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“Risk management is essential for a wide variety of development and production projects because certain information about key project cost, performance, and schedule (C, P, S) attributes are often unknown until late in the project” (Edmund .H. Conrow, 2000). Project cost, performance, and schedule, these are the factors a project manager has to put into consideration when starting a project, risk management is needed in a project before it is commenced so that the project manager has to have a backup plan and avoid the project from becoming a failure. PROJECT FAILURE simply means being unable to meet with the project requirement or the satisfaction of the client organisation which is caused by missing the deadline, exceeded budget, lack of communication between the project manager and the stakeholders, ignoring risk, lack of motivation, poor progress, insufficient testing and change of requirement, lack of monitoring milestone and most importantly when a project is not properly planned. The solution to project failure is proper PROJECT PLANNING, this is a way of detailing the amount of time to be taken, sizing the budget and meeting up with requirement needed in a project for the client organisation. There are steps in planning a project, and there are Work Breakdown Structure; which is a process whereby tasks are distributed in a team in order for the project to be completed. Time Estimates; which is about calculating
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That is why the risk management is necessary from the moment the project starts because lack of attention in a project will lead to suffering risk at an early stage of the project, a proper risk management is proactive rather than reactive, which helps reduce a number surprises, and better knowledge of the likely outcomes of negative events. According to Lee Iacocca (1924) “Even a correct decision is wrong when it was taken too late” that why risk management techniques should be applied at the early stage of a project and together in that way there would not be any reason why a project should not be a success. Risk identification is a vital aspect of risk management because if a risk cannot be identified the rest of the techniques are not possible. But when a risk is identified, the project manager then has to find out the intensity and the impact it has on the project by assessing the risk. From assessing the risk, the project manager will know how to response to it, either the risk has to be avoided, accepted, reduced or transferred and the last thing the project team has to do is to monitor and control the project from future occurrence so that the project can turn out to be a
That is why the risk management is necessary from the moment the project starts because lack of attention in a project will lead to suffering risk at an early stage of the project, a proper risk management is proactive rather than reactive, which helps reduce a number surprises, and better knowledge of the likely outcomes of negative events. According to Lee Iacocca (1924) “Even a correct decision is wrong when it was taken too late” that why risk management techniques should be applied at the early stage of a project and together in that way there would not be any reason why a project should not be a success. Risk identification is a vital aspect of risk management because if a risk cannot be identified the rest of the techniques are not possible. But when a risk is identified, the project manager then has to find out the intensity and the impact it has on the project by assessing the risk. From assessing the risk, the project manager will know how to response to it, either the risk has to be avoided, accepted, reduced or transferred and the last thing the project team has to do is to monitor and control the project from future occurrence so that the project can turn out to be a