Answer to Question #193636 in Management for PAT

Question

Project XY is faced with a number of challenges, where risks are not identified and many of these are already having adverse effects on several XY project’s objectives. However, the project management office tried to solely execute risk assessment task and all failed. You are now requested to identify potential causes to this problem and propose possible solutions thereof.        

Answer 1

Risks are any threats that affect the objectives of a project.Project XY probably lacks a risk decision making structure and accountability amongst its team.Thus the project managers need to execute decisions from the top and be accountable for the outcomes whether good or bad. Moreover, the project could be lacking a meaningful risk assessment process which makes it difficult for the personnel to identify the inherent risks on their own. They therefore require an outsider to assist in formulating appropriate risk management strategies. A suitable process ensures identification of risks based on the objectives and qualitatively analyze their impact on the project. Finally, the team lacks an open risk awareness culture which fosters transparency and open dialogue among managers and other stakeholders in the project. Such ensures risk concerns are raised by anyone and suitably addressed.