Risk Uncertainties And Risks For A Multi-National Project

1100 Words 5 Pages
A risk is an uncertain event that may occur in a project and is likely to have a positive or negative impact on the project. A risk is likely to have an effect(s) on at least one of the project objectives (Talet, et al., 2014). A negative risk is likely to have negative impacts and losses to a project, whereas a positive risk is likely to open up new opportunities for a project (Schwalbe, 2014). A risk management process helps to handle the uncertainties and risks related to the project in a more organized and calculated way (Schwalbe, 2014). A risk management process can help to optimize the impacts of a risk if it is not possible to avoid the risk. From my experience in working in IT projects in past, I have seen the impacts of positive …show more content…
For example, a large multi-national project may have team members and managers who have different risk preferences. One group of members may be risk adverse and another group may be risk seeking. In such a scenario, it will be hard to plan and follow a risk management process for the project. The risk adverse members will be interested in taking mitigation approaches for the known risks and are likely to have low-risk tolerance (Schwalbe, 2014). Whereas the risk-seeking members will be interested in taking the uncertain risks and capitalizing the opportunities. They are likely to have more risk tolerance. For example, from my past experience, a new technology can be considered as a positive risk for risk-seeking members and as a negative risk for the risk adverse members. The risk adverse members will consider it as a negative risk because there are not enough skilled members for working on the technology. On the other hand, the risk-seeking group will try to adapt the technology as soon as possible because the project may be completed early or the deliverables will be more up-to-date solutions with the new technology. So, it is likely to create contradictions in the risk management approaches …show more content…
It is just more scalable and organized. It also adheres to the CSFs given by the Standish Group because it gives priority to the user involvement through taking the actions agreed upon by the stakeholders. The eights steps of the ATOM methodology are the initiation, identification, assessment, response planning, review, implementation, reporting and post-project review (Hillson & Simon, 2012).

References

Hillson, D., & Simon, P. (2012). Practical Project Risk Management: The ATOM Methodology, Second Edition: Management Concepts Incorporated.
Kendrick, T. (2015). Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project: AMACOM.
Lientz, B., & Larssen, L. (2006). Risk Management for IT Projects: Taylor & Francis.
Schwalbe, K. (2014). Information Technology Project Management. Boston, MA: Cengage Learning.
Talet, A. N., Mat-Zin, R., & Houari, M. (2014). Risk Management and Information Technology Projects. International Journal of Digital Information and Wireless Communications (IJDIWC), 4(1),

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