Answer to Question #182574 in Management for Phuu

Question

http://www.arcom.ac.uk/-docs/proceedings/ar2008-799-808_Kishk_and_Ukaga.pdf QUESTION 1 Risk identification and mitigation throughout the lifecycle of the project was necessary. Critically discuss the theory associated with lifecycle phase risk identification and how it relates to the project. QUESTION 2 The case study shows that the risk consultant utilised risk identification techniques. Elaborate on the different risk identification techniques and indicate how they were relevant to the project in the case study. QUESTION 3 As we can see from the case study, ignoring risks can be detrimental to the delivery of a project. Discuss the benefits of project risk management and show how these benefits are relevant to the project in the case study above. QUESTION 4 Prudent risk management requires that all stakeholders support the management of risks. By referring to risk management principles, discuss in detail how the risks of the project in the case study were managed.

Answer 1

Question 1:

The theories that are associated with lifecycle phase risk identification includes the following:

Ø Initiation phase –This is a phase or theory that deals with objectives identification of the project.

Ø Planning phase – In this phase, the solution to the problem are further developed.

Ø Implementation phase – In this phase, the solution to the problem are put into practice.

Question 2:

Some of the risk identification that was applied include the following: Interviews, root cause analysis, SWOT analysis, and Delphi technique. This techniques are very important in that the not only help in identifying a risky situation, but they are also used as first-hand information in providing the necessary solutions.

Question 3:

Risk management is very essential in any project, just as it has been observed in the case study. Proper practice of risk management helps in saving capital of an organization. It is because capital is not lost to risky ventures.

Question 4:

The organization in this case managed its risks through the principles of inclusion. All the firm’s stakeholders were involved in the process fully.