“MANAGEMENT OF PROJECT RISK”

Proposal on

“The effect of intervening conditions on the management of project risk”

CHAPTER 1: INTRODUCTION

Background of the research

Risk management encompasses the activities dealing with risks after they are identified and evaluated (Fischhoff, Slovic, and Combs, 1978). Risk management, as well as risk assessment and risk communication, are part of the comprehensive term of risk governance, which is a systematic approach toward coping with risks under participation of all relevant actors (government, companies, the scientific community, nongovernmental organizations, and the general public) (Watkins, & Ehst, 2008). Risk management starts as soon as there is sufficient evidence for hazards identified and evaluated by risk assessment.

The effectiveness of these tools depends on a thorough and comprehensive understanding of the characteristics of risks that the event faces. The initiative to establish a risk map is not a purely intellectual exercise, but above all offers an analytical framework for classifying and grouping all the risks (Fischhoff, Slovic, and Combs, 1978). To be able to properly assess risks, the manager must be able to understand what a decision. A decision is an important choice to make when part of a business. All managers must know how to properly make a decision to be successful in business. A manager who always takes good decisions can be considered an excellent manager. In the decision process, we must always analyze the advantages and disadvantages of the choice to undertake (Finucane, Alhakami, and Johnson, 2000).

Moreover, it is also important for managers to understand what a risk. A risk is any action taken by someone hoping to have an opportunity to gain but loss (Chichilnisky, 1998). The risks are important in business because they allow managers to overcome challenges. Without risk, a company cannot grow properly in this world that is constantly evolving (Wade, 1990).

Problem Statement

Risk is an integral part of any project and is more appropriate to say in IT because it is changing very fast pace. Different surveys, reports show the startling statistics about the risks in IT projects. By using different techniques for more appropriate evaluation of the uncertainty can be reduced, as a result in initiating, implementing and improving IT projects. It is difficult sometimes to keep under control all the risks. Often the management of project risk is more exaggerated and often is overlooked entirely. Their needs are to follow balanced approach to risk management of any project. Even after many techniques and methods have been evolved to control the happening, the projects still fail.

Aims and Objectives

The main aim of this study is

To explore the concept of how the risks of the project are managed.

To determine the factors or conditions that intervene to cause the difference between how effectively the risks of the project should be managed and how they actually are being managed.

Ethical Concern

Researchers will be fully involved in this awareness of ethical issues. All project-related processes and ethical issues are the principal investigator responsibilities. Of such a study will be conducted, the integrity of the enterprise will remain ? ...