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Assignment Brief What exactly is risk from the viewpoint of a project manager or business with responsibility for planning, organising and managing projects? How can it be managed effectively and who...

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Assignment Brief

What exactly is risk from the viewpoint of a project manager or business with responsibility for planning, organising and managing projects? How can it be managed effectively and who should be responsible for this task?

You are required to critically analyze the concept of risk; discuss how it can be measured and ranked and outline how a project risk management strategy may be constructed for a project involving a new technology developed by an international team that is to be launched within a six month time period.

In completing this assignment, you should address how appropriate risk management strategies can assist in minimizing risk for the project. Remember this is an academic piece of work – a literature review is mandatory.

Assessment Housekeeping:

You are required to follow the University’s regulations regarding plagiarism and citing sources and references used. Assignments may not be submitted late. Marking penalties for late submission will follow the University regulations for PMC and late submission. Please note that there are changes in the late submission process this year.

Marking Scheme

Criteria

Marks

Use of theory

30

Examples

30

Quality of argument

10

Reference to course ideas

10

Citation and References

10

Conclusions

10

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 creative synthesis of ideas.
  • Critically and effectively assess the value of theories, concepts and models to the practice of Project Risk and Procurement Management.

Answered Same Day Jun 06, 2020

Solution

Karan answered on Jun 14 2020
138 Votes
Risk
Management
TABLE OF CONTENTS
Introduction    3
Main Body    3
Meaning and concept of risk    3
Ways to measure and rank risk    4
Benefits of good housekeeping practices    5
Risk in Housekeeping    6
Theory of risk management    7
Ways to reduce or eliminate risk within Housekeeping    8
Conclusion    10
References    11
Introduction
In the modern era, effective risk management plans and strategies are vital for success and growth of a business enterprise. Risk management plans are essential because they support companies in ca
ying out the smooth flow of all operations through identification and treatment of risk at the workplace (Kerzner and Kerzner, 2017). In addition to this, protection of a company’s resources and saving of time and cost are some other benefits associated with the concept of risk management at the workplace.
The present study outlines the meaning of risk from the viewpoint of a project manager or business enterprise. The report also reflects critical analysis of risk associated with a project which is introducing technology in the housekeeping area of the hotel. Apart from this, ways in which appropriate risk management strategies can support in minimising risk within housekeeping area is also outlined in this study.
Main Body
Meaning and concept of risk
As per the view of Teller, Kock and Gemünden, (2014) according to the project manager or business point of view, the risk is defined as uncertain condition or event which if occurs can have a considerable impact on objectives and goals of a project. Over the past few years, the concept of risk management has become one of the most critical components of projects and business practices. The reason behind growing popularity of risk management is that the process support in ca
ying out effective identification, assessment and treatment of risk.
According to Ha
ison and Lock, (2017) no project or business can be termed as risk-free project or business as there are different types of events and situations which can have an adverse impact on the entire project. However, Marcelino-Sádaba et al. (2014) have critically argued that risk management is perceived as a concept which results in eliminating risk at workplace whereas the concept is more about identification, assessment and management of risk in the best possible manner. In today’s corporate scenario, many projects and businesses fail because of the neglects the need and significance of effective risk management plan. Furthermore, good and useful risk management practices can directly result in the success of a project or business areas.
Ineffective planning is a critical risk which can directly contribute to the failure of a project or business in the marketplace. Plans are essential for the success of a project as they provide direction to the managers and workers. Poor and ineffective planning is considered risky because it results in poor time management and at the same time in encourages ineffective budgeting. In the context of a project or a business enterprise, inadequate organising is also a critical risk which can have an adverse impact on the project and the company. It can be expressed that the project or business managers are required to make sure that the activities and resources are organised in the best possible manner to achieve the desired outcomes.
As per the view of Schwalbe, (2015) cost, scheduling, performance and workers health and safety are some common risks which are associated with a project. It is the responsibility of project manager to identify the risk and integrate risk management strategies and techniques within the entire project plan. To manage and mitigate risk, different types of risk management tools and techniques can be taken into consideration during the project. In the context of responsibility, it can be expressed that project manager and the key stakeholders associated with the project are mainly responsible for the identification, assessment and management of risk at work or within a project.
Ways to measure and rank risk
According to McNeil, Frey and Em
echts, (2015) there are different ways which can be taken into consideration to measure and rank risk associated with a project. The cu
ent project is based on the integration of information technology within the housekeeping area of the hotel to enhance the overall efficiency of the housekeeping practices. Here, measures such as risk repository can be used to measure the risk associated with the selected project.
According to the risk repository technique of risk measurement, the project manager will be required to examine the historical data which includes the list of risks identified for projects which have been completed earlier. The benefit of using this technique is that it will save the time and resources of the project manager in the context of identification and assessment of the risk. In addition to this, risk repository technique will also play a critical role in making the manager of housekeeping project aware of the significant risks associated with the selected project.
On the other side of this, Ho et al. (2015) have critically argued that checklist analysis is also an important technique which is used by project managers to measure the significant risks which can have an adverse impact on a project. According to the checklist analysis technique of risk measurement, the project manager of housekeeping project will be required to use a questionnaire. It can be asserted that the questionnaire will include different sets of questions which will outline the risks associated with integrating information technology within the housekeeping area of the hotel. Other than this, expert judgment is also a useful technique which can be taken into consideration to identify and measure the risk associated with the selected project.
According to Hopkin, (2017) risk ranking is also a crucial method which should be taken into consideration by the project managers for ca
ying out effective and the best possible management of risk. The rationale behind ranking of risk is that it helps the project manager to define the risk which is most serious and which should be controlled on a priority basis. The priority of risk is defined by factors such as employee exposure and the potential which risk has in the context of illness and injury. For the present project of integrating information technology in the housekeeping area of the hotel, risk matrix can be taken into consideration for ranking of risk.
Risk matrix will include three major categories...
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