Review Of Literature On Risk Management - 1767 Words

Review of Literature On Risk management in relation to project management Abstract The aim of this paper is to review previous studies of risk management on project management. Previous studies show that there is a need for risk management in project management, and that there are different approaches to which risk can be mitigated depending on the nature of the project. The main purpose of the article is to show the different methods that have been used and how they have been successful. Introduction Risk can be defined as any possible event that can negatively affect the viability of a project. Projects are run in environments of uncertainty and becomes the basis for the need to engage in project risk management. Risk management†¦show more content†¦The article proposes a strategy-based project management philosophy and methodology which integrates planning, decision making and risk management, and enables real time optimisation of the project s strategic goals versus its variables (Jaafari, 2001). By means of this methodology it would allow for risk to be mitigated at every stage of the project and further reducing uncertainty because the reality is that projects are subject to constant changes due to external factors, changing objectives and poor methods for project realisation. The author has argued the case for a major shift in practice, from the current task and activity based approaches to a strategy-based management within an integrated and collaborative framewor k, which has the potential to overcome traditional dispersion of responsibilities on these projects. Risk management should form a core function of this strategy-based project management approach, using life cycle objective functions as the main drivers for risk reduction and value addition. CHAPMAN, C. AND WARD, S. Why risk efficiency is a key aspect of best practice projects As stated in the previous article, the traditional approach towards risk management may not be effective, however not applying the formal processes that are required can lead to an even deteriorating aspect in practice. Furthermore, not all projects will be subject to formal risk management process, however everyoneShow MoreRelatedEffective Risk Management Signal Virtue Based Leadership997 Words   |  4 PagesThe third journal article reviewed was Can Effective Risk management Signal Virtue-Based Leadership? The abstract discusses how it is believed the effectiveness of risk management is centered on leadership virtue and governance. In addition, the abstract discusses how risk management is a continuous process. There are numerous risks occurring every day that threaten the welfare of the world and government. The government faces these risks on a daily basis, whether it is social unrest, cyber-attacksRead MoreEssay on Risk and Return Analysis for Efficient Portfolio Selection 892 Words   |  4 PagesRISK AND RETURN ANALYSIS FOR EFFICIENT PORTFOLIO SELECTION Keywords: Efficient allocation, Risk and return, Return on investment, Expectations, Investment 1. INTRODUCTION All investment decisions necessitate consideration of the required return, the expected return, and the estimated risk. Markowitz (1952; 77) states the process of selecting a portfolio may be divided into two stages. The first stage starts with observation and experience and ends with beliefs about the future performances ofRead MoreAn Empirical Analysis Of Supply Chain Risk Management1692 Words   |  7 Pages  Literature Review: Jorn-Henrik Thun and Daniel Hoenig in the paper titled â€Å"An empirical analysis of supply chain risk management in the German automotive industry† applied the practices of supply chain risk management by surveying sixty-seven manufacturing plants in German automotive industry. The need of real empirical research in supply chain risk management to help analyzing supply chain risk and test the previous research proposed instruments that can be applied for supply chain risk managementRead MoreThe Risks Healthcare Providers Experience And The Impact Cloud Computing1418 Words   |  6 Pagesal (2014) analyzes the risks healthcare providers experience and the impact cloud computing has in using the new technologies. Focusing on overall risk management, the study takes a holistic approach, where the research focuses both on human and organizational aspects. Using interviews as a form of data collection, the authors categorize risks and assesses impact from 2 perspectives; suppl y (S) and information systems (IS) as shown in the table 1 below. Table 1 Risk Risk Type Impact FailureRead MoreExploring The Earnings Management Techniques, Materiality Concept, And Ethical Judgments817 Words   |  4 PagesArticle #6 Abstract. The article reviewed was Effects of Materiality, Risk, and Ethical Perceptions on Fraudulent Reporting by Financial Executives. The abstract demonstrates how the materially affects a code of ethics and follows with financial risks and fraudulent activities (p. 243). Introduction. The author studies the financial reporting, earnings management, and relationships with stakeholders. Over the years, Securities and Exchange Commission (SEC) and Public Company Accounting OversightRead MoreEssay on Aft Task 11473 Words   |  6 Pagesinclude Communication, Information Management, Medication Management and Infection Control. The goal of these four focus areas is safety. The goal of safety is the most important because it allows for the best management and treatment of patients. This will guide the hospital’s focus toward the best protocols and policies which will reduce patient harm and errors. Each policy and protocol is specifically designed for each individual facility. Medication Management is the focus area in which I choseRead MoreThe Baseline Theory, And Game Theory1102 Words   |  5 Pagesstands high applicable chances based on the idea that any business has to weigh the risks involved before considering a particular strategy (Blonski Spagnolo, 2015). Cloud computing is part of the technologies seen important in the contemporary business context. This, however, is accompanied by many risks and any organization has to determine such risks, and identify who loses and who gains in the undertaken risk. Envisioned Study3 The envisioned study is based on the same idea. For example, ifRead MoreTypes Of Contract Method For Construction Management1622 Words   |  7 Pagesseveral types of contract method and these methods generally fall under three categories: Fix price (FP) or lump sum (LS), guaranteed maximum price (GMP) and reimbursable contracts. These methods can be applied to any contracting for construction management. Lump sum contact, also called fixed price is when an owner engages an entity to perform a fixed scope of work for an agreed lump sum payment (Cmaa, 2012). Guaranteed Maximum Price (GMP) is a contractual arrangement between an owner and an entityRead MoreSupply Chain Risk Management Analysis1521 Words   |  7 PagesUta Jà ¼ttner, (2005),Supply chain risk management, The International Journal of Logistics Management, Vol. 16 Iss 1 pp. 120 - 141. Supply chain risk management is an intersection of supply chain management and risk management. For this we need to understand the benefits and as well as the limitations of both the concepts. Supply chain risk is about any threat of interruption in the order of workings of the supply chain. This Risk is generated as result of risk ‘drivers’ that are internal or externalRead MoreThe Effect Of Water Quality On Faecal Contamination1423 Words   |  6 Pagesassess the risk of water-related illnesses from faecal contamination to persons coming in contact with the river. It will also be a review of the causes of poor water quality in Barcombe Mills tributary, in order to be applied techniques to mitigate them. It is hypothesized that Barcombe Mills tributary is not safe for individuals to use it for recreation and they were at risk of water-related illness from faecal contamination. 1.2 Objectives: †¢ To review, and to report on relevant literature concerning