Project Risk Management – GradSchoolPapers.com

Order DescriptionThe concept of ‘risk’ is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects. How can we define what we mean by ‘risk’ andhow can it be managed successfully in large and small projects? You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project riskmanagement strategy may be constructed for a project. In completing this assignment you should discuss both theoretical and practical risk management strategies and how these can assist inminimising risk for your project.Assignment BriefThe concept of ‘risk’ is complex in theoretical terms. It is also complex and complicated, especially in terms of how we are to manage it in projects. How can we define what we mean by ‘risk’ andhow can it be managed successfully in large and small projects? You are required to critically analyse the concept of risk; discuss how it can be measured and ranked and outline how a project riskmanagement strategy may be constructed for a project. In completing this assignment you should discuss both theoretical and practical risk management strategies and how these can assist inminimising risk for your project.Relates to Learning Outcomes:• Locate, synthesise and critically evaluate recent/current information from a wide range of published literature in the area of Project Risk and Procurement Management• Apply knowledge of the theory and practice of Project Risk and Procurement Management to develop insights into and solve current problems.• Critically evaluate the use of complex models of Project Risk and Procurement Management; systematically and creatively making sound judgements based on the systematic analysis and creativesynthesis of ideas.• Critically and effectively assess the value of theories, concepts and models to the practice of Project Risk and Procurement ManagementWord Count 3000 words.Few notes for writerQuestion: How many risks should be on a qualitative risk analysis for the assignment?Answer- it depends but 8 to 10 risks would be a good number, then you could classify the risks under different headings and assess them perhapsQuestion: Do I do a qualitative risk assessment for ONE of my examples, including identification of risks; scoring of risks with estimates of probability and impact and justifications; ranking ofrisks; risk controls including transfer; accept, reject and mitigate; re-scoring of risks and the production of a risk matrix and risk register?Answer is YESPlease use an example of a completed Project, i.e. Emirates Stadium construction 
 
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