Purpose of risk management in a project management context

Purpose of risk management in a project management context

Consideration:
• Word Counts : 4500
• Please note that, you are expected to use relevant peer-reviewed literature to demonstrate your appreciation of current theory, and refer to real world case studies to compare theory with practice.
• You are expected to deliver informed insights into contemporary project management and usable recommendations for practitioners.
• Please ensure that you use a sufficient number of academic sources to demonstrate your appreciation of this topic, and real world examples to illustrate particular points.
•

Assignment Question

A) Critically evaluate the purpose of risk management in a project management Context ?
Must cover the below:
a. Introduction to Project Concept
b. Project management Concept and methodology
c. Risk management
d. Risk management in project management

B) Critically discuss the different mechanisms, techniques, models and frameworks a project manager may adopt to undertake risk management in a project management context?
Must cover the below from risk perspective:
Techniques used in the below to Identify, analyze, deal, mitigate and lower the risk :
a. Corporate Strategy: Projects must be aligned with the corporate strategy.
Must : use the attached (Article_3___How_to_make_a_team_work.pdf)
How to use PQM approach to align project with corporate strategy
b. Organization structure : How organization structure play a crucial role in driving a successful project . argue which organization structure should be adapted ( functional, matrix, or projectized)
Must : use the attached (Article_1___Project_organisation.pdf)
How to choose the best type of organization structure based on the nature of the projects where the projects’ risks are minimal.
c. Leadership : Part of the project manager role and responsibility is to be a good leader to run and execute the project and to overcome the project’s challenges.
(leadership should be transformational not transactional / evidence and What power and traits the PM should has)
Must : use the attached (Article_2___The_project_manager.pdf)
What are the main project manager traits as leader to manage to deal with Risks and drive the project successfully

d. financial management : How financial management tools and calculations can help in identifying the project’s ROI against the project risk , argue NVP and IRR are the right tools to be used considering the payment mechanism and payment timing.
Must: use the attached (Article “The Options Approach to capital Investment”)
NPV Say you pay the money at stage 0 while you are paying it over a period of time in the real life.
e. Design process: How the project should be carried out, and the process should follow to deliver what has been promised.
Must: use the attached Article “Why Good Projects Fail Anyway”
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