning.
Furthermore, the chapter introduces the concept of risk responses, including avoidance, mitigation, transfer, and acceptance. Developing a risk management plan that incorporates these strategies enables project managers to address threats proactively, thereby increasing the likelihood of project success. Good risk writing, as discussed in the chapter, involves clear documentation of risks, their causes, potential impacts, and planned response strategies in a structured format that can be communicated and monitored throughout the project lifecycle.
The discussion of stakeholder management intertwines with risk management by highlighting the importance of ongoing communication, expectation management, and engagement of stakeholders throughout the project. Recognizing the dynamic nature of stakeholder relationships and risks, the chapter underlines the need for continuous risk assessment and stakeholder communication to adapt to changing project conditions.
Regarding the graduate-level questions, the chapter provides insights into factors that make a project high risk. These include complexity, uncertainty, technological novelty, tight deadlines, and ambiguous requirements. High-risk projects often have a higher likelihood of facing unforeseen issues that can derail project objectives if not managed properly.
The three types of project risk identified are strategic risks, operational risks, and environmental risks. Strategic risks threaten project alignment with broader organizational goals, operational risks pertain to internal processes and resource availability, while environmental risks relate to external factors such as market volatility and regulatory changes.
Writing a good project risk involves clear and concise documentation, including identification of potential risks, assessment of their likelihood and impact, and the development of appropriate response strategies. Effective risk writing ensures that risks are communicated unambiguously, responsibilities are assigned, and mitigation plans are integrated into the overall project plan, facilitating proactive risk management and higher chances of project success.
References
- Edwards, P. J., Serra, P. V., & Edwards, M. (Year). Managing Project Risks. John Wiley & Sons.